Resolution no. 21527
Order, pursuant to art. 7- octies , paragraph 1, lett. b) of d. lg. n. 58/1998 (" TUF ") to put an end to the violation of art. 18 of the FCA into being through the site internet www.icmarkets.com
THE NATIONAL COMMISSION FOR COMPANIES AND THE STOCK EXCHANGE
GIVEN the law n. 216 of 7 June 1974 and subsequent amendments and additions;
GIVEN the legislative decree n. 58 of February 24, 1998 (" TUF ") and subsequent amendments and additions;
Noting that the checks carried out on the site internet www.icmarkets.com found that:
the. the site is active and also available in Italian;
ii. through the website www.icmarkets.com the potential investor, after opening an account through the registration procedure also available for the Italian user, is offered the possibility of trading financial instruments such as CFDs on various underlyings such as shares, indices and commodities, using the trading platform therein;
iii. to carry out trading operations, a cash investment is required by paying sums to the online account : in this regard, various types of accounts called "cTrader", "Raw Spread", "Standard" and "Islamic", in addition to the possibility of using the so-called account. MAM, " IC Markets' Multi Account Manager [which] allows you to manage client money with flexible allocation methods ";
iv. on the site there is a "Partnership" section which states that the IC Markets " introducing broker (ib) program is designed to remunerate and reward [and] there are no limits to the number of accounts or trading volumes ";
v. as regards the linkability of the website www.icmarkets.com, at the bottom of the home page we read that " this website is operated by Raw Trading Ltd with business address at HIS Buildings, Providence, Mahe, Seychelles " and that " Raw Trading Ltd, operating company with trade name IC Markets (SC) is regulated by the Financial Services Authority of Seychelles with license number for the provision of financial services SD018 "; in the contractual terms cd. "Account terms" available online is indicated as the contractual counterpart of the services offered by the aforementioned Raw Trading Ltd;
CONSIDERING that the activity carried out through the website www.icmarkets.com is attributable to the provision of investment services, pursuant to art. 1, paragraph 5 of the TUF, as customers are offered the opportunity to open a trading account on which it is possible to issue purchase and / or sale orders relating to financial instruments;
CONSIDERING that the above described activities, performed by the site www.icmarkets.com, is still in progress and is addressed to the public of Italian investors since the site internet is available in Italian, including the section entitled " Partnership "outlining the benefits for introducing brokers ;
CONSIDERING that the non-EU company based in Seychelles "Raw Trading Ltd", mentioned in the state on the website www.icmarkets.com as the site manager and counterpart of the services offered therein, is not authorized to provide investment services to the public Italian as it is not registered in the register kept by Consob pursuant to art. 20 of the TUF;
CONSIDERING that the provision of investment activities and services is reserved to the qualified parties referred to in art. 18, paragraph 1 of the TUF, pursuant to which " The professional exercise of investment services and activities towards the public is reserved for investment firms, EU investment companies, Italian banks, EU banks and companies from third parties ";
CONSIDERING, therefore, that the operation in question is configured as a professional exercise towards the Italian public of investment services in violation of art. 18, paragraph 1 of the TUF;
GIVEN that, according to the provisions of art. 7- octies , lett. b) of the TUF - entitled " Powers to combat illegal " - Consob " may, with respect to anyone who offers or carries out investment services or activities through the Internet without being authorized pursuant to this decree: [...] b) order to terminate the violation ";
CONSIDERING, therefore, that it is necessary to proceed immediately with the adoption of this resolution since, in the light of the foregoing and considered, there are justified reasons of urgency;
It is ordered to put an end to the violation of art. 18 of the d. lg. n. 58/1998 put in place through the site internet www.icmarkets.com, consisting in the offer and conduct towards the Italian public services and investment activities.
This resolution will be brought to the attention of the interested parties and published in the Consob Bulletin.
An appeal to the Lazio Regional Administrative Court is allowed against this provision within 60 days from the date of communication.
7 October 2020
Your link is very helpful! A lot of scammers are shown on that webpage. Nice!http://www.consob.it/web/consob-and-its-activities/warnings?viewId=ultime_com_tutela
WOW….well they don’t waste time in Italy
Here today it’s official IC Markets are Blacklisted by The Italian Regulator CONSOB, whenever FPA Team has some time to update the review Page, thank you
…just to bad, would had been better paying Vanessa’s 2/3 remaining’s….maybe also some open door for justice, no reason to give up !
Your link is very helpful! A lot of scammers are shown on that webpage. Nice!