Resolution no. 21783

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 websiteshttps://bid-broker-stocks.io and https://bid-broker-stocks.cc

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 web, it emerged that:

i. the website https://bid-broker-stocks.io, which is active and also available in Italian, offers potential investors the opportunity to trade shares as well as CFDs and futures on commodities and indices;

ii. in order to place such transactions, users must open an account and deposit relevant funds, after registering with the website https://bid-broker-stocks.io through a procedure that is also available for Italian users;

iii. the website registration procedure is also available from the separate website https://bid-broker-stocks.cc/ - also available in Italian - since this website also re-directs the user to the page https://bid-broker-stocks.cc/sign-in, which provides both access the reserved area https://bid-broker-stocks.io of the aforementioned website for registered users as well as the opportunity for new users to register;

iv. in particular, five types of account are mentioned on the website https://bid-broker-stocks.io, named "Bronze", "Silver", "Gold", "Platinum" and "Vip" depending on the minimum deposit required and the benefits promised;

v. at the bottom of the pages of the website https://bid-broker-stocks.io, it is stated that "this website is owned and operated by Donnybrook Consulting Ltd", with declared registered office in Dominica; in the "Terms & Conditions" section, reference is made to the applicability of the "governmental laws of St. Vincent and the Grenadines";

vi. the "Contact" section of the website https://bid-broker-stocks.io provides a contact email address specifically dedicated to Italian savers as well as a telephone number with an Italian prefix.

HAVING REGARD TO Resolution no. 21680 of 14 January 2021, whereby Donnybrook Consulting Ltd, with declared registered office in Dominica, was ordered to cease its infringement of article 18 of the Consolidated Law on Finance conducted through the separate domains https://energymarkets.io, https://energy-markets.cc and the relevant page webtrader.energy-markets.cc;

HAVING REGARD TO Resolution no. 21761 of 11 March 2021, whereby Donnybrook Consulting Ltd, with declared registered office in Dominica, was ordered to cease its infringement of article 18 of the Consolidated Law on Finance conducted through the separate domain https://eurofx.trade;

WHEREAS the activity carried out through the website https://bid-broker-stocks.io and https://bid-broker-stocks.cc constitutes the provision of investment services, as referred to in article 1, paragraph 5, of the Consolidated Law on Finance, insofar as the website https://bid-broker-stocks.io and the further domain https://bid-broker-stocks.cc/ - from which users can reach the aforementioned website https://bid-broker-stocks.io and register on the same website - offer users the possibility to open a trading account and place buy and/or sell orders on financial instruments;

WHEREAS the aforementioned activity, carried out through the websiteshttps://bid-broker-stocks.io and https://bid-broker-stocks.cc, is ongoing and targeted at Italian investors, given that reports have been received of cold calling of Italian investors;

WHEREAS Donnybrook Consulting Ltd, with declared registered office in Dominica, as mentioned on the website, which can also be reached from the separate domain https://bid-broker-stocks.cc, is not authorised to provide investment services to the Italian public, insofar as it does not appear on the register maintained by Consob pursuant to article 20 of the Consolidated Law on Finance;

HAVING REGARD TO the requirement to hold a relevant licence to provide investment services and activities 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 Stock brokerage 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 fact that, according to the provisions of article 7-octies, letter b) of the Consolidated Law on Finance - "Powers to counteract abusive practices" - CONSOB "may, with regard to anyone who offers or carries out investment services or activities over the Internet without being qualified to do so pursuant to this decree: […] b) order the cessation of the infringement";

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://bid-broker-stocks.io and https://bid-broker-stocks.cc, consisting in the 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