Resolution no. 22269

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 websites https://365investimenti.com and www.365-investments.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 24th February 1998 ("Consolidated Law on Finance") and subsequent amendments and supplements;

HAVING ESTABLISHED that checks on the websites ascertained that:

i. the homepage of the website https://365investimenti.com – which is active and available exclusively in Italian – contains a link titled "open an account" which directs the user to the page https://365-investments.com/register which is located on the website www.365-investments.com;

ii. the website www.365-investments.com – which is active, registered anonymously and available in Italian through automatic translation systems - offers potential investors, subject to registration (which is also available to Italian users) and opening of an account, the opportunity to trade CFDs on currencies, indices, cryptocurrencies, commodities and shares through a web trading platform accessible from the user's reserved area, which is also available in Italian;

iii. in order to perform such trading operations, users must deposit funds onto the account opened online; specifically, four types of account are offered on the website www.365-investments.com referred to as "Bronze", "Silver", "Gold" and "Platinum";

iv. as to the traceability of the site https://365investimenti.com, generic references can be found to "365investimenti" and the "Contacts" section contains the address of an Italian branch of "365investimenti": "Corso Porta Nuova, 37122, Verona (VR), Italy", a telephone number preceded by the Italian international code ("+390457860030") as well as a contact email address (365investimenti@protonmail.com). In the "Terms and Conditions" section of the website www.365-investments.com, a generic is made to "365investments", with stated registered office in Vanuatu;

WHEREAS the activity carried out through the websites https://365investimenti.com and www.365-investments.com is deemed to constitute 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 and issuing buy and/or sell orders on financial instruments;

WHEREAS the aforementioned activity, carried out through the websites https://365investimenti.com and www.365-investments.com, is still ongoing and is aimed at Italian investors, since the website www.365-investments.com is available in Italian through automatic translation systems and the area reserved for users registered on the website is also available in Italian; whereas the website https://365investimenti.com, in addition to being available exclusively in Italian, contains references to Italy;

WHEREAS the abovementioned domains are cannot be attributed to any party authorised to provide investment services to the Italian public;

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 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 provisions of article 7-octies, letter b) of the Consolidated Law on Finance - "Powers to counteract unauthorised activity"- pursuant to which 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 art. 18 of Legislative Decree no. 58/98 performed through the websites https://365investimenti.com and www.365-investments.com, 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.

16 March 2022

THE CHAIRMAN
Paolo Savona