Italian Competitors Authority imposes EUR 1.3M nice on eToro for deceptive promoting

Italy’s Competitors Authority AGCM immediately introduced the imposition of EUR 1.3 million nice on on-line dealer eToro for deceptive promoting.

Based on the Authority, on the web site www.etoro.com/it, the corporate means that shares could be traded with out having to pay commissions. In actuality, there are different prices of varied varieties and operational constraints for customers.

The regulator claims that eToro has violated articles 20, 21 and 22 of the Client Code as a result of it didn’t instantly and adequately inform customers in regards to the financial situations and technical traits of the services provided, thus inducing them to decide of a industrial nature that they might not in any other case have taken.

In reality, via the dissemination of messages on the web site www.etoro.com/it, the corporate suggests that buyers can commerce in shares with commissions equal to zero and doesn’t spotlight the presence of different prices of varied varieties, the danger of further disbursements linked to modifications in alternate charges, the existence of operational constraints and limitations on the rights of the client who purchases the shares, particularly the impossibility of transferring the shares to different intermediaries.