Resolution no. 23557

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 website https://ext24.co and its page https://my.ext24.co.

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 https://ext24.co website - which is active, also available in Italian and registered anonymously - offers potential investors the possibility to perform trading on CFDs relating to currencies, indices, shares, commodities and cryptocurrencies;

2. in order to place such trades, users must register with the website https://ext24.co - by means of a procedure available, also for Italian users, at the page https://my.ext24.co - and open a trading account; specifically, four types of account are available on the website https://ext24.co, known as "Bronze", "Gold", "Platinum" and "Exclusive", depending on the minimum deposit required and the benefits promised;

3. within the reserved area of the website https://ext24.co, which is available at the aforementioned domain https://my.ext24.co, there are specific features, including the one dedicated to depositing money on the trading account;

4. the website https://ext24.co contains generic references to "EXT24";

WHEREAS the activity carried out via the https://ext24.co website and the related https://my.ext24.co webpage constitutes 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 via the aforementioned domains to open a trading account and place orders to buy and/or sell financial instruments;

WHEREAS the above described activity is still ongoing and is aimed at Italian investors, given that the https://ext24.co website and its page https://my.ext24.co are also available in Italian. Furthermore, no mechanism aimed at blocking registration by users attempting to register with the https://ext24.co website from Italy via Italian IP addresses was found;

WHEREAS the https://ext24.co website and its page https://my.ext24.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 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 https://ext24.co website and its https://my.ext24.co 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.

15 May 2025

THE CHAIRMAN
Paolo Savona