Resolution no. 21732

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 https://client.expertsystemsfx.com internet domain

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, it emerged that:

i. a registration page, that is active and also available in Italian, is available on the https://client.expertsystemsfx.com domain;

ii. after registering with the https://client.expertsystemsfx.com domain through a procedure that is also available to Italian users, the user can access their personal area where they can open a trading account, spend sums of money and trade in financial instruments;

iii. as for traceability, there are no specific indications available on the https://client.expertsystemsfx.com domain about one or more well-defined legal entities to which the initiatives promoted therein relate;

WHEREAS the activity carried out through the https://client.expertsystemsfx.com domain 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 users are offered the opportunity of opening a trading account on which to issue purchase and/or sale orders relating to financial instruments;

WHEREAS the above transactions, which are carried out through the https://client.expertsystemsfx.com domain, are still ongoing and are aimed at Italian investors, since the aforesaid internet domain is also available in Italian;

WHEREAS the https://client.expertsystemsfx.com domain is not linked to any entities authorised to provide investment services and activities to the Italian public;

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 article 7-octies, letter b) of the Consolidated Law on Finance – "Powers to counteract unauthorised activity" - Consob "may, with regard to anyone who offers or carries out investment services or activities over the Internet without being qualified to do so pursuant to this decree: […] b) order the cessation of the infringement";

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

R E S O L V E S:

To order the cessation of the infringement of article 18 of Legislative Decree no. 58/98 carried out through the https://client.expertsystemsfx.com domain, consisting in the offering and 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.

25 February 2021

THE CHAIRMAN
Paolo Savona