Resolution no. 21397

Order, pursuant to article 7-octies, paragraph 1, letter b) of Legislative Decree no. 58/1998 ('Consolidated Law on Finance') to cease the infringement of article 18 of the Consolidated Law on Finance carried out through the website www.fxglobalfinance.com

LA COMMISSIONE NAZIONALE PER LE SOCIETÀ E LA BORSA
[THE NATIONAL COMMISSION FOR COMPANIES AND THE STOCK EXCHANGE]

HAVING REGARD TO Law no. 216 of 7 June 1974 and subsequent amendments and supplements;

HAVING REGARD TO Legislative Decree no. 58 of 24 February 1998 ('Consolidated Law on Finance') and subsequent amendments and supplements;

HAVING ESTABLISHED that, from checks on the website www.fxglobalfinance.com, it emerged that:

i. thewebsite www.fxglobalfinance.com is active and also partially available in Italian;

ii. the site offers the possibility to trade in CFDs, shares, indices, cryptocurrencies and commodities on the Forex market, after opening one of the tradingaccounts named "Silver", "Gold", "Platinum", and "Diamond";

iii. in order to be able to trade, a cash investment is required to be paid into an account opened online;

iv. as for the traceability of the website in question, in the "Terms and Conditions" it states that the contractual counterparty of a user registering on the site is "GLOBAL FINANCEFX";

WHEREAS the activity carried out through the website www.fxglobalfinance.com can be classed as the provision of investment services as referred to in article 1, paragraph 5, of the Consolidated Law on Finance, insofar as clients are offered the opportunity of opening a trading account against which purchase and/or sale orders for financial instruments can be issued;

WHEREAS the aforementioned activities, performed through the website www.fxglobalfinance.com, are still ongoing and are directed at Italian investors, given that the website is also partially available in Italian, and moreover there have been reports of a great many unsolicited telephone calls ('cold calling') to the Italian public;

WHEREAS "GLOBAL FINANCEFX", mentioned on this website, is not authorised to provide investment services to the Italian public, since it does not appear to be enrolled on the register kept by Consob pursuant to article 20 of the Consolidated Law on Finance;

HAVING REGARD TO the fact that the provision of investment services and activities is reserved for licensed parties as referred to under article 18, paragraph 1, of the Consolidated Law on Finance, pursuant to which, 'The professional provision of investment services and activities for the public is reserved for investment firms and banks';

HAVING ESTABLISHED, therefore, that the operations in question qualify as the professional provision of investment services to the Italian public, in infringement of art. 18, paragraph 1, of the Consolidated Law on Finance;

HAVING REGARD TO the fact that, according to the provisions of art. 7-octies, letter b) of the Consolidated Law on Finance - 'Powers to counteract abuse' - Consob 'may, with regard to anyone who offers or carries out investment services or activities through the Internet without being qualified pursuant to this decree: […] b) order that the infringement cease';

CONSIDERING it therefore necessary, in the light of the foregoing, to adopt this resolution immediately for reasons of urgency;

RESOLVES:

To order the cessation of the infringement of article 18 of Legislative Decree no. 58/98 performed through the website www.fxglobalfinance.com, consisting in offering and providing investment services and activities to the Italian public.

This Resolution shall be brought to the attention of those whom it concerns and will be published in the Consob Bulletin.

This measure may be appealed before the Regional Administrative Court of Lazio within 60 days of the date of service.

June 10, 2020

THE CHAIRMAN
Paolo Savona