Consob seizes websites
CONSOB HAS ORDERED THE BLANKING OF 16 NEW WEBSITES ILLEGALLY OFFERING FINANCIAL SERVICES.
The Supervisory Authority for Financial Markets and Services has made use of the powers deriving from the "growth decree" (law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies), under which Consob can order internet connectivity service providers to block access from Italy to websites offering financial services without the appropriate authorization.
Below is a list of companies and sites:
- Allianz Capital Ltd (www.capitalallianze.com);
- WebNet Ltd (www.2dots.it);
- “Cleavesecurities” (www.cleavesecurities.com);
- Game Capital Ads Limited (www.weltrades.com and www.it.weltrades.com);
- BCProfit2019 (www.bcprofit2019.com);
- Terratech Ltd (www.swissfingroup.com);
- Dubai FXM Ltd (www.dubaifxm.trade and www.dubaifxm.trading);
- “VirtualStocks” (www.virtualstocks.co and www.virtualstocks.cc);
- “RoyalFunds” (www.royalfunds.co and www.royalfunds.cc);
- Lctrade Ltd (www.lctrade.net);
- Arrow Capital Ltd (www.lvgrowmarkets.com and www.partners.lvgrowmarkets.com);
This brings to 117 the number of sites blocked since last July, when Consob acquired the power to order the blocking of sites.
This is one of the first cases of application of the new legislation introduced by the recent "growth decree" (Law no. 58 of June 28, 2019), under which Consob, as the regulatory and supervisory authority for financial markets, acquired the power to order telecommunications network operators to block abusive sites, making them inaccessible to users in Italy.
The regulatory framework has thus been strengthened, making the tools for combating financial abuse more effective.
In fact, until 2017, Consob published warning, that is, warnings addressed to the general public about the risks associated with services offered by unauthorized operators. Since 2018, with the entry into force of the new European regulation on the provision of investment services (Mifid II), Consob's tools have been strengthened by granting it the power to order abusive operators to cease their violations. Consob also asked host provider The elimination of the Italian version of abusive sites. With the power to order telecommunications network operators to block sites, the new national legislation, still in the process of being fully implemented, marks a further step forward.
Consob seizes websites
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