Resolution no. 23529 of 16 April 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.alphawealtexpertise.com website and its https://client.alphawealtexpertise.com page as well as the separate www.alphawealth-expertise.com website and its https://client.alphawealth-expertise.com 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:

1. via the www.alphawealtexpertise.com and www.alphawealth-expertise.com websites which have identical content and graphic format, and are active, anonymously registered and available in Italian through separate automatic translation mechanisms incorporated into each website, potential investors are offered the possibility of trading CFDs on currencies and currency futures;
2. in order to place such trades, users must register with each of the websites in question, open an account and deposit relevant funds;
3. specifically, registration with the www.alphawealtexpertise.com website was also possible for users connected to the web from Italy/through Italian IP addresses via the procedure available at the https://client.alphawealtwxpertise.com page, linked to the samehttps://alphawealtexpertise.com website; the procedure for registration with the separate www.alphawealth-expertise.com website was also possible for users connected to the web from Italy/through Italian IP addresses at the https://client.alphawealth-expertise.com page, linked to thewww.alphawealth-expertise.com website;
4. the www.alphawealth-expertise.com and www.alphawealth-expertise.com websites mention three types of accounts - “Bronze (beginner)”, “Silver (intermediate)” and “Gold (professional)” - depending on the minimum deposit required and the benefits promised;
5. as to traceability, the www.alphawealth-expertise.com and www.alphawealth-expertise.com websites contain generic references to “AlphaWealtExpertise”, with offices in the United Arab Emirates, Hong Kong, the Cayman Islands, Cyprus and the United Kingdom. In addition, the www.alphawealth-expertise.com and www.alphawealth-expertise.com websites include a telephone number specifically referring to Italy and featuring an Italian country code, as well as a contact email address (support@alphawealtexpertise.com);

WHEREAS the activity carried out through the www.alphawealtexpertise.com website and its https://client.alphawealtexpertise.com page, as well as through the separate www.alphawealth-expertise.com website and its https://client.alphawealth-expertise.com 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 opportunity through the aforementioned domains to open a trading account and place orders to buy and/or sell financial instruments;

WHEREAS the above described activity, carried out through the www.alphawealtexpertise.com website and its https://client.alphawealtexpertise.com page, as well as through the separate website www.alphawealth-expertise.com and its pagehttps://client.alphawealth-expertise.com, is still ongoing and is aimed at Italian investors, given that the www.alphawealtexpertise.com and www.alphawealth-expertise.com websites are available in Italian through separate automatic translation mechanisms incorporated into each of the websites and, in connection with the activities promoted via these same websites, there have also been reports of investment solicitation via cold calling towards Italian investors. In addition, a copy of the correspondence exchanged in Italian by e-mail between Italian investors and “AlphaWealtExpertise” operators was acquired, as well as a copy of contractual documentation drawn up in Italian and aimed at Italian investors joining the activities promoted on the www.alphawealtexpertise.com and www.alphawealth-expertise.com.websites. Furthermore, the www.alphawealtexpertise.com and www.alphawealth-expertise.comwebsites included a contact telephone number specifically for Italian investors with an Italian country code and on these same websites, no mechanismwas found to block registration by users attempting to register from Italy/through Italian IP addresses;

WHEREAS the transactions recorded on the www.alphawealtexpertise.com website and its https://client.alphawealtexpertise.com page, as well as on the separate www.alphawealth-expertise.com website and its https://client.alphawealth-expertise.com page cannot be attributed to any entity authorised to provide investment services to the Italian public, given that “AlphaWealtExpertise” does not appear on the register kept by Consob pursuant to Article 20 of the Consolidated Law on Finance;

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 breach of article 18 of Legislative Decree no. 58/98 conducted via the www.alphawealtexpertise.com website and its https://client.alphawealtexpertise.com page, as well as via the separate www.alphawealth-expertise.com website and its https://client.alphawealth-expertise.com 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