Spain’s regulator CNMV warns against InvestingPRO
Spain’s financial markets and services regulator CNMV has issued a warning against InvestingPRO. According to the public warning notice, InvestingPRO, operated by Milton Group LTD/Kyoto Limited LTD, is not authorized to provide investment services or investment advice and auxiliary services, including foreign currency transactions in Spain.
The National Securities Market Commission (often abbreviated as CNMV) is the Spanish government agency responsible for the financial regulation of the securities markets in Spain. It is an independent agency that falls under the Ministry of Economy, Industry, and Competitiveness. The regulator maintains a register with investment companies that are authorized to operate in Spain.
InvestingPRO is a broker that operates through the website www.investingpro.com and offers Forex and CFD solutions to institutional and private investors. There are two companies behind the brand. Milton Group LTD, registered in the Marshall Islands, which means it is an offshore entity and there is a high risk for the customers when dealing with this firm. The second company is Kyoto Limited LTD., registered in Sofia, Bulgaria.
The website also mentions two contact numbers in Italy and Poland, and probably the company has been targeting residents of these countries. Although, the company is not licensed in any of those countries, and there is no regulatory body that monitors its activity to ensure it sticks to best practices.
In order to operate legally, investment firms need a license by the local relevant authorities or the authorities of any other EU member state. We strongly advise traders to select among brokerages authorized by reputable regulators, such as EU ones (FCA, CySEC) or Australia’s ASIC.
You can read our review on this broker here.