Resolution no. 22002

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 by the website www.fundiza.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 the checks carried out, it emerged that:

i. the website www.fundiza.com - which is active and registered under an unknown user - is composed of the sections "Markets", "Platform" and "Trading info". Furthermore, after opening one of the advertised trading accounts, the website offers the possibility to carry out forex transactions and trade contracts on previous metals, indices, shares and commodities;

ii. five types of account are offered on the website, ("Rookie", "Basic", "Elite", "Elite Plus" and "Vip"), which vary according to the minimum deposit required and the benefits promised;

iii. regarding the traceability of the website, at the bottom of the pages of the website itself, it is stated that "is the operating website of FUNDIZA Ltd, with registration number 25770BC2020, and with registered address at Victoria Park Road, Kingstown, St. Vincent & Grenadines, Kingstown

P.O. Box 4457"; in the "Terms & Conditions" section it is moreover stated that "Fundiza Ltd. (the "Company") is the acting principal brokerage company that operates according to the laws of Saint Vincent and the Grenadines. The Company operates under the main website www.Fundiza.com, with registration number 25770BC2020, with registered address at Victoria Park Road, Kingstown, St. Vincent & the Grenadines, Kingstown P.O. Box 4457"; the website makes reference to the e-mail address services@fundiza.com;

WHEREAS the activity carried out through the www.fundiza.com websitemay be considered as the provision of investment services within the meaning of article 1, paragraph 5, of the Consolidated Law on Finance, given that the domain offers users the opportunity of opening a trading account against which purchase and/or sale orders for financial instruments may be issued;

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

WHEREAS "FUNDIZA LTD", mentioned on this website, is not authorised to provide investment services to the Italian public, since it does not appear on the dedicated register held by Consob pursuant to art. 20 of the Consolidated Law on Finance;

HAVING REGARD TO the requirement to hold a relevant licence to provide investment services and activities as per 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 Italian investment firms, EU investment firms, Italian banks, EU banks and non-EU firms";

HAVING ESTABLISHED, therefore, that the activity in question qualifies 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 www.fundiza.com website, consisting in the provision of investment services and activities to the Italian public.

This Resolution shall be brought to the attention of the concerned parties and 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.

15 September 2021

THE CHAIRMAN
Paolo Savona