Latest addition to Italian CONSOB warning List: Six unauthorized firms


Starting yesterday, the Italian CONSOB warning List includes six more names. The supervisor warned the public against dealing with unregulated companies.

5 September, AtoZForex The Italian financial regulator, Commissione Nazionale per la Societa e la Borsa (CONSOB), has warned a public against numerous companies. The watchdog believes that the firms were carrying out services and operations in breach of the Italian Law.

Latest addition to Italian CONSOB warning List

The Italian regulator has issued a warning against a number of companies just yesterday. The list of the companies includes the names of the firms that also appeared on a warning list of other global regulators.

The companies that have emerged as the latest addition to the Italian regulator’s alert list are:

  1. Paydiamond Marketing & Sales Limited (www.paydiamond.com);
  2. Get Marketing Ltd (midasglobe.com);
  3. Uniqueness and Faith PA Ltd (netobrokers.com);
  4. Binext Solutions srl and Binext Global Ltd (10trading.com);
  5. Vip Markets; and
  6. Nordic Pearl Limited

The official warning from the CONSOB states:

‘The National Commission for Companies and the Stock Exchange has adopted a measure prohibiting the offer to the Italian public carried out by the company Paydiamond Marketing & Sales Limited.

Concerning financial investments also promoted through the website www.paydiamond.com. This is because the offer is carried out in violation of articles 94 et seq. of Italian Legislative Decree n. 58/1998, regarding the obligation, for those who intend to make an offer to the public, of sending a prospectus intended for publication to CONSOB beforehand.’

Global financial regulators work together

In fact, other global regulators have already issued public warnings about some of these companies. These regulators include the Financial Conduct Authority (FCA), the Financial Market Authority from Austria, and Comisión Nacional del Mercado de Valores (Spain).

Other watchdogs, such as the Swiss Financial Market Supervisory Authority (FINMA), the Polish Financial Supervision Authority, and the Danish Financial Authority also have been warning about these firms.

Earlier in June this year, the Japanese Kanto Bureau of Ministry of Finance (MoF) has added 61 (!) new names to its warning list. The regulator believes that investors should be aware of these firms, as they have no registration with the authorities. One of the companies mentioned on the list of Japanese regulator – Binext Solutions.

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