Resolution no. 21781

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 https://tradershome.trade

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 https://tradershome.trade website, it emerged that:

i. it is available in Italian and states among its contacts an e-mailaddress and a telephone number dedicated to assistance for Italian customers;

ii. the website https://tradershome.trade, which is similar in content to that previously recorded on the separate website https://tradershome.com, offers users the possibility to trade CFDs on shares, indices, commodities, currencies and cryptocurrencies;

iii. to be able to trade through the platform hosted on the website, users must register and open an account to deposit the necessary funds. In particular, the website https://tradershome.trade offers six types of account named "Studente", "Starter", "Premium", "Advanced", "Pro" and "Vip", which differ in the minimum deposit required and associated services;

iv. the website makes references to the company "TradersHome Ltd", with stated registered address in Saint Vincent and The Grenadines;

HAVING REGARD TO Consob Resolution no. 21104 of 9 October 2019, whereby the company "TradersHome Ltd" was ordered to cease the infringement of article 18 of the Consolidated Law on Finance conducted through the separate website https://tradershome.com;

WHEREAS the activity carried out through the website constitutes 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 and placing buy and/or sell orders on financial instruments;

WHEREAS the said activity, carried out through the website https://tradershome.trade, is still ongoing and aimed at Italian investors, insofar as the website is available in Italian and provides dedicated contact opportunities for Italian customers;

WHEREAS the company "TradersHome Ltd", mentioned on the website https://tradershome.trade, is not authorised to provide investment services to the Italian public, insofar as it is not registered on the relevant register maintained 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 to licensed parties as per article 18, paragraph 1, of the Consolidated Law on Finance, pursuant to which "The professional 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 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 provisions of art. 7-octies, letter b) of the Consolidated Law on Finance - "Powers to counteract abuse" - according to which 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 the offending party to cease infringement";

CONSIDERING it therefore necessary, in 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 https://tradershome.trade, consisting in the offering and provision of investment services and activities to the Italian public.

This Resolution shall be brought to the attention of the concerned parties 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.

31 March 2021

THE CHAIRMAN
Paolo Savona