Resolution no. 23047

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 committed via the website https://investriumltd.com and pages https://accountusers.dashboard.clientzonearea.webtradersclientzone.com and https://clientzone.account.deposit.payment.webtraderdashboard.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 the checks carried out, it emerged that:

i. the website https://investriumltd.com is active, available in Italian and offers, subject to opening an account, the opportunity to trade in Forex and CFDs on underlying assets such as cryptocurrencies, indices, shares and commodities;

ii. in order to carry out trading transactions, an account must be opened for trading; three types of account are listed on the website, depending on the minimum deposit required and the benefits offered, called "Micro Account", "Standard Account" and "Premium Account";

iii. after registering, the user accesses the dashboard https://accountusers.dashboard.clientzonearea.webtradersclientzone.com, available in

Italian, which contains the fund deposit and withdrawal functions as well as a button that allows access to the trading platform located at the address https://clientzone.account.deposit.payment.webtraderdashboard.com, also available in Italian;

iv. with regard to the legal entity to which the website in question is attributable, in the footer, in the "About Us" section, in the "Terms and Conditions" and in the "Policy" of the website, generic reference is made to "INVESTRIUM" with indication in the "Privacy Policy" and in the "Know Your Customer Policy" of the contact email addresses, respectively, support@investriumclientzone.com andsupport@investrium.com.

WHEREAS the activity carried out via the https://investriumltd.com website and the https://accountusers.dashboard.clientzonearea.webtradersclientzone.com and

https://clientzone.account.deposit.payment.webtraderdashboard.com pages may be considered as the provision of investment services, pursuant to article 1, paragraph 5, of the Consolidated Law on Finance, insofar as users are given the opportunity, through the above-mentioned domain and mentioned pages, of opening a trading account, on which purchase and/or sale orders for financial instruments may be placed;

WHEREAS the aforementioned activity, carried out through the website https:// https://investriumltd.com and the https://accountusers.dashboard.clientzonearea.webtradersclientzone.com pages, https://clientzone.account.deposit.payment.webtraderdashboard.com is still ongoing and is aimed at Italian investors, given that the aforementioned web domains are active and can also be consulted in Italian, no mechanism was found to block registration by users attempting to register from Italy/through Italian IP addresses, and complaints and reports were received from Italian individuals who, inter alia, complained that they were unable to obtain a refund of the sums used;

https://accountusers.dashboard.clientzonearea.webtradersclientzone.com https://clientzone.account.deposit.payment.webtraderdashboard.com cannot be attributed to any entity that is 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 commercial 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 - "Powers to counteract unauthorised provision of investment services" - Consob "may, with regard to anyone who offers or carries out investment services or activities through the Internet without being qualified pursuant to this decree: […] b) order that such 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. 58/98 carried out via the website https:// https://investriumltd.com and the pages https://accountusers.dashboard.clientzonearea.webtradersclientzone.com and https://clientzone.account.deposit.payment.webtraderdashboard.com, which constitute the offer 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.

21 March 2024

THE CHAIRMAN
Paolo Savona