Italy’s CONSOB orders blocking of six unauthorized online trading websites
The orders were issued under the “Growth Decree” which allows the Italian regulator to instruct ISPs to block access to illegal websites in Italy.
The Italian Companies and Exchange Commission (CONSOB) has once again made use of its powers under the so-called “Growth Decree” by ordering the blocking of more websites operated by online trading firms that are not authorized to offer their services to Italian investors.
The latest orders, issued today, target the following six websites:
- TomCom Limited (https://royalfxpro.eu);
- Bonatech Ltd and Mitchell Group EOOD (https://ccxcrypto.com);
- Next Trade Ltd and TLC Consulting Ltd (https://aspenholding.co and https://aspen-holding.com);
- “Trader Platinum” (www.traderplatinum.com);
- London Capital Trade Ltd (www.londoncapitaltrade.net).
The regulator notes that the implementation of the access restrictions takes time and is poised to come into effect in a few days.
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.
CONSOB has been regularly making use of its powers under the “Growth Decree”. The regulator has issued blocking orders regarding 20 websites of online trading firms in October 2019.
