Italy’s Consob Blacklists Five Unauthorized Financial-Related Websites

Consob, the Italian government’s top authority responsible for regulating the domestic securities market, has ordered another set of blackouts of seven unauthorized websites offering financial services on Friday. According to the announcement, five of these sites provide illegal financial intermediation, while the remaining two carried out an offering of products 'in the absence of a prospectus'.

The watchdog enacted the order under the 'Growth Decree' that grants them the legal power to blackout the sites that are allegedly engaged in illicit financial services offerings. This time, the websites of UAB Bensela, Felicity Group LTD, Lacari Group LTD, HCM Group, Lead Secure LTD, Leverit Panama SA and Sirio Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term Trust were blocked by the authority in the crackdown.

That said, the number of sites blocked by Consob has risen to 474 since July 2019. “The blackout of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the blackout to come into effect,” the authority noted.

“Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common-sense behavior, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and for offers of financial products that a prospectus has been published,” it added.

Previous Consob Blackouts

The measure comes just a few weeks after Consob ordered the blackout of five websites tied to financial markets services. At that time, the Italian financial watchdog blacklisted Atlasfx, S.P. Inc, Digital Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Limited and Securex Plus Solution EOOD, Think Market 247 Ltd and RL Ltd, and Finlay, with most of them related to foreign exchange brokers. In February, Finance Magnates reported another set of blackouts involving Nab Europe Limited, Swiss Management Corporation, Expertsystemsfx, FXOptexGroups, Italiano invest and QubitTech Corporation.