The Italian regulator Consob declared on March 9, 2023, that it had mandated the blackout of five financial websites that were harmful. There are now 850 black-out orders in all. The Italian Financial Watchdog is able to compel ISPs to block access to illicit financial websites from Italy. The websites that Consob has ordered to be blocked are listed below:
- Flack Consulting LLC, doing business as ArkCoin, has websites at https://arkcoin.live and https://webtrader.aktrade.cc; Flowering Group LLC, doing business as BStrade, has websites at https://bstrade.world and https://webtrader.bstrade.top; Shlack Consulting LLC, doing business as Trade Genics, has a website at https://tradegenics.co.
- BrokerCapcfd24.com is the website of Broker Capitals Ltd, doing business as Broker Capitals; www.virtufinance.come is the website of VirtutuFinance.
Counting the websites that have been blocked since July 2019, when Consob was granted the authority to mandate that the websites of dishonest financial intermediaries be blocked out, has thus risen to 850.
Consob, Italy’s financial watchdog, has blocked access to five more illicit financial websites. The authority claimed that the businesses operating these websites were providing Italian nationals with unapproved services.
Consob, Italy’s financial watchdog, has blocked access to five more illicit financial websites. The authority claimed that the businesses operating these websites were providing Italian nationals with unapproved services.
Consob called attention to investors’ need to exercise extreme caution when making investment decisions and to exercise common sense in order to protect their savings. Two such precautions are to make sure that a prospectus has been published for financial products offered by websites that offer financial services and to confirm in advance that the operator with whom they are investing is authorised
“The Authority utilised the authority derived from the ‘Growth Decree’ (Law no. 58 of June 28, 2019, Article no. 36, paragraph 2-terdecies),” Consob continued. “This allows Consob to dictate that Internet connectivity service providers block access from Italy to websites that provide financial services without the necessary authorization.”
Consob claims that the “Watch for Scams” portion of their website helps investors spot phoney ventures. Before making an investment decision, the public was also urged to investigate the legitimacy of the website and the firm operating it.
CONSOB
The Italian government agency in charge of overseeing the country’s stock market is called the Commissione Nazionale per le Società e la Borsa, or Italian Companies and Exchange Commission. This covers the regulation of the Borsa Italiana, the Italian stock market.
The Italian Ministry of Treasury’s previous responsibilities and domains were merged by statute in 1974 to become the Italian Companies and Exchange Commission (CONSOB). Mainly, this ability was used to keep an eye on the securities markets.
The authority and scope of CONSOB’s duties have grown substantially over time. A new statute from 1983 expanded its authority to include safeguarding public savings, and two years later CONSOB was granted autonomy and juridical identity. It was given authority to oversee insider trading and audit securities brokerage firms in 1991.
