Italy’s Consob orders blocking of access to seven unauthorized websites of online trading firms
Thus, the number of websites blocked under the “Growth Decree” since July 2019 has risen to 124.
Italy’s Companies and Exchange Commission (CONSOB) has just announced that it has ordered the blocking of access to seven websites of unauthorized online trading firms.
Below is the list of companies and sites affected by the latest orders:
- Ace Capital Ltd (www.ftefxpro.com);
- Ks-securities (www.ks-securities.com);
- “Local Trader” (www.localtrader.app/?lp=10, www.libramarkets.com);
- RMT 500 Ltd (www.rtm500.com);
- Tradepoint Systems Ltd (www.atlantika.io);
- RL Ltd (www.royaltd24.com).
The Commission has made use of powers granted to it under the so-called “Growth Decree”, which allows Consob to order internet service providers (ISPs) to block access to unauthorized financial services websites in Italy. Before the Growth Decree, the regulator had to rely mainly on warnings if it wanted to protect investors.
Since July 2019, when Consob started using its powers under the Growth Decree, the regulator has ordered the blocking of 124 websites in total. This number includes websites of entities that offer investment in instruments such as FX, binary options and cryptocurrencies, but have no authorization to do so.
The regulator notes that, due to technical factors, the implementation of the blocking may take several days.
In order to protect the public from unauthorized investment schemes, Consob has also used precautionary measures. These have targeted Hoch Capital Limited and Rodeler Limited, the Cypriot parent of 24fx and 24option. Consob explains that the measure was necessary as Rodeler Limited has 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.
Rodeler Limited is now banned 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.
