CONSOB Orders Blackout of 7 Websites Offering Financial Services

The Commissione Nazionale per le Società e la Borsa (Consob), the watchdog responsible for regulating the Italian financial market, today issued a warning against 7 new websites for offering financial services without the proper authorization: 5 websites of abusive financial intermediation and 2 websites offering financial products without a prospectus.

Below are the sites Consob has ordered to be blacked out:

· "Pro Star" (website www.golden-cfd.com);

· "European Trade 24" and "Allegra TM" (website www.eutrade24.com);

· Maginito Services Ltd and NBG Market (KI) Limited (website www.nbgmarket.com);

· "Mistertrader" and "Redfin Capital" (websites https://imrtrader.com e www.redfin.capital);

· Arbistar 2.0, S.L. (websites arbistar.com e app.arbistar.com).

The watchdog has ordered the black-out of 7 new websites, but for technical reasons, it can take several days for the black-out to come into effect.

The commission availed itself of the new powers resulting from the 'Decreto Crescita' ('Growth Decree'; Law no. 58 of June 28, 2019, article 36), on the basis of which Consob can order internet service providers to block access from Italy to websites offering financial services without the proper authorization.

The number of sites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 330.