Italian regulator continues to block access to unauthorized investment websites

Maria Nikolova

The number of websites blocked by Consob under the so-called “Growth Decree” has reached 218.

Italy’s Companies and Exchange Commission (CONSOB) today announces that it has ordered the blocking of access to seven unauthorized investment websites: five abusive financial intermediation websites and two websites through which the offer of financial products is carried out or advertised in the absence of a prospectus.

To issue such orders the regulator made use of the powers deriving from the ‘Growth Decree’ (‘Decreto Crescita’, Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies), in relation to the blacking out of the websites of abusive financial intermediaries, as well as of the new power introduced by the Law no. 8 of 28 February 2020 (art. 4, paragraph 3-bis), regarding the blacking out of the websites through which the illegal offer of financial products is carried out or advertised.

The websites affected by the latest set of orders issued by Consob are:

  • CobraCFD Ltd (www.cobra-cfd.biz);
  • White Rock Partners Ltd (https://mycapital.io);
  • Vaneda Partners LTD and Zeus Partnership OÜ (www.dax100fx.com);
  • Kleinman Enterprise Ltd (https://thecapitalstocks.com);
  • Global Top Marketing LTD and GPS Marketing Ltd (https://profit-trade.net);
  • UMO Finance Ltd (www.umo-finance.com);
  • Alberto Simoni (www.umoperte.dazeroamarketer.com).

The total number of sites blacked out by Consob since July 2019, when the regulator got the power to order that the websites of fraudulent financial intermediaries be blocked, has thus risen to 218. Let’s recall that last week Consob issued orders for the blocking of seven other unauthorized investment websites.

Consob has been issuing such orders on a regular basis. In April, Consob ordered the blackout of www.tradeatf.com, as the website has been used by Hoch Capital Ltd, a Cyprus-based investment company, in violation of the ban imposed on it by Consob in December 2019. The website belongs to TradeATF, a broker operated by Hoch Capital.

According to the regulator, Hoch Capital is using the website to continue to provide investment services, to solicit and to acquire new customers in Italy as well.

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