Resolution no. 21335

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 www.ogamfx.com website and the "Ogamforex" Facebook page (https://www.facebook.com/Ogamforex/)

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.ogamfx.com, it emerged that:

i. the website is active and offers the opportunity, after registration, of trading CFDs with currencies, shares, indices and commodities as their underlying assets;

ii. in order to carry out trading transactions, registration and a cash investment are required, through payment into an account opened online.

iii. the website mentions OGAM Ltd, without any indication of its registered office. In the "About us" section of the site it says that OGAM Ltd is part of the OGAM Group, a group of not better identified companies, with offices allegedly located, among others, in Australia, Hong Kong and Vanuatu.

HAVING ESTABLISHED that, from checks on the "Ogamforex" Facebook page (https://www.facebook.com/Ogamforex/) , it emerged that:

i. the page is active and contains promotional messages by OGAM Ltd and the online trading platform linked to it;

ii. the "About us" section of the OGAM Ltd page gives the same information as that published in the homonymous section of the www.ogamfx.com. website

WHEREAS the activity carried out through the www.ogamfx.com website and “Ogamforex” Facebook page can be classed as the provision of investment services as referred to in Article 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, carried out through the www.ogamfx.com website and “Ogamforex” Facebook page, is still ongoing and is aimed at Italian investors, since there have been reports of cold calling of members of the public in Italy;

WHEREAS the company OGAM Ltd, mentioned both on the www.ogamfx.com website and on the “Ogamforex” Facebook page, is not authorised to provide investment services to the Italian public, since it does not appear on the register maintained by CONSOB pursuant to article 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 the Consolidated Law on Finance performed through the www.ogamfx.com website and the “Ogamforex” Facebook page (https://www.facebook.com/Ogamforex/), consisting in the offering and 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.

April 22, 2020

THE CHAIRMAN
Paolo Savona