Italy’s CONSOB Adds Three New Brokers to its Warning List

The watchdog continues to stamp out unregulated financial entities from promoting their services to Italian investors.

Italy’s financial markets regulator, the Commissione Nazionale per le Società e la Borsa (CONSOB), has today published a warning against several financial entities, informing investors that they are not authorised to provide investment services or activities in Italy.

The warning comes just a week after the watchdog red-flagged five other brokers for contravening its rules and regulations in a similar vein to the ones included in today’s updated list.

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Recyclix

Recyclix is a company based at Poligonowa 28 A, 18-400 Lomza, Poland, which operates online via www.recyclix.com. According to its website, the company’s key objective is to “smartly fuse together the opportunities of the Internet and business in order to help the recycling industry develop as efficiently as possible”. Investors are urged to turn waste into eco-profits by recycling to maximise their capital gains.

The company has come under the scrutiny of CONSOB after advertising its services to the Italian public when it did not have the permission to do so.

easyinvestment500

CONSOB has also reported that the companies Pel Ltd and Kakao Ltd are not authorised to carry out investment services and activities in Italy.

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Operating under the banner of www.easyinvestment500.com, the binary options broker does not give address details, asking clients to contact them by email only at easyinvestment@europe.com, although it appears to be an unregulated-broker operating out of Cyprus.

LM Swiss Group

Finally, investors have been cautioned against dealing with a forex brokerage called LM Swiss Group, operating under the brand SwissFxTrading and the website www.swissfxtrading.com, along with LM Swiss Direct, operating as SwissFxTrading, SwissFxPro, LM Swiss and the websites www.swissfxtrading.com, www.swissfxpro.com and www.lmswiss.com.

Once again, none of these entities, which claim to be located at Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands, are authorised to carry out investment services and activities in Italy.

CONSOB regularly updates its warning list to include firms such as today’s latest additions and in this instance, the public has been advised not to do business with them.

Background

As the public authority responsible for regulating the Italian financial markets, CONSOB’s main activity is aimed at the protection of the investing public.

In this respect, CONSOB is responsible for ensuring transparency and correct behaviour by financial market participants, 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.

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