One of the trending financial news bit in Italy right now is the blocking of illegal websites by CONSOB. The Commissione Nazionale per le Società e la Borsa (CONSOB), a financial and investment regulating company recently announced that is has blocked 11 websites. This latest move comes as part of its objective to rid the southern European country of companies operating without authorization.
CONSOB is the regulating body that is responsible for the Italian securities market. It recently announced that it will be blocking eleven websites for illegally operating in the country without the proper licensing.
CONSOB is currently engaged in a mission to rid the country of illegally financial companies. It has continued to exercise this authority under the countries “Growth Decree”. According to reports making the rounds, these eleven websites were illegally providing investment and financial services to unsuspecting members of the public.
About the Growth Decree
Based on the power invested on the body by the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies). The regulating body can give an order to internet service providers to bar websites that illegally operate in Italy from transacting in the country. CONSOB further announced that they operate in the country without the necessary license. Which is a breach of the Italian financial sector’s regulator.
Websites order for blocking by CONSOB
The websites that were ordered to be blocked by CONSOB are:
1). Dinengo Partners LTD operating with the address: https://marketsdock.com. Its related pages (client.marketsdock.com and status.marketsdock.com) still face a similar fate.
5). Wallwood Broker that operates as: https://wallwoodbroker.com.
6). 247 First Invest working as: https://247firstinvest.com.
7). Uptos Ltd operating illegally as: website www.uptos.org.
8). Equalizer Ltd which works as: website www.marketfxc.com.
9). Inter Media Ltd operating as: www.cfgtrades.com.
10). Acquantum AG working as: www.acquantum.eu.
11). Matrix banco owners of https//matrixbanco.com.
CONSOB and shutting down of illegal websites.
This new figure has taken the total number of illegally operating websites blocked by CONSOB to 279. Ever since it was ordered in July 2019 to shut down illegally operating websites, the body have been sending out such orders to these sites to desist from their illegal activities. Once CONSOB orders the shutting down of websites, internet service providers in Italy swing into operation. Due to technical reasons, the shutdown can take several days to be fully implemented.