Resolution no. 22853

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 via the https://axiancefx.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, as subsequently amended and supplemented;

HAVING REGARD to Legislative Decree no. 58 of 24 February 1998 (“Consolidated Law on Finance”) and subsequent amendments and supplements;

HAVING ESTABLISHED that checks conducted on the website https://axiancefx.co showed that:

1. the https://axiancefx.co website is active, also available in Italian, and offers the possibility of trading forex, shares, commodities, and cryptocurrencies by opening a trading account;
2. in terms of traceability, the https://axiancefx.co website makes generic reference to 'Axiancefx' with alleged offices in London and Toronto.

HAVING REGARD to Resolution no. 22671 of 12.4.2023, whereby “Axiancefx”, with purported registered offices in London and Toronto, was ordered to cease the breach of article 18 of the Consolidated Law on Finance committed via the separate https://axiancefx.com website and its pages https://client.axiancefx.com and https://webtrader.axiancefx.com, featuring structure and content similar to that of the https://axiancefx.co website;

WHEREAS the activity carried out via the https://axiancefx.co website is deemed to constitute the provision of investment services as per Article 1, paragraph 5, of the Consolidated Law on Finance, as customers are offered the opportunity of opening a trading account on which they can place purchase and/or sell orders for financial instruments;

WHEREAS such activity, which is carried out via the https://axiancefx.co website, is still ongoing and also aimed at Italian investors, as the website https://axiancefx.co is also available in Italian, and reports were received of contacts by means of remote communication;

WHEREAS the website https://axiancefx.co may not 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”;

HAVING FOUND that the activities in question constitute 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 through the Internet without being qualified pursuant to this decree: […] b) order that such 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, committed via the https://axiancefx.co website 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.

18 October 2023

THE CHAIRMAN
Paolo Savona