Pubblicazioni

Bollettino


Resolution no. 20424

Order, pursuant to Article 7-octies, paragraph 1, letter b), of Italian Legislative Decree no. 58/1998 ('Consolidated Law on Finance') to cease the infringement of Article 18 of the Consolidated Law on Finance performed via the www.ayrex.com website

LA COMMISSIONE NAZIONALE PER LE SOCIETA' E LA BORSA
[THE NATIONAL COMMISSION FOR COMPANIES AND THE STOCK EXCHANGE]

HAVING REGARD TO Law no. 216 of June 7, 1974, and subsequent amendments and additions;

HAVING REGARD TO Legislative Decree no. 58 of February 24, 1998 ('Consolidated Law on Finance') and subsequent amendments and additions;

HAVING ESTABLISHED that, from checks on the www.ayrex.com website, it emerged that:

i. the www.ayrex.com website, registered in anonymous form by a user whose identity is not known, is also available in Italian;

ii. potential investors, after the registration on the said website and opening an account via the dedicated online form, have the possibility to trade in Forex binary options through a dedicated platform;

iii. in the 'Terms and Conditions' page is mentioned the Advanced Binary Technologies Ltd company, with alleged offices in St. Kitts and Nevis;

HAVING CONSIDERED that the activities carried out also via the said website can be classed as the provision of investment services referred to in Art. 1, para. 5, of the Consolidated Law on Finance, insofar as clients have the opportunity to open a trading account against which purchase and/or sale orders involving financial instruments can be issued

HAVING CONSIDERED that the aforementioned operations performed via the www.ayrex.com website are directed to Italian investors, insofar as this website is also available in Italian and has no blocking mechanism in place to prevent the registration of Italian users;

HAVING CONSIDERED that Advanced Binary Technologies Ltd is not authorised to provide investment services to the Italian public, insofar as it is not registered on the register held by CONSOB pursuant to Art. 20 of the Consolidated Law on Finance;

HAVING CONSIDERED that the provision of investment services and activities is reserved to authorised entities as referred to under Art. 18, para. 1, of the Consolidated Law on Finance, pursuant to which 'The professional provision of investment services and activities for the public is reserved for investment firms and banks';

HAVING ESTABLISHED that the operations in question can be classed as the professional provision of investment services involving financial instruments to the Italian public, in infringement of Art. 18, para. 1, of the Consolidated Law on Finance;

HAVING CONSIDERED that, according to Art.7-octies of the Consolidated Law on Finance 'Powers to counteract abuse' - CONSOB 'may, with regard to anyone who offers or carries out investment services or activities through the Internet without being qualified therefore pursuant to this decree: a) make public, even by way of a precaution, the circumstance that the party is not authorised to carry out the activity indicated by article 1, paragraph 5; b) order that the infringement cease';

HEREBY RESOLVES:

To order the cessation of the infringement of Art. 18 of Legislative Decree no. 58/1998 also performed via the www.ayrex.com website, consisting of the provision of investment services and activities to the Italian public.

This Resolution shall be notified to those concerned and published in CONSOB's Bulletin.

This measure may be appealed with the Regional Administrative Court of Lazio within 60 days from the date of notification.

8 May 2018

On behalf of THE CHAIRMAN
Anna Genovese

Bollettino elettronico - per saperne di più