Italy’s Consob orders blocking of websites offering financial products without prospectus

Maria Nikolova

The Italian regulator has made use of new powers that allow it to block websites promoting and/or offering financial products without prospectus.

Italy’s Companies and Exchange Commission (CONSOB) today announced that it had made use of new powers granted to it under Law no. 8 of 28 February 2020 (article 4, paragraph 3-bis).

The new regulations allow the regulator to order Internet service providers to block access to websites that advertise and/or offer financial products without prospectus. These new powers add to the ones granted to Consob under the so-called “Growth Decree”, which allows the regulator to order blocking of access to websites that offer financial services without the necessary authorization.

Today, Consob said that it ordered the blocking of access to seven websites that offer financial products without prospectus. The seven websites are:

  • Ankor Group Investment Ltd and IFXBanc Ltd (www.ifxbanc.com);
  • Redal LTD and Elit Property Vision Ltd (https://financepro24.com);
  • “Terra Finance” (https://terra-finance.co);
  • Platiniumfx Ltd (www.platinium-fx.com);
  • Elit Property Vision Ltd and FxRoyal Ltd (https://richmondfx.co and https://royal-fx.com);
  • Blue Stone Invest Gmbh (www.bluestoneinvest.at).

This way, the total number of websites blocked by Consob since July 2019 has risen to 168. Back then, the Authority was given the power to order the blackout of the websites of abusive financial intermediaries.

The activities for the blocking of the above-mentioned websites by ISPs are in progress. For technical reasons, it can take a few days to implement them.

In addition to blocking of access to unauthorized websites, Consob uses other measures to protect investors. In December 2019, for example, the Italian regulator 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.

Read this next

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

““The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

Web3

COTI Teams Up with Civic for Enhanced Digital Identity Control

СOTI and Civic are teaming up to enhance digital identity security in Web3, aiming to provide users with more control over their digital selves through innovative technology.

Digital Assets

BlockDAG Takes on Chainlink (LINK) Crypto, and RON With DeFi Card and 5000x Profit Potential

Explore BlockDAG’s innovative DeFi card, which transforms cryptocurrency into spendable cash, alongside Chainlink (LINK) crypto and Ronin’s advancements.

Digital Assets

Court finally decides on Sam Bankman-Fried sentence, experts predict 20 years

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is set to face sentencing on Thursday in a pivotal moment that could see the entrepreneur beginning a lengthy period in federal prison.

<