Resolution no. 22045

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 https://investchambers.com and the respective page https://trade.investchambers.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 web, it emerged that:

i. users are offered the opportunity through the website https://investchambers.com - which is active and also available in Italian - to trade CFDs on currencies, indices, commodities and shares;

ii. in order to make such trading transactions, users must register with the website - through a procedure that is also available for Italian users, on the page https://trade.investchambers.com, which is accessible directly from the homepage of the site https://investchambers.com - and subsequently open one of the advertised accounts and deposit relevant funds;

iii. in particular, four types of account are listed on the https://investchambers.com website, referred to as "Micro", "Standard", "Premium" and "Vip", which vary depending on the benefits promised;

iv. as to traceability, the bottom of the pages of the website https://investchambers.com makes reference to Chambers Investment Trading PTY LTD, with stated registered office in Australia;

WHEREAS activity carried out through the website https://investchambers.com and relative https://trade.investchambers.com page 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 above-described activity, carried out through the website https://investchambers.com and the relevant page https://trade.investchambers.com, is still ongoing and aimed at Italian investors, given that the aforesaid domains are also available in Italian, and that there have also been reports concerning the website https://investchambers.com of cold calling towards retail investors in Italy;

WHEREAS Chambers Investment Trading PTY LTD, with stated registered office in Australia, as mentioned on this website https://investchambers.com, is not authorised to provide investment services to the Italian public, since it is not listed on the relevant register maintained by Consob pursuant to art. 20 of the Consolidated Law on Finance;

HAVING REGARD TO the requirement to hold a relevant licence in order to provide investment services, 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 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. 58/1998 carried out through the website https://investchambers.com and the relevant page https://trade.investchambers.com, constituted by 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.

13October 2021

THE CHAIRMAN
Paolo Savona