Italy’s Consob Blacklists Five Unauthorized Financial-Related Websites

Friday, 18/06/2021 | 17:18 GMT by Felipe Erazo
  • The number of websites blocked by the regulator has now risen to 474 since it started to order blockages in July 2019.
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 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 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.

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 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 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.

About the Author: Felipe Erazo
Felipe Erazo
  • 1036 Articles
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About the Author: Felipe Erazo
Felipe earned a degree in journalism at the University of Chile with the highest honour in the overall ranking, and he also holds a Bachelor of Arts in Social Communication. In addition, he has been working as a freelance writer and Forex/crypto analyst, with experience gained from several forex broker firms and crypto-related media outlets around the world. He has been involved in the world of online forex trading since 2010 and in the crypto sphere since 2015.
  • 1036 Articles
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