Resolution no. 21253

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 performed through the websites https://alliance-capital.io and https://alliance-capital.cc

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 and subsequent amendments and additions;

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

HAVING ESTABLISHED that, from checks on the website, it emerged that:

i. potential investors are offered the opportunity, through the website https://alliance-capital.io, active and also available in Italian - subject to prior registration, which is available to Italian users, also via redirection to the website https://alliance-capital.cc and opening of an account - to trade CFDs, shares and indices;

ii. in order to perform trading transactions a cash investment is required, to be paid into an account opened online; in particular, three types of account are offered - depending on the minimum deposit required and the benefits promised - called 'Bronze pack', 'Silver pack' and 'Gold Pack';

iii. as regards the ownership of the website, at the bottom of the website pages the following is stated “the website is owned and operated by Waltika Partners Ltd” with alleged registered office in Saint Vincent and the Grenadines;

HAVING REGARD TO the fact that the company Waltika Partners Ltd, with alleged registered office in Saint Vincent and the Grenadines, has already been the addressee of an order pursuantto article 7-octies, paragraph 1, letter b), of the Consolidated Law on Finance, adopted by resolution no. 21145 of 13 November 2019, for operating a different website https://imperial-finance.io;

WHEREAS the activity carried out through the https://alliance-capital.io and https://alliance-capital.cc websites can be classed as the provision of investment services as referred to in art. 1, paragraph 5 of the Consolidated Law on Finance, insofar as clients are offered the opportunity of opening a trading account against which purchase and/or sale orders for financial instruments can be issued;

WHEREAS the aforementioned activity, performed through the websites https://alliance-capital.io and https://alliance-capital.cc is still ongoing and is addressed to Italian investors, given that this website is also available in Italian, and there have been reports of cold calling members of the public in Italy;

WHEREAS Waltika Partners Ltd, mentioned on this website, is not authorised to provide investment services to the Italian public, since it does not appear on the dedicated register held by Consob pursuant to art. 20 of the Consolidated Law on Finance;

HAVING REGARD TO the fact that the provision of investment services and activities is reserved for authorised entities as referred to under art. 18, paragraph 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, therefore, that the operations in question qualify as the professional provision of investment services to the Italian public, in infringement of art. 18, paragraph 1 of the Consolidated Law on Finance;

HAVING REGARD TO the fact that, according to the provisions of art. 7-octies, letter b) 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 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 art. 18 of Legislative Decree no. 58/98 performed through the websites https://alliance-capital.io and https://alliance-capital.cc, consisting in the provision of investment services and activities to the Italian public.

This Resolution shall be brought to the attention of those whom it concerns and will be 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.

February 5, 2020

THE CHAIRMAN
Paolo Savona