Resolution no. 21516

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.globalixs.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.globalixs.com, it emerged that:

i. potential investors are offered the opportunity to trade in currency CFDs and shares through the website www.globalixs.com, after having opened an account via a registration process also available to Italian users;

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

iii. in particular, the website www.globalixs.com offers four types of account called “Classic”, “Gold”, “Platinum” and “VIP”, depending on the minimum deposit required and the benefits promised;

iv. at the bottom of the website pages it says that it is “owned and operated by Globalix Ltd” with its stated address in the Marshall Islands;

HAVING REGARD TO Resolutions no. 21053 of 19 September 2019, no. 21137 of 6 November 2019 and no. 21187 of 11 December 2019 by which Consob ordered, pursuant to Article 7-octies, letter b), of the Consolidated Law on Finance, the company Globalix Ltd, based in the Marshall Islands, to put an end to the violation of Article 18 of the Consolidated Law on Finance implemented, respectively, through the websites www.globalix.com, www.globalix.co and www.global-x.io;

WHEREAS, in addition to using a domain that is partially superimposable on the domain of the aforementioned websites www.globalix.com, www.globalix.co and www.global-x.io, the www.globalixs.com replicates the content and graphic format of said websites www.globalix.com, www.globalix.co and www.global-x.io;

WHEREAS that the activity carried out also through the site www.globalixs.com can be classed as the provision of investment services as referred to in art. 1, paragraph 5, of the Consolidated law on Finance, as clients are offered the possibility to open a trading account on which it is possible to issue purchase and/or sale orders relating to financial instruments;

WHEREAS that the aforementioned activity, carried out through the website www.globalixs.com, is still ongoing and is aimed at Italian investors, since there have been reports of cold calling members of the public in Italy;

WHEREAS Globalix Ltd, with its registered office in the Marshall Islands, mentioned on the website www.globalixs.com, is not authorised to provide investment services to the Italian public, insofar as it is not registered 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 article 18, paragraph 1 of the Consolidated Law on Finance;

HAVING REGARD TO the fact that, according to the provisions of article 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.globalixs.com consisting in the provision of 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.

30 September 2020

THE CHAIRMAN
Paolo Savona