CNMV Warns the Public Against IT-Group Sucursal en España

Spain's CNMV adds another unregistered broker to its warning list, the third in a week.

Comisión Nacional del Mercado de Valores (CNMV), Spain’s securities markets watchdog, today added IT-Group Sucursal en España to its warning list, cautioning the public not to do business with this entity.

Not Registered

IT-Group Sucursal en España, operating under the url of www.it-group.es, is not authorised to provide the investment services detailed in the relevant articles in the Securities Markets Law, either in connection with investment advice or in relation to the financial instruments detailed, including transactions on foreign currency.

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There are no further details regarding the company’s services online at present and their website is currently unavailable. Nevertheless, the public has been cautioned not to do business with this firm if they are approached.

Regulatory Role

Part of the CNMV’s role is to inform investors that investing through unregistered companies may pose a high risk of substantial capital losses since they operate outside of the controls of supervisory authorities.

The addition of IT-Group Sucursal en España is part of the watchdog’s continued attempts to put a stop to the activities of unauthorised financial services entities soliciting their services to the public and follows the recent addition of SFKK Trading Solutions and TDB Options Ltd to its warning list just a week ago, as reported by Finance Magnates.

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