Number of illegal online trading websites blocked by Italy’s Consob reaches 98

Maria Nikolova

Today, the regulator has ordered the blocking of access to four websites of unauthorized investment entities.

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Italy’s Companies and Exchange Commission (CONSOB) has earlier today ordered Internet service providers (ISPs) to block access to four websites from Italy’s territory.

The websites belong to entities that solicit investments from Italian customers without having the necessary authorization to do so. The four websites are:

  • Equalizer Ltd Eood (https://www.capitalgma.com);
  • Swiss Investment Corporation Ltd e Polis Systems Ltd (https://swissaz.com);
  • Gam Group Ltd (https://marketsfxcap.com);
  • Platiniumfx Ltd (www.platiniumfx.com).

After the latest intervention by the Italian regulator, the number of illegal online trading websites blocked under the so-called “Growth Decree” has reached 98. Last week, Consob ordered the blocking of six websites.

Under the ‘Decreto Crescita’ (‘Growth Decree’, Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), Consob can order internet access providers to block access from Italy to websites offering financial services without the proper authorization.

Until 2017, the Italian regulator was publishing “warnings” concerning the risks connected with the services offered by unauthorized operators, which were only addressed to the general public. Since 2018, 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. Now, the powers have been expanded.

The regulator notes that, due to technical factors, the actual blocking of websites may take several days to implement.

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