Resolution no. 23030

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 committed via the www.safecap.io website and its https://client.safecap.io page

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:

i. potential investors are offered the opportunity, through the website www.safecap.io – which is active, available in Italian and registered anonymously – to trade contracts on currencies, indices, shares and commodities using a dedicated trading platform;

ii. to be able to trade, users must register with the www.safecap.io website and open a trading account; three types of account are advertised on the website, "Standard", "Premium" and "Business". After registering, users can access the reserved area at the URL https://client.safecap.io;

iii. as to traceability, the website contains references to "Aegion Group Ltd" with its alleged registered office in St. Vincent and the Grenadines;

WHEREAS the activity carried out via the www.safecap.io website and its https://client.safecap.io page 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 activity, carried out through the www.safecap.io website and its https://client.safecap.io page is still ongoing and is aimed at Italian retail investors, insofar as the website is available in Italian and no mechanism has been found to block registration by users attempting to register with said website from Italy, through Italian IP addresses. In addition, attempts to contact Italian investors using remote communication techniques have been reported in relation to the www.safecap.io website;

WHEREAS the www.safecap.io website and its page https://client.safecap.io 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 commercial 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 activities 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 provisions of Article 7-octies, letter b) of the Consolidated Law on Finance - "Powers to counteract unauthorised provision of investment services" - 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 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 breach of article 18 of Legislative Decree no. 58/98 conducted via the www.safecap.io website and its https://client.safecap.io page, 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.

28 February 2024

THE CHAIRMAN
Paolo Savona