Italian financial watchdog Commissione Nazionale per la Societá e la Borsa (CONSOB) just released a new blacklist of several forex, binary options brokers and asset management providers, stating that the firms are not authorized to provide investment services or activities in Italy.
CONSOB has also suspended for a period of 90 days the advertising activity carried out through the website fivewindsam.com relating to the public offering promoted by Five Winds Asset Management. CONSOB added that the precautionary measure was taken as the company is not authorised to provide investment services or activities in Italy.
The online brokers Iforex24 Ltd (www.iforex24.com), Smart Choice Zone Lp and Titanium Tech Solutions Limited (www.toroption.com), Nostro Technology Ltd (www.xlrtrade.com) and Black Parrot Limited – Blonde Bear Ou (www.tradex1.com) were added to the Italian regulator’s warning list and CONSOB recommended that Italian investors avoid trading with these companies.
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Some of these brokers have been listed as trading scams by other European financial regulators. This is why CONSOB advises Italian investors to check its registers before they deposit any funds with a broker, especially if the related broker used aggressive marketing techniques.
The Italian watchdog explained that while some blacklisted brands not only lack the appropriate licenses or authorization to operate in Italy, it also believes that these platforms are pure trading scams that offer fraudulent High Yield Investment Programs (HYIP). They have come under the scrutiny of CONSOB after advertising services to the Italian public without permission.
As the public authority responsible for regulating the Italian financial markets, CONSOB’s main activity is protecting the investing public.
In this respect, CONSOB is responsible for ensuring transparency and correct behaviour by financial market participants, and the disclosure of complete and accurate information to the investing public by listed companies, and compliance with regulations. It also conducts investigations with respect to potential infringements of insider dealing and market manipulation law.