Tag: MarketsFX

Consob now announces almost every Monday the blackout of websites of illegally operating providers of financial services. This makes the Italian financial market supervisory authority the only EU regulator to take this effective measure. For consumer protection in the EU, it would be desirable if more member states would create a legal basis for blocking illegal or fraudulent websites. Today, the Italian watchdog announced that it ordered the black-out of five new websites that offer financial services illegally.

The Italian watchdog Consob is currently the only financial market regulator known to us that has the legal authority to order internet providers to black-out of illegal financial sites. The legal basis for this is the "Growth Decree" law passed in June 2019. So far Consob has already blocked 335 websites for the Italian market. Almost all blocked sites offer illegal broker services.