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Pay Attention to CONSOB's Watchlist of Unregulated Brokers

WikiFX | 2023-03-24 18:18

Abstract：The Italian financial regulator, Consob, has ordered the blackout of two new websites that offer financial services illegally. This brings the total number of blocked websites to 860 since July 2019. Consob has urged investors to exercise caution and diligence when making investment choices and to check that operators are authorized before investing in websites that offer financial services. It may take several days for the blackout to take effect due to technical reasons.

Pay Attention to CONSOB's Watchlist of Unregulated Brokers.png

The Italian financial regulator, Commissione Nazionale per le Società e la Borsa (Consob), has ordered the blackout of two new websites that offer financial services illegally. The regulatory body invoked the powers derived from the “Decreto crescita” (“Growth Decree”) under Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-tendencies. Consob has the authority to order internet service providers to block access from Italy to websites offering financial services without proper authorization.

Websites Ordered to Be Blacked Out

The two websites ordered to be blacked out are not named in the Consob statement. However, the number of websites blacked out since July 2019 has now risen to 860. Consob gained the power to order fraudulent financial intermediary websites to be blacked out in July 2019.

Blackout Procedure and Technical Limitations

The blackout of the two newly identified illegal financial service websites by internet service providers operating in Italy is ongoing. However, due to technical reasons, it may take several days for the blackout to take effect.

Consob Urges Investors to Be Cautious

The regulatory body has advised investors to exercise the utmost diligence to make informed investment choices and adopt common-sense behaviors that are essential for safeguarding their savings. This includes checking in advance whether the operator with whom they are investing is authorized for websites that offer financial services and whether a prospectus has been published for financial product offers.

In conclusion, Consob is dedicated to having a firm position against unauthorized financial service providers active in Italy. Since July 2019, the oversight group has effectively banned 860 websites, and it will continue to exercise its authority to safeguard investors. To be careful when working with financial service providers, particularly those who lack appropriate permission, and to be mindful of the dangers associated with making investment choices, buyers must.

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