Resolution no. 21398

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.firstfinancialbanc.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.firstfinancialbanc.com, it emerged that:

i. the website is active and may also be consulted in Italian;

ii. after registration, the website offers users the opportunity to trade on the Forex market, trading CFDs through the MT4 platform;

iii. in order to be able to trade, a cash investment is required to be paid into the account opened online;

iv. references to the company "Warp Enterprise LTD" are found on the site in question with its alleged registered office at Saint Vincent and the Grenadines;

WHEREAS the activity carried out through the website www.firstfinancialbanc.com 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 above activities, carried out through the website www.firstfinancialbanc.com, are still ongoing and aimed at Italian investors, since the website is also available in Italian;

WHEREAS the company Warp Enterprise LTD mentioned on the website www.firstfinancialbanc.com is not authorised to provide investment services to the Italian public, insofar as it is not enrolled on the register kept 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 licensed parties 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 website www.firstfinancialbanc.com, 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.

June 10, 2020

THE CHAIRMAN
Paolo Savona