Resolution no. 22237

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://daxodeal.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 24th February 1998 ("Consolidated Law on Finance") and subsequent amendments and supplements;

HAVING ESTABLISHED that, from checks on the web, it emerged that:

i. potential investors are offered the opportunity through the https://daxodeal.com website to trade shares, indices and commodities via a trading platform;

ii. in order to place such trades, users must register with the https://daxodeal.com website through a procedure that is also available for Italian users, and subsequently open a trading account and deposit the necessary funds;

iii. specifically, five types of account ("Mini Account", "Standard Account", "Premium Account", "Platinum Account" and "VIP Account") are advertised on the https://daxodeal.com website, which differ, amongst other things, according to the minimum deposit required;

iv. as to the https://daxodeal.com website's traceability, there is a reference in the online contractual terms to "Daxodeal Ltd"; the website's "Contact Us" page provides an address for "Daxodeal" in the Marshall Islands;

WHEREAS the activity carried out through the website https://daxodeal.com is deemed to constitute the provision of investment services within the meaning of article 1, paragraph 5, of the Consolidated Law on Finance, given that users are offered the opportunity to open a trading account and place buy and/or sell orders on financial instruments;

WHEREAS the aforementioned activity, carried out through the https://daxodeal.com website, is still ongoing and is aimed at Italian investors, since there have been reports of cold calls being made to retail investors in Italy;

WHEREAS the company mentioned on the https://daxodeal.com website, is not authorised to provide investment services to the Italian public, since it is not listed 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 to licensed parties as referred to under 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 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 article 18 of Legislative Decree no. 58/98 carried out through the https://daxodeal.com website, 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 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.

23 February 2022

THE CHAIRMAN
Paolo Savona