Resolution no. 23609 of 19 June 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 carried out via the www.ahpcmg.com website

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. users are offered the opportunity via the www.ahpcmg.com website – which is active and also available in Italian through an automatic translation system incorporated into the website – to trade CFDs on currencies;
2. in order to place such trades, users must register with the www.ahpcmg.com website and deposit funds;
3. as to traceability, the www.ahpcmg.com website contains generic references to “AHP” and it was impossible to identify any reference to one or more specific entities, and their contact details, to which the initiatives promoted through the said www.ahpcmg.com website might refer;

WHEREAS the activity carried out through the www.ahpcmg.com website is to be considered as the provision of investment services pursuant to article 1, paragraph 5, of the Consolidated Law on Finance, given that users are offered the opportunity through said domain to open a trading account and place orders to buy and/or sell financial instruments;

WHEREAS the aforementioned activity, carried out via the website www.ahpcmg.com website, is ongoing and is aimed at Italian investors, given that the www.ahpcmg.comwebsite is available in Italian through a machine translation system incorporated into the said www.ahpcmg.com website, and there have been reports of cold calls to solicit investment being made to Italian retail investors. 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 www.ahpcmg.com;

WHEREAS the transactions recorded on the website www.ahpcmg.com are not 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 infringement of article 18 of Legislative Decree no. 58/98 carried out through the www.ahpcmg.com website, consisting in the offering and provision of investment services and activities to the Italian public.

This Resolution shall be disclosed to the parties concerned with publication in the Consob Bulletin.

This measure may be appealed before the Regional Administrative Court of Lazio within 60 days.

THE CHAIRMAN
Paolo Savona