Resolution no. 21292

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 website www.platinium-fx.com

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 and subsequent amendments and supplements;

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

HAVING ESTABLISHED that, from checks on the website www.platinium-fx.com, it emerged that:

i. subject to registration, the website offers the opportunity to trade in CFDs on currencies, shares, indices, raw materials and crude oil;

ii. in order to perform trading transactions, a cash investment is required, to be paid into an account opened online; in particular, there are four different types of trading account available, which differ depending on the benefits promised, called 'Standard', 'Silver', 'Gold' and 'VIP';

iii. the "Terms and conditions" state that the site in question is "operated and owned" by the company Platiniumfx Ltd, with stated address in Austria.

WHEREAS the activity carried out through this website 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 operations, performed through the website www.platinium-fx.com, are still ongoing and are aimed at Italian investors insofar as there have been reports by potential customers of unsolicited telephone calls (so-called 'cold calling') to the Italian public;

WHEREAS the company Platiniumfx Ltd mentioned on this website is not authorised to provide investment services to the Italian public, insofar as it is not registered 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 article 18 of Legislative Decree no. 58/98 performed through the website www.platinium-fx.com, 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.

March 4, 2020

THE CHAIRMAN
Paolo Savona