Resolution no. 23575

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 www.stockwisse.co and its https://clientzone.stockwisse.co 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 the checks carried out, it emerged that:

i. potential investors are offered the opportunity via the www.stockwisse.co website, which is active, registered anonymously and divided into the sections: "Home", "Account", "Products", "About US", "Contact US", to trade Forex, CFDs, shares, commodities, cryptocurrencies, equity indices and ETFs via a trading platform;

ii. in order to place trades users must register with the above-mentioned website, through a process that is also available to users connecting from Italy from the https://clientzone.stockwisse.co page and open a trading account; specifically, four different types of account are available on the website referred to as "Standard", "Silver", "Gold" and "VIP", depending on the minimum deposit required and the benefits promised;

iii. as to the legal entity that the website refers to, it should be noted that there are generic references in it to "Stockwisse" and in the "Contact Us" section, the email address support@stockwisse.co is provided;

WHEREAS the activity carried out via the www.stockwisse.co website and its https://clientzone.stockwisse.co page is deemed to constitute 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 on which it is possible to place purchase and/or sale orders on financial instruments;

WHEREAS the above activity, carried out through the www.stockwisse.co website and its https://clientzone.stockwisse.co page, is still ongoing and is aimed at Italian investors, insofar as the website is active and complaints have been received from Italian retail investors from which it emerged that Italian customers were being contacted;

WHEREAS such activity carried out through the website www.stockwisse.co and the page https://clientzone.stockwisse.co cannot be attributed to any entity that is 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 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 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. 58/98 carried out through the www.stockwisse.co website and the page https://clientzone.stockwisse.co, which constitutes the 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 May 2025

THE CHAIRMAN
Paolo Savona