The Italian regulator Commissione Nazionale per la Societa e la Borsa has issued a warning against nineteen brokerages that have been illegally operating in Italy. Some are simply unauthorized, whereas others are attempting to copy regulated online trading companies.
The Italian financial watchdog’s recent warning follows the alerts of other regulatory bodies, such as the British Financial Conduct Authority (FCA), the Austrian Financial Market Authority (FMA), the Spanish Comisión Nacional del Mercado de Valores (CNMV), the Hong Kong based Securities and Futures Commission (SFC), and more .
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Four of the brands are unregistered clone companies: Axa Im Asia, a clone of regulated Axa Investment Managers UK; Rothschild Asset Management, a clone of Rothschild Management UK Limited; Alpha Consulting, copying the name of the British Alpha Consulting; and lastly 1875 Finance Invest that has copied the brand name of a company based in Luxembourg.
The unauthorized online trading companies mentioned in the CONSOB warning are: OneCoin Ltd., Goldmann & Reiter, Kennedy Kilbride, Alpha Centauri Inc., Yfx Capital, Insurance Link Sp., Jonathan & Carly Holdings, Asia Century Investment Limited, Excon Fuji Securities, Win the World Futures Co Ltd/Futures Win the world, West Pacific Dealers, Regal Asset Investment/Regal Asset Investment Llc, Intermediate Capital Group – Millennium Capital Management Ltd, E-Crypto Trade & Finance Group, Inc., and Zar Solutions Limited.
A week ago, CONSOB issued a warning against B4 Markets, a forex and CFDs brokerage, that had been operating unauthorized in Italy.