The Italian regulator Commissione Nazionale per la Societá e la Borsa (CONSOB) is moving forward with its strict ban on online trading companies, adding more brokers to the list as weeks go by.
This week, the National Commission for Companies and the Stock Exchange reported that the companies Up4X and ACG will not be able to trade with Italy as a target client.
The first company, Up4X, is no longer authorized to offer nor operate any trading related services or activities, including its website. In other words, the site might be blocked on Italian internet servers, and will not be available to local traders. The American Commodities Group (ACG), which has a registered office in Italy, is facing the same situation despite its location within the country’s borders.
CONSOB’s unrelenting stance against unregulated binary options brokers is nothing new in light of recent events. This organization’s having blacklisted a growing number of binary options and forex companies during the last few weeks emphasizes its awareness of the extent of the issues related to lack of regulation. Though CONSOB has a severe attitude against brokers, it still has not declared a total war as France did last year.
CONSOB has set itself the goal of observing the Italian markets in order to protect local investors from the harm caused by the unregulated brokers swarming the internet. This means that companies who are allowed to contact Italians must not only be regulated, but also transparent and clear regarding the information they provide to their clients.
Source: Finance Magnates