Resolution no. 23564 of 21/5/2025

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 https://fusion4markets.cc website and its https://client.fusion4markets.cc 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. the https://fusion4markets.cc website – which is active and registered anonymously – offers potential investors the possibility to perform trading on shares, bonds and CFDs relating to indices, shares and commodities;

ii. on the https://fusion4markets.cc website, users are offered the opportunity to open a trading account - upon registration to the above-mentioned website, starting from the https://client.fusion4markets.cc page, which is available in Italian - by choosing among the five mentioned and named, depending on the minimum deposit required and the benefits offered, "Entry ", "Standard ’, "Premium", "Gold" and "Vip";

iii. within the https://fusion4markets.cc website, there are generic references to "Fusion4Markets" and to e-mail boxes support@fusion4markets.cc and info@fusion4markets.cc;

WHEREAS the activity carried out via the https://fusion4markets.cc websiteand the related https://client.fusion4markets.cc 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 activity is still ongoing and is aimed at Italian investors, insofar as the https://client.fusion4markets.cc page is available in Italian and, with regard to the activity of the https://fusion4markets.cc website, there have been reports of cold calling being made to Italian customers. In addition, complaints were received from Italian retail investors who claimed that they were unable to get their money back to trade on the website "Fusion4Markets" platform;

WHEREAS the https://fusion4markets.cc website and its https://client.fusion4markets.cc page 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://fusion4markets.cc website and its https://client.fusion4markets.cc 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.

THE CHAIRMAN
Paolo Savona