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Ontario Securities Commission
Catalogue reference · Recorded date: 2014-04-04. Confirm the exact legal entity and current status with the authority.
Open authority reference ↗- Commercial name
- Rodeler Limited
- Authority jurisdiction
- Ontario
- Authority reference
- 68
- Additional catalogue information
- Rodeler Limited doing business as 24option.com, 24fx.com, zoneoptions.com, grandoption.com and binaryoption-affiliate.com is not registered in Ontario, Canada to engage in the business of (i) trading in securities or (ii) advising anyone with respect to investing in, buying or selling securities.
- Validation date
- 2014-04-04
- Modification date
- 2014-04-04
Commissione Nazionale per le Società e la Borsa
Catalogue reference · Recorded date: 2020-01-10. Confirm the exact legal entity and current status with the authority.
Open authority reference ↗- Commercial name
- Rodeler Limited
- Authority jurisdiction
- Italy
- Authority reference
- 46
- Categories
- 1
- Category details
- Unregistered/Unlicensed entity offering financial products or services
- Additional catalogue information
- CONSOB has adopted a precautionary measure prohibiting the operation in Italy of the Cypriot firm Rodeler Limited which is linked to the following websites:
1. www.24option.com;
2. www.rodeler.com;
3. www.24fx.com;
4. www.grandoption.com;
5. www.quickoption.com.
This is the second precautionary measure of its kind, after the measure recently adopted against Cypriot company Hoch Capital Ltd.
The measure, adopted based on article 7-quater, paragraph 4 of the Consolidated Law on Finance, in implementation of article 86 of MiFID2, the European directive on the provision of investment services - is intended to ensure that Italian investors are protected.
This action became necessary after Rodeler Limited repeated its conduct in violation of the regulations in force despite the measures adopted by the Cyprus Securities and Exchange Commission (CySEC), the Cypriot national authority for the supervision of financial markets, following the reports sent by Consob to CySEC.
The provision by Rodeler Limited of investment services in Italy, and the solicitation and acquisition of new clients in our country and continuing relations with Italian clients are therefore banned as a precaution. The company will therefore have to close the accounts of its Italian clients according to the instructions imparted by these customers.
The ban is based on the many complaints made to Consob by Italian investors, including recently, complaining of serious irregularities on the part of the Cypriot intermediary. The complaints made regard, in particular, activities in contracts for difference (CfDs), financial instruments on which Consob - in line with similar measures adopted by ESMA, the European authority for the regulation and supervision of the financial markets - had already intervened on 20 June last, introducing restrictions in their offer to retail investors in Italy within the framework of the ‘product intervention’ rules.
Among other things, the complaints refer to circumstances such as the total loss of invested capital, incorrect classification of clients and aggressive marketing techniques.
Rodeler Limited, based in Limassol, is an intermediary registered under Cypriot law which operates in Italy under the freedom to provide investment services and activities thanks to the ‘European passport’, provided by MiFID2. According to EU law, the authorisation issued by the supervisory authority of the country of origin, in this case CySEC, entitles the company to operate in all other EU member states, subject to prior notification. Under the principle of home country control, the intermediary is subject to the supervision of CySEC, while the authorities of the host countries, including Consob, do not have supervisory powers.
The ban will remain in force until CySEC provides adequate evidence to demonstrate that Rodeler Limited has definitively overcome the critical issues complained of by its Italian clients.
- Validation date
- 2020-01-10
- Modification date
- 2020-01-10
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