Italy’s Consob orders blocking of website operated by Hoch Capital

Maria Nikolova

Through the website www.tradeatf.com, Hoch Capital Ltd is violating the ban imposed on it by Consob in December 2019.

Italy’s Companies and Exchange Commission (CONSOB) today announces that it has ordered the blackout of www.tradeatf.com, as the website has been used by Hoch Capital Ltd, a Cyprus-based investment company, in violation of the ban imposed on it by Consob in December 2019. The website belongs to TradeATF, a broker operated by Hoch Capital.

According to the regulator, Hoch Capital is using the website to continue to provide investment services, to solicit and to acquire new customers in Italy as well.

The aforementioned order of blackout was adopted pursuant to the new power recently attributed to Consob by the National Legislator pursuant to Article No. 4, paragraph 3-bis, of the Law-Decree No. 162 of 30 December 2019 (introduced by the Conversion Law No. 8 of 28 February 2020).

For technical reasons, it can take a few days to implement the blocking of the website.

In December 2019, Consob adopted a precautionary measure against Hoch Capital Ltd banning it from exercising activities in Italy. The prohibition, aimed at ensuring the protection of Italian investors, was necessary given the recurrent violations of Hoch Capital Ltd of the regulations in force, despite the measures adopted by the Cyprus Securities and Exchange Commission (CySEC), following the reports sent by Consob to CySEC.

The present provision forbids in a precautionary way to Hoch Capital Ltd to provide investment services in Italy, to solicit and acquire new customers in our Country as well as to carry on their relations with Italian customers. In December 2019, the company was asked to close the accounts of Italian customers in accordance with the instructions given by the customers themselves.

The prohibition was imposed following a number of complaints transmitted to Consob by Italian investors, complaining about serious irregularities made by the Cypriot intermediary. The reports of these representatives concern, in particular, activities like Contracts for Difference (CFDs).

The complaints refer, among others, to situations such as the total loss of the invested capital, the classification of the investor as a professional client in the absence of prerequisites and the pressures exercised by the personnel of the company to acquire additional deposits.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<