The Commissione Nazionale per la Società e la Borsa (Consob), the regulator of financial markets in Italy, has ordered internet access providers (ISPs) to block Italian investors' access to websites offering financial services without the authorisation to do so.
Consob has ordered in particular the black-out of eight unauthorised websites so far this month.
Italian regulator's latest warning asked for the blocking of the following websites:
- Signal Invention s.r.o. - "Financial-Signal" (www.financial-signal.com);
- Gam Group Ltd - "MarketsFX" (https://marketsfx.com);
- TradersHome Ltd (https://tradershome.com);
- StsCrypto (https://stscrypto.com)
Earlier in the month, Consob ordered the blocking of four more websites that, according to the regulator, were offering financial services illegally. These companies were:
- Pro Star (www.goldencfd.com)
- Bauman Ltd e Pacific Consulting Co Ltd (www.avait.investments)
- Silver Wolf Limited (www.profxpremium.com)
- Daisy Precious Ltd (www.fxworld24.com)
The Italian regulator explains that its entitlement to order such blocking is based on "the new powers resulting from the ‘Decreto Crescita' (‘Growth Decree', Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order internet access providers to block access from Italy to websites offering financial services without the proper authorisation."
The measures with which the aforementioned companies were ordered to terminate the abusive activity can be viewed on the website www.consob.it .
The regulator also explained that the black-out of these websites by internet access providers operating on the Italian market is ongoing.
"For technical reasons, it can take several days for the black-out to come into effect," it concluded.