Resolution no. 21478

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.acquantum.eu.

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.acquantum.eu, it emerged that:

i. the website is active and also available in Italian;

ii. subject to registration and opening of an account, the website offers potential investors the opportunity of trading on the Forex market, in shares, crypto currencies, indices and commodities. It also indicates that asset management activity is carried out;

iii. in order to be able to trade a cash investment is required which must be paid into an account opened online; in particular, there are four types of account available called “Basic”, “Silver”, “Gold” and “Platinum”, which differ according to the amount of minimum payment required, with warranties and features based on the payment made;

iv. the name "Acquantum AG” is shown on the website pages, stating the registered office of Aquantum GmbH, a German investment firm with a similar name and the specification "Regulated by Consob". The name "Luxor AMT Group/Luxor Asset Management Trust" is also jointly indicated, as well as the registered office of Luxor Asset ManagementTrust Reg., a Liechtenstein investment firm entered on the Consob list of investment firms authorised in other EU countries without a branch in Italy.

WHEREAS the activity carried out through the www.acquantum.eu website 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, whilst asset management services also appear to be carried out;

WHEREAS the aforementioned activities, performed through the www.acquantum.eu website, are still ongoing and are directed at Italian investors, given that the website is available in Italian, and there have been reports of unsolicited telephone calls ('cold calling') to the Italian public;

WHEREAS the party named “Acquantum AG”, mentioned on the website is not authorised to provide investment services to the Italian public, insofar as it does not appear on the register kept by Consob pursuant to article 20 of the Consolidated Law on Finance, and said party should not be confused with the company “Aquantum GmbH”,which is instead authorised by the German Bafin and does appear on the register kept by Consob pursuant to article 20 of the Consolidated Law on Finance;

WHEREAS, moreover, the party named “Luxor AMT Group/Luxor Asset Management Trust”, mentioned together with “Acquantum AG” on the website is not authorised to provide investment services to the Italian public, insofar as it does not appear on the register kept by Consob pursuant to article 20 of the Consolidated Law on Finance, and said party should not be confused with the company “Luxor Asset Management Trust Reg.”,which is instead authorised by the supervisory Authority of Liechtenstein, the Financial Market Authority and does appear 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 to 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 to the public is reserved to Stock brokerage firms, EU investment firms, Italian banks, EU banks and non-EU firms';

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. 58/1998 performed through the website www.acquantum.eu, 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.

2 September 2020

THE CHAIRMAN
Paolo Savona