Resolution no. 22492

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 via the websitehttps://clearpoint-fin.com and the respective webpage https://account.clearpoint-fin.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. the website https://clearpoint-fin.com - which is active and also available in Italian - offers potential investors the possibility of trading CFDs on currencies, commodities and indices via a dedicated trading platform;

ii. in order to place such trades, users must register with the website through a procedure that is also available for Italian users, and subsequently open a trading account and deposit the necessary funds. After registering, users can access the reserved area of the website onhttps://account.clearpoint-fin.com, where they can make deposits on the account and access the trading platform;

iii. as regards the traceability of the website https://clearpoint-fin.com, on the domain, there are also references to "Clearpoint-fin/Clearpoint Capital" with its alleged registered office in London;

WHEREAS the activity carried out through the website https://clearpoint-fin.com and the relevant webpage https://account.clearpoint-fin.com is deemed to constitute the provision of investment services, within the meaning of article 1, paragraph 5, of the Consolidated Law on Finance, inasmuch as the website offers the possibility of opening a trading account and placing buy and/or sales orders on financial instruments;

WHEREAS the above activity, carried out through the website https://clearpoint- fin.com and the respective webpage https://account.clearpoint-fin.com, is still ongoing and is aimed at Italian investors, given that said website is available in Italian, and that it has been reported that remote communication methods have been used to contact Italian consumers and that no mechanism was found to block registration by users attempting to register with the website from Italy/through Italian IP addresses;

WHEREAS the https://clearpoint-fin.com website is not linked to any entities authorised to provide investment services to the Italian public;

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 website https://clearpoint-fin.com and the relevant page https://account.clearpoint-fin.com, which constitutes the provision of investment services and activities to the Italian public.

This Resolution shall be brought to the attention of the all 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.

26 October 2022

THE CHAIRMAN
Paolo Savona