Resolution no. 23469

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://www.sectorcapitals.com website and the relative https://clientarea.w1e2b3tr4d3r.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:

i. the https://www.sectorcapitals.com website, which is active, also available in Italian and registered anonymously - offers potential investors the possibility to perform trading on the Forex market and on CFDs relating to indices, shares and commodities;

ii. in order to place such trades, users must register with the website https://www.sectorcapitals.com, and open a trading account; specifically, four types of account are advertised on the website https://www.sectorcapitals.com, known as "Standard", "Professional", "Business" and "Business Plus", depending on the minimum deposit required and the benefits promised;

iii. after completing the registration process, users may log into the reserved area of the website https://www.sectorcapitals.com, which can be consulted in Italian and is available on the page https://clientarea.w1e2b3tr4d3r.com, where there is, among other things, a specific function for depositing money on the trading account;

iv. the website https://www.sectorcapitals.com specifies the email address info@sectorcapitals.com.

WHEREAS the activity carried out via the https://www.sectorcapitals.com website and the related https://clientarea.w1e2b3tr4d3r.com 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 website https://www.sectorcapitals.com and the relative page https://clientarea.w1e2b3tr4d3r.com are also available in Italian and, with regard to the operation referred to above, there have been reports of cold calls being made to Italian customers, no mechanism has been found to block registration on the https://www.sectorcapitals.com website by users who try to register from Italy through Italian IP addresses and complaints have been received from Italian retail investors who reported that they were unable to recover the invested amounts;

WHEREAS the https://www.sectorcapitals.com website and its page https://clientarea.w1e2b3tr4d3r.com 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, paragraph 1, 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 Italian Legislative Decree no. 58/98 conducted via the https://www.sectorcapitals.com website and its related page https://clientarea.w1e2b3tr4d3r.com, constituted by the offer 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.

12 March 2025

THE CHAIRMAN
Paolo Savona