Italian regulator blocks 29 illicit financial services websites using new “growth decree” powers

Maria Nikolova

The Italian Companies and Exchange Commission has made use of its new powers to order ISPs to block access to websites of unregulated financial services companies.

The Italian Companies and Exchange Commission (CONSOB) is making use of the new powers granted to it under the so-called “growth decree” (law no. 58 of 28 June 2019). Under the new law, Consob, the regulatory and supervisory Authority on financial markets, has been granted the power to order the telecommunication network operators to block unauthorized websites, preventing access to them by all users on Italian territory.

Until 2017 Consob has been publishing “warnings” concerning the risks connected with the services offered by unauthorized operators, which were only addressed to the general public. Since 2018, however, with the application of the new European regulation on the provision of investment services (Mifid2), the instruments given to Consob have been significantly enforced by the attribution of the new power to order the termination of the infringement to the unauthorized operators. Accordingly, Consob had only the power of asking the cancellation of the Italian version of the abusive sites to the host providers.

Thanks to the “growth decree”, CONSOB gains a new power – to order ISPs the blocking of the websites.

According to CONSOB’s website, the regulator has thus far ordered blocking of access to 29 websites of entities that are not authorized to offer financial services to Italian clients. The list features the following online trading companies:

  • Globalix Ltd (www.globalix.com);
  • Lion Finance Ltd (cfd2fx.com);
  • Next Trade Ltd (www.olympusmarkets.com).
  • WebNet Ltd e 4COM Network Srl (www.2dots.com);
  • One Thousand One Ltd (dax1001.com);
  • Herdos (https://herdos.com);
  • Lancelot Equity Ltd (https://gocapitalfx.com and https://gocapital123.com);
  • TQR Trade” (https://it.tqrtrade.com);
  • Sucaba Enterprise Ltd (www.ptbanc.com);
  • CMP24 Ltd (www.cmp24.com);
  • Capital Tech Limited (www.pbncapital.com);
  • PayPeq Holdings OÜ (www.investus.fm);
  • Madar Partners Ltd (www.axeinvest.com);
  • Swissinv24 Ltd (https://swissinv24.com);
  • Codexfx Ltd (www.codexfx.com);
  • A Corp Ltd (www.londonfuturemarket.com);
  • Apsilon Ltd (grandfxpro.com);
  • Dubai FXM Ltd (www.dubaifxm.com and www.dubaifxm24.com);
  • Light Media Ltd (https://it.wincapitalpro.com);
  • Global Es Ltd and Sonartech OÜ (www.capitalfmi.com);
  • Brokerz Ltd and All Media Eood (www.brokerz.com);
  • London Capital Ltd (www.londoncapitaltrade.com);
  • Pmt247 Ltd (www.pmt247.com).
  • https://www.allglobalmarkets.com
  • https://marketsxchange.com
  • https://sigmafortrade.com
  • https://www.swisscfd.com

Due to purely technical reasons, the blocking of the websites takes several days to implement.

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