Resolution no. 22710

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.nadexcfd.com website and the respective pages https://my.nadexcfd.com and https://webtrader.nadexcfd.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, as subsequently amended and supplemented;

HAVING REGARD to Legislative Decree no. 58 of 24 February 1998 ("Consolidated Law on Finance"), as subsequently amended and supplemented;

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

1. the website nadexcfd.com - which is active and available in Italian - offers potential investors the possibility to trade CFDs on currencies, indices, shares and commodities via a trading platform;
2. in order to place such trading transactions, users must register with the website nadexcfd.com, through a process that is also available to users connecting from Italy, and open a trading account on which to deposit funds; specifically, 4 different types of accounts are advertised on the website so-called "Standard" | "Professional", "Business" and "Business Plus", which differ, among other things, for the minimum deposit required. Following registration on the website, possible through the "Registration" link that connects to the page https://my.nadexcfd.com, access is made to the reserved area of the website via the address https://webtrader.nadexcfd.com;
3. as for the traceability of the website nadexcfd.com, reference is made to "Nadex CFD Limited" the registered office of which is not known;

WHEREAS the activity carried out through the website www.nadexcfd.com and the respective pages https://my.nadexcfd.com and https://webtrader.nadexcfd.com 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 possibility through the aforementioned domains to open a trading account and place orders to buy and/or sell financial instruments;

WHEREAS the aforementioned activity, carried out through the website www.nadexcfd.com and the respective pageshttps://my.nadexcfd.com and https://webtrader.nadexcfd.com is still ongoing and is aimed at Italian investors, insofar as said website is available in Italian and no mechanism was found to block registration by users attempting to register with the website from Italy/through Italian IP addresses;

WHEREAS the website www.nadexcfd.com cannot be attributed to any entity authorised to provide investment services to the Italian public;

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";

CONSIDERING therefore that the operations in question qualify as the professional provision of investment services to the Italian public, in breach 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 unauthorised provision of investment services" - 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 breach";

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 website www.nadexcfd.com and the respective pages https://my.nadexcfd.com and https://webtrader.nadexcfd.com constituted by the offer and 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.

24 May 2023

THE CHAIRMAN
Paolo Savona