Italian regulator orders blocking of more unauthorized investment websites
The number of websites blocked under the so-called “Growth Decree” has surpassed 150.
Less than a week after Italy’s Companies and Exchange Commission (CONSOB) ordered the blocking of eight unauthorized investment websites, the regulator has announced action against more websites of entities that target Italian investors without having the necessary permission to do so.
Today, Consob says it has ordered the blocking of access to seven websites that offer financial services (such as Forex) to Italian investors without having authorization.
The companies and websites covered by the latest orders are listed below:
- Kronosinvestit Ltd (www.kronosinvestit.co);
- “Tfx25” (https://tfx25.com);
- Marketsbull Ltd (www.marketsbull.com);
- “Royalbanc” (https://royalbanc.io);
- “Pro Star” (https://finantik.com and https://client.trading-dashboard.com);
- EasyTrade55 Ltd (https://easytrade55.com).
The total number of websites which have been blocked by Consob since last July has thus risen to 154. The implementation of the measures to block the websites may take several days, the regulator warns.
In issuing these orders, the Commission has made use of the powers resulting from the ‘Decreto Crescita’ (‘Growth Decree’, Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies). Before the Decree came into effect, the regulator had counted mainly on warnings against unregulated businesses in order to protect the public.
Let’s note that, on top of unauthorized websites “blackout”, Consob also uses other measures to protect investors. In December 2019, for example, Consob banned Rodeler Limited, the Cypriot parent of 24fx and 24option, from providing investment services in Italy and from making solicitations and acquisitions of new clients in the country as well as to continue its relations with Italian clients. The investment firm must be compliant with the detailed orders given by the Italian clients for closing the open accounts.
Consob explained back then that the measure was necessary as Rodeler Limited had been repeatedly violating the regulations in force despite the directions of the Cyprus Securities and Exchange Commission (CySEC), issued in response the reports sent by Consob to the CySEC.