Italy’s Companies and Exchange Commission (CONSOB) has issued orders to block access to four unauthorized investment websites.
In issuing the orders, the regulatory authority made use of the powers deriving from the “Development Decree” (Law No. 58 of June 28, 2019, Article 36, paragraph 2-provisions). This legislation empowers Consob to order Internet service providers to block access from Italy to websites through which financial services are offered without the necessary authorization.
Sites targeting the latest set of orders are:
- “CFDActive” (website and related page
- “Wallstreet Euro Futures LLC” – “WSE” (website and related pages and
- “Primuscfd.net” (website and related page
- Crypto Services UK LTD (website and related page
The number of websites blocked by Consob since July 2019, when the Authority was given the power to order the websites of abusive financial intermediaries, has risen to 1,098. Last week, the regulator ordered the blocking of access to five unauthorized investment websites.
The shutdown of these websites by ISPs operating in Italy continues. For technical reasons, it may take several days for the block to take effect.
Consob draws the attention of investors to the importance of adopting greater diligence in order to make informed investment choices, adopting common sense behaviors necessary to safeguard their savings: these include, for websites offering financial services, the prior checking of operator with whom they are authorized to invest and, for financial product offerings, a prospectus has been published.