Nixse
0

Italy’s Consob Blocks Four Broker Sites, Brings Total to 349

Italian securities market regulator, the Commissione Nazionale, per le Società e la Borsa, (Consob) has blocked four more websites. Consob accused Investoomatic Limited, ADV-Investment, Intl Limited, and Kiqiwk Holdings of illegally promoting financial products in the country.

The new development is part of Consob’s ongoing crackdown to protect retail traders from unregistered brokerage firms and websites. The agency has been implementing measures to completely shelter Italian traders from any unregistered financial products.

Consob also plans to block access into the Italian markets for firms only registered outside of its jurisdictions.  The measures have been helping Consob ensure adherence, especially for offshore brokers chasing gains in the online trading business.

In the recent operation, Consob admitted to having a close working relationship with Italian Internet service providers. Consob said that it contacted and requested them to block the four firms from accessing the Italian securities market.

The market regulator has refined its Compliance-Identification Process

Consob received power to ban unlicensed online brokers last year in July. The decision also made Consob the first EU regulatory authority to refine its identification process for non-compliant broker firms.

The refined process stipulated explicitly that suspicious trading websites and unauthorized online traders will be blocked. Italy assigned the powers to Consob when it introduced new tax policies and made the Growth Decree into law.

Part of the new powers that Consob acquired included the ability to order internet service providers to block websites.

“Site obfuscation by internet providers operating on the Italian market is underway. For technical reason, the actual blackout may take a few days.”

In a span of around one and a half years, Consob has blacklisted a total of 349 websites. Between July and November 2019, Consob had already ordered 77 broker sites to be banned.

Consob Shutdown Several CySEC-Licensed Firms

In related blacklisting Consob news, several CySEC-licensed firms recently had to shut down, following a directive from the regulator. The new policies cut off all communication between Italian clients and their Cypriot brokers.

The changes are also parts of the Consolidated Law on Finance and Mifid2. According to the legislation, Consob can order from investments and brokers operating in other EU countries to stop all operations.  Consob is working with other regulatory bodies across the EU to inform member states of unregistered brokers within their jurisdictions.

  • Support
  • Platform
  • Spread
  • Trading Instrument
Comments Rating 0 (0 reviews)


You might also like

Leave a Reply

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spread
    Sending
  • Trading Instrument
    Sending