Resolution no. 22121

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 www.ultimate-mining.co website

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 www.ultimate-mining.co website, it emerged that:

vii. it is available in Italian and, amongst other things, offers the opportunity to trade CFDs with currencies and cryptocurrencies as their underlying assets;

viii. in order to be able to trade via the website users must register, open an account and deposit the necessary funds. In particular, the website mentions four types of account referred to as "Elite Plan", "Expert Plan", "Deluxe Plan" and "VIP Plan", depending on the minimum deposit required and the benefits offered;

ix. the website makes references to the company "Ultimate-mining", with stated address in the United Kingdom;

WHEREAS activity carried out through the www.ultimate-mining.co website can be classed as the provision of investment services as per article 1, paragraph 5, of the Consolidated Law on Finance, insofar as clients are offered the opportunity of opening a trading account and placing buy and/or sell orders on financial instruments;

WHEREAS the above transactions, carried out by "Ultimate-mining" via the www.ultimate-mining.co website, are still ongoing and aimed at Italian investors, since the website mentioned above is also available in Italian;

WHEREAS "Ultimate-mining", mentioned on the website, is not authorised to provide investment services to the Italian public, since it is not enrolled in the register kept by Consob pursuant to article 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 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 abusive practices" - 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 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 www.ultimate-mining.co 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.

16 December 2021

THE CHAIRMAN
Paolo Savona