Italy’s Consob keeps ordering blocking of unauthorized investment websites

Source: FinanceFeeds 2020-05-08

Following the latest series of blocking orders, the number of websites whose “blackout” has been ordered by the Italian regulator has reached 199.

Italy’s Companies and Exchange Commission (CONSOB) today announced that it had issued orders for the blocking of five more unauthorized investment websites targeting Italian investors.

By issuing these orders, the regulator made use of powers granted to it under the so-called “Growth Decree” which enables Consob to order Internet service providers to block access to illicit financial services websites from Italy’s territory. Along the last five additions, the list of websites blocked under the “Growth Decree” has reached 199.

The new additions to the list of blocked websites include:

CNBSFIN Ltd (www.cnbsfin.com);
“BitFxMarkets” (www.bitfxmarkets.com)
STSRoyal Ltd and Capital Letter GMBH (www.stsroyal.com);
Game Capital ADS (www.24proinvestors.com);
One Thousand One Ltd (www.daxcfd.com)

The implementation of the “blackout” may take several days due to purely technical factors, the regulator notes.

Aside from the actions that Consob can take under the “Growth Decree”, the regulator can also adopt precautionary measures against entities that do not comply with Italy’s laws. For instance, in December 2019, Consob banned Rodeler Limited from the provision of investment services and conducting activities in Italy. Rodeler is the parent company of 24fx and 24option.

Italy’s Consob keeps ordering blocking of unauthorized investment websites

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