Resolution no. 22812

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 website https://keysreim.io and the relevant pages https://client.keysreim.io and https://webtrader.keysreim.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, 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://keysreim.io offers potential investors the possibility to trade forex instruments and shares, commodities and digital currencies;
2. to carry out such trading activity, users must register on the website through the domain https://client.keysreim.io, and subsequently open a trading account. In particular, three account types are offered ("Zona Standard", "Zona Pro" and "Zona Luxury" - "Standard Zone", "Pro Zone" and "Luxury Zone"), differentiated by expected deposit amount and operational characteristics;
3. after registering, users may access the reserved area of the site, available on the aforementioned domain https://client.keysreim.io, which contains functions dedicated to making deposits and withdrawals and where it is possible to access the trading platform available at the address https://webtrader.keysreim.io;
4. concerning its traceability, the website https://keysreim.io makes generic reference to the company "Keysreim" and provides the contact e-mail address support@keysreim.io.

WHEREAS the activity carried out through the website https://keysreim.io and the respective pages https://client.keysreim.io and https://webtrader.keysreim.io is deemed to constitute the provision of investment services pursuant to article 1, paragraph 5, of the Consolidated Law on Finance, given that the above domain allows users to trade financial instruments;

WHEREAS the aforementioned activity is still ongoing and is aimed at Italian investors, insofar as the website and the abovementioned pages are also available in Italian and, and reports have been made of cold calling and of documents being sent in Italian, and moreover no mechanism was found to block registration by users attempting to register on the website from Italy through Italian IP addresses.

WHEREAS the website https://keysreim.io and respective webpages https://client.keysreim.io and https://webtrader.keysreim.io cannot be attributed to any entity authorised to provide investment services to the Italian public;

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 activity in question qualifies 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 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. 58/1998 carried out through the website https://keysreim.io and pages https://client.keysreim.io, and https://webtrader.keysreim.io, constituted by 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.

20 September 2023

THE CHAIRMAN
Paolo Savona