Resolution no. 22700

Order, pursuant to article 7-octies, paragraph 1, letter b) of Legislative Decree no. 58/1998 ("Consolidated Law on Finance") to cease infringement of article 18 of the Consolidated Law on Finance committed via the https://tredouxcapitalltd247.io website and relevant https://client.tredouxcapitalltd247.io and https://webtrader.tredouxcapitalltd247.io webpages

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, as subsequently amended and supplemented;

HAVING REGARD to Legislative Decree no. 58 of 24 February 1998 ("Consolidated Law on Finance"), as subsequently amended and supplemented;

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

1. the website https://tredouxcapitalltd247.io, which is active, available in Italian, and registered anonymously, offers potential investors the possibility to trade forex instruments and CFDs on assets such as digital currencies, shares, indices, and commodities;
2. to carry out the aforementioned trading transactions the following are required: registration with the https://tredouxcapitalltd247.io website from the https://client.tredouxcapitalltd247.io page, the opening of a trading account, and access to the appropriate platform available on the https://webtrader.tredouxcapitalltd247.io In particular, five types of accounts are mentioned, which, depending on the required minimum deposit and offered benefits, are named "Basic", "Standard", "Classic", "Exclusive", and "Vip";
3. as to the attribution of the operation in question, it is noted that, in the https://tredouxcapitalltd247.io website, there are generic references to "Tredouxcapitalltd247.io" and the mailbox "support@tredouxcapitalltd247.io" address.

WHEREAS the activity carried out via the https://tredouxcapitalltd247.io website and relative https://client.tredouxcapitalltd247.io and https://webtrader.tredouxcapitalltd247.io webpages, constitutes 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 possibility, via the said 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, given that the website https://tredouxcapitalltd247.io is available in Italian and there have been reports of cold calls being made to retail investors in Italy in relation to the operation of the online trading platform "Tredouxcapital"; Furthermore, complaints have been received from Italian retail investors who complained about not being able to obtain a refund of the capital deposited to trade via the online trading platform "Tredouxcapital" and it was ascertained that there are no mechanisms aimed at preventing registration by users who attempt to register with the website from Italy via Italian IP addresses;

WHEREAS the website https://tredouxcapitalltd247.io and respective webpages https://client.tredouxcapitalltd247.io and https://webtrader.tredouxcapitalltd247.io cannot be attributed to any entity 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 authorised 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";

CONSIDERING therefore that the operations in question qualify as the professional provision of investment services to the Italian public, in breach of article 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 unauthorised provision of investment services" - 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 breach";

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 committed via the https://tredouxcapitalltd247.io website and relevant https://client.tredouxcapitalltd247.io and https://webtrader.tredouxcapitalltd247.io webpages, which consists in the offer and provision of investment services and activities to the Italian public.

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

18 May 2023

THE CHAIRMAN
Paolo Savona