Resolution no. 23113

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 website https://segurofx.com and the page https://my.segurofx.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 the checks carried out, it emerged that:

i. potential investors are offered the opportunity, through the website https://segurofx.com, which is also active and available in Italian, to trade forex, shares, bonds, CFDs, indices and commodities via a trading platform;

ii. in order to place such trades, an account must be opened; in this regard, four types of account are proposed, known as "Standard", "Premium", "Platinum" and "VIP", depending on the minimum deposit and benefits;

iii. in the "Contact us" section you can find a form to request information and the email address support@segurofx.com and in the "login" section, available at the web address https://my.segurofx.com, there is a form to access the reserved area of the website;

iv. with regard to the legal entity that was found to operate the website in question, there are generic references to"SeguroFX" and in the"Contact Us" section, the email address support@segurofx.com.

WHEREAS the activity carried out through the website https://segurofx.com and the webpage https://my.segurofx.com is deemed to constitute the provision of investment services, within the meaning of article 1, paragraph 5, of the Consolidated Law on Finance, inasmuch as said domain and the relevant page offer the possibility of opening a trading account and placing buy and/or sales orders on financial instruments;

WHEREAS the above activity, carried out through the website https://segurofx.com and the page https://my.segurofx.com is still ongoing and is aimed at Italian investors, insofar as the website is active and available in Italian, reports of cold calling of Italian customers have been received and a complaint has been received from an Italian individual who has complained, among other things, that they were unable to get their money back;

WHEREAS such activity carried out through the website https://segurofx.com and the page https://my.segurofx.com cannot be attributed to any entity that is 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 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 https://segurofx.com and the page https://my.segurofx.com, consisting in the offering 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.

14 May 2024

THE CHAIRMAN
Paolo Savona