Resolution no. 22168

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 via the https://24waysfx.com website and respective https://client.24waysfx.com webpage

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 7th June 1974 and subsequent amendments and supplements;

HAVING REGARD TO Legislative Decree no. 58 of 24th February 1998 ("Consolidated Law on Finance") and subsequent amendments and supplements;

HAVING ESTABLISHED that, from checks on the web, it emerged that:

i. the https://24waysfx.com website, which is active and registered anonymously, offers potential investors the opportunity to trade CFDson indices, shares, cryptocurrencies and commodities;

ii. in order to place such trades, users must register with the website by opening an accountand depositing funds;

iii. the private personal area of the website, accessible after registration, is available at the

iv. internet address https://client.24waysfx.com and may also be consulted in Italian;

v. as far as traceability is concerned, there are references at the bottom of the web pages on the https://24waysfx.com site to the company 24 X 7 LIMITED with its stated registered address in the United Kingdom;

vi. there is a form available in the "Contact" section for requesting information, and details of an email address support@24ways.com;

WHEREAS the activity carried out through the https://24waysfx.com website and relevant https://client.24waysfx.com webpage constitutes 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 through the aforementioned domains to open a trading account and place orders to buy and/or sell financial instruments;

WHEREAS the aforementioned transactions are still ongoing and are aimed at Italian investors, given that the private personal area of the https://24waysfx.com website that can be reached at the address https://client.24waysfx.com is also available in Italian, and moreover there have been reports of cold calls being made to retail investors in Italy;

WHEREAS 24 X 7 LIMITED, mentioned on the https://24waysfx.com website, is not authorised to provide investment services to the Italian public, since it is not listed in the register maintained 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 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 the cessation of the infringement";

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 carried out through the https://24waysfx.com website and its https://client.24waysfx.com page, consisting in offering and providing 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.

19 January 2022

THE CHAIRMAN
Paolo Savona