CONSOB Flags Further Unregulated FX Brokers

La Commissione nazionale per le società e la Borsa (CONSOB), an ‎independent statutory body set up to help police Italy’s domestic securities ‎and futures market, has updated its blacklist with additional four brokerages ‎that have been illegally operating in the country.‎

The online brokers Velmon Enterprise Ltd (,, IBA ‎Group Ltd (, Capzone Invest Ltd ( and Elect Capital ‎‎( were added to the Italian regulator’s warning list and CONSOB ‎recommended that Italian investors avoid trading with these companies.‎

In addition, the Italian watchdog has published a warning against a list of financial entities ‎that 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 regulator follows in the footsteps of other authorities in Europe which have ‎recently taken serious steps to curtail unauthorized investments activities and stem the flow of ‎unregulated and non-compliant companies.

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.‎

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