Resolution no. 23526

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 www.nextradeltd.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 the checks carried out, it emerged that:

i. the websitewww.nextradeltd.com, which is active, registered anonymously, also available in Italian and divided into the sections "Piattforme (Platforms), "Conti" (Accounts), "Risorse" (Resources), "Educazione" (Education), "Società" (Company), offers potential investors the possibility to trade CFDs relating to currencies, shares, equity indices, commodities and cryptocurrencies;

ii. the website www.nextradeltd.com offers users the possibility of opening a trading account, from among those mentioned, depending on the minimum deposit and promised benefits, "Conto principiante" (Starter Account),"Microconto" (Micro-account),"Conto Standard" (Standard account), "Account premium" (Premium account); "Conto oro" (Gold account), "Conto DIAMOND" (Diamond account) and "Account famiglia" (Family account);

iii. with regard to the legal entity that the website refers to, it should be noted that there are generic references in it to "NEX TRADE LTD" and in the section entitled "Company", the email address support@client-nextradeltd.com.

WHEREAS the activity carried out through the www.nextradeltd.com website may be considered as the provision of investment services pursuant to article 1, paragraph 5, of the Consolidated Law on Finance, given that the aforesaid domain offers users the opportunity of opening a trading account against which orders to buy and/or sell financial instruments may be issued;

WHEREAS the aforementioned activity, carried out through website www.nextradeltd.com, is still ongoing and aimed at Italian investors, insofar as the website has been found to also be available in Italian, complaints have been received from Italian investors and interaction reported with Italian customers;

WHEREAS such activity carried out through the www.nextradeltd.com website cannot be attributed to any entity that is 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 operations in question qualify as the professional provision of investment services to the Italian public, in infringement of article 18, paragraph 1 of the Consolidated Law on Finance;

HAVING REGARD TO the fact that, according to the provisions of article 7-octies, letter b), of the Consolidated Law on Finance - "Powers to counteract unauthorised provision of investment services" - Consob "may, with regard to anyone who offers or carries out investment services or activities through the Internet without being qualified pursuant to this decree: […] b) order that such 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.nextradeltd.com website, consisting in the offering 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.

16 April 2025

THE CHAIRMAN
Paolo Savona