27 October, AtoZForex.com, Lagos – Italy’s financial regulator, the National Commission for Companies and Stock Exchange has reported that the firm Investocopy Network Ltd (Cyprus) is not authorized to carry out its business services in the Italian region. Hence, the Italian regulator marks the company’s operations its region as illicit.
Investocopy Network Ltd operates via the websites: http://investocopy.com and www.copytowin.com. It offers copy trading services to the public. The firm explains its operations as follow: "To start copying a trader, you can use the trader search engine, and pick the traders that you like. Regarding your objectives, you can sort the traders clicking on the columns to build your best trader's portfolio. You can choose to display the copiers in the list, but we recommend you to focus on the manual trades.”
These activities have been deemed illicit by Italy’s CONSOB, as the firm is unlicensed to carry out such services in the region. Therefore, the firm has been marked unsafe to operate with for investors. Leading to the CONSOB warning against Investocopy.
Lux Finance Ltd notification
Aside the case on Investocopy, CONSOB also notified about Lux Finance Ltd. The investment firm registered with the Financial Conduct Authority (FCA) can no longer carry out the service of investment, in the region of CONSOB.
This decision took place on October 19th, 2015. It is understood that the firm applied to renounce the authorisation to provide investment services, which was accepted by the FCA. Yet, the company was still registered on the list held by CONSOB, of European Union investment companies authorised to operate in Italy without establishing a branch.
Having renounced earlier with the FCA, it is now clear that the firm is no longer authorized to carry out the activities in the foreign markets, for which it was previously licensed.
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