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.

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