Resolution no. 23577

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 through the sites www.pimmtf.vip, www.pimcmtf.vip, www.pimmtf.ai and www.pimmtf.ltd

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. through the websites www.pimmtf.vip, www.pimcmtf.vip, www.pimmtf.ai and www.pimmtf.ltd, which are active, can also be consulted in Italian, registered anonymously and have the same content and graphic format, potential investors are offered the opportunity to trade CFDs on currencies, stocks, indices and commodities through a trading platform;

ii. to place trading transactions, users must register with the aforementioned websites, through a process that is also available to users connecting from Italy, and open a trading account; specifically, two different types of account are advertised on the websites ("Rasoio" [Razor] and "Standard") differ in terms of the envisaged fees;

iii. as regards the traceability of the aforementioned transactions, the websites www.pimmtf.vip, www.pimcmtf.vip, www.pimmtf.ai and www.pimmtf.ltd refer to Pim Mtf Markets Limited with alleged headquarters in Colorado and the email address pimmtf@gmail.com is indicated;

HAVING REGARD TO Consob Resolution no. 23488 of 26 March 2025, whereby the order was given to cease the infringement of article 18 of the Consolidated Law on Finance conducted through the separate website www.pimmtf.com;

WHEREAS the websites www.pimmtf.vip, www.pimcmtf.vip, www.pimmtf.ai and www.pimmtf.ltd have domains that partially overlap with that of the website www.pimmtf.com, as well as similar contents and graphic format;

WHEREAS the activity carried out via the websites www.pimmtf.vip, www.pimcmtf.vip, www.pimmtf.ai and www.pimmtf.ltd is to be considered as the provision of investment services, as referred to in Article 1, paragraph 5 of the Consolidated Law on Finance, 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 operations, carried out through the websites www.pimmtf.vip, www.pimcmtf.vip, www.pimmtf.ai and www.pimmtf.ltd are still ongoing and are aimed at Italian retail investors, as the websites were found to be available in Italian, complaints were received from Italian retail investors from which contact activity towards Italian customers emerged, and the absence of mechanisms aimed at preventing registration by users attempting to register on the aforementioned websites from Italy, using Italian IP addresses, was detected;

WHEREAS the websites www.pimmtf.vip, www.pimcmtf.vip, www.pimmtf.ai and www.pimmtf.ltd cannot be traced back 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, 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 infringement of article 18 of Legislative Decree no. 58/98 carried out through the websites www.pimmtf.vip, www.pimcmtf.vip, www.pimmtf.ai and www.pimmtf.ltd, consisting in offering and providing 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.

28 May 2025

THE CHAIRMAN
Paolo Savona