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Tag: Nab Europe

Consob Monday! Italian regulator orders black-out of six financial websites!

CONSOB Ben -
Monday is Consob day! On 21 March 2022, and like clockwork, the Italian regulator issued orders to blackout six websites illegally offering financial services bringing the total number of websites blacked out since July 2019 to 657. Regulators in other regimes can only issue warnings against illegal providers. Consob can order Internet providers to block their websites for the Italian market. It would be desirable if other regulators were authorized by their legislators to issue such blackouts.

Consob Monday is back! 10 new websites to be blacked out!

CONSOB Ben -
The last two weeks, probably due to vacations or Covid19, Consob did not make the Monday announcements about the blackout of websites of illegally acting financial service providers. These Consob Mondays have been usual for months. Today, the Italian regulator ordered the blackout of 10 illegal financial service providers. Unfortunately, Consob is currently the only EU regulator granted by national law the competence for such a blackout. An EU-wide solution would be appropriate, wouldn't it?

Regulatory Enforcement – This week’s Consob blackouts!

CONSOB Ben -
For many weeks, the Italian Consob has been announcing the blackout of websites illegally offering financial services. Most of the time, five sites are announced to be blocked. Why exactly five sites, we do not know. Like every week, the Italian regulator Consob ordered the black-out of five new websites of illegally operating financial services providers. Consob is the only EU regulator to take this effective measure. However, it would be desirable if more member states would create a legal basis for blocking illegal or fraudulent websites.

Consob orders blackout of six more scam broker sites

CNMV Charlene Lensburg -
Actually, all EU states and their regulators should do this! The EU rules on consumer protection stipulate that the respective competent authorities must take the necessary measures to protect their citizens from Internet fraud. One of these measures is the blocking of fraudulent websites. Currently, only the Italian regulator Consob does this, based on a "Growth Decree" law from June 2019 empowering the regulator to block access to websites offering financial services without the proper authorization. On the first day after Easter, Consob blocked another six broker scams.

Italian Consob ordered blackout of 5 more scam broker sites

CONSOB Charlene Lensburg -
The Italian watchdog Consob has ordered the blackout of five more scam broker websites that abusively offer financial services and financial products. Additionally, one site through was ordered to be blacked out offering financial products without the required prospectus. Consob availed itself of the powers deriving from the "growth decree" (Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies) regarding the blackout of the sites of abusive financial intermediaries.

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