Resolution no. 22742

Order, pursuant to article 7-octies, paragraph 1, letter b) of Legislative Decree no. 58/1998 (“Consolidated Law on Finance”) to cease the breach of article 18 of the Consolidated Law on Finance carried out via the www.ikoncfd-24.com website and its pages https://my.ikoncfd-24.com and https://webtrader.ikoncfd-24.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, 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 www.ikoncfd-24.com website, it emerged that:

1. the www.ikoncfd-24.com website is active, available in Italian through automatic translation tools, and offers the opportunity to trade forex contracts, shares, futures and commodities;
2. in order to operate via the website www.ikoncfd-24.com registration is required, which allows access to the reserved area https://my.ikoncfd-24.com through which it is possible to open a trading account and access the trading platform on https://webtrader.ikoncfd-24.com;
3. in terms of traceability, in the website www.ikoncfd-24.com generic reference is made to “IKON CFD” allegedly having its registered office in Australia.

HAVING REGARD to Resolution no. 22645 of 22.03.2023 and Resolution no. 22692 of 3.05.2023, whereby “IKON CFD”, with purported registered office in Australia, was ordered to cease the breach of article 18 of the Consolidated Law on Finance committed, respectively, via the separate www.ikoncfd.com website and its pages https://my.ikoncfd.com and https://webtrader.ikoncfd.com, as well as the separate www.ikon-cfd.com website and its pages https://my.ikon-cfd.com and https://webtrader.ikon-cfd.com, featuring structure and content similar to those of www.ikoncfd-24.com website and its pages https://my.ikoncfd-24.com and https://webtrader.ikoncfd-24.com;/

WHEREAS the activity carried out via the www.ikoncfd-24.com website and its pages https://my.ikoncfd-24.com and https://webtrader.ikoncfd-24.com is deemed to constitute the provision of investment services as per article 1, paragraph 5, of the Consolidated Law on Finance, insofar as clients are offered the opportunity of opening a trading account on which they can place buy and/or sell orders for financial instruments;

WHEREAS the above activity, carried out via the www.ikoncfd-24.com website and its pages https://my.ikoncfd-24.com and https://webtrader.ikoncfd-24.com is still ongoing and is aimed at Italian investors as well, insofar the www.ikoncfd-24.com website is available in Italian through automatic translation tools and no mechanism has been found to block registration by users attempting to register with said domain from Italy/through Italian IP addresses. In addition, contact with Italian customers using remote communication techniques was reported and a complaint was made by an Italian retail investor who claimed to be unable to get the money paid back;

WHEREAS the abovementioned internet domains cannot be attributed to any party authorised to provide investment services to the Italian public;

HAVING REGARD to the fact the investment activities and services may only be provided by the licensed parties 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 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 - entitled “Powers to counteract abuse” - Consob “may, with regard to anyone who offers or carries out investment services or activities over the Internet without being qualified 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 breach of article 18 of Legislative Decree no. 58/1998 carried out via the www.ikoncfd-24.com website and its pages https://my.ikoncfd-24.com and https://webtrader.ikoncfd-24.com, which constitute the 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.

14 June 2023

THE CHAIRMAN
Paolo Savona