Resolution no. 22635

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://allinvestfx.io and the respective weg page https://trade.allinvestfx.io

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:

1. the website https://allinvestfx.io, which is active and available in Italian, offers potential investors the possibility to trade contracts for differences (CFDs) on digital currencies, shares and indices;
2. in order to carry out such trades, users must register and open a trading account;
3. after registration, customers may log into the reserved area of the website at the URL https://trade.allinvestfx.io, where there is a specific feature for depositing and withdrawing funds on the trading account;
4. concerning its traceability, the contractual terms of the website https://allinvestfx.io mention the company "Plan B LTD", with stated address in Sofia, Bulgaria. The contact section of the website https://allinvestfx.io includes the email address support@allinvestfx.io;

WHEREAS the activity carried out through the website https://allinvestfx.io and the respective page https://trade.allinvestfx.io is deemed to constitute the provision of investment services, as referred to in article 1, paragraph 5, of the Consolidated Law on Finance, insofar as users are offered the opportunity through the aforementioned domains to open a trading account and place orders to buy and/or sell financial instruments;

WHEREAS such activity is still ongoing and is aimed at Italian investors, since the website https://allinvestfx.io is also available in Italian; Moreover, Italian customers have complained of receiving cold calls from persons working on behalf of the brand "Allinvestfx". Furthermore, no mechanism was found aimed at blocking registration by users attempting to register with the website https://allinvestfx.io from Italy via Italian IP addresses;

WHEREAS the company https://allinvestfx.io and the respective page https://trade.allinvestfx.io cannot be attributed to any entity which is authorised to provide investment services to the Italian public, insofar as the company Plan B LTD, with reported registered address in Sofia, Bulgaria, as mentioned on the website https://allinvestfx.io, is not listed 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 in order to provide investment services, 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 article 7-octies, letter b) of the Consolidated Law on Finance - "Powers to counteract unauthorised provision of investment services" - pursuant to which 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 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 Legislative Decree no. 58/1998 carried out through the website https://allinvestfx.io and the relevant page https://trade.allinvestfx.io, constituted by 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.

17 March 2023

THE CHAIRMAN
Paolo Savona