Tag: Renaissance Invest

Like clockwork, the Italian regulator presented the list of the latest blackout orders against illegal financial offerings and scams. This week, the regulator has ordered the blackout of seven new websites that offer financial services. Six websites were qualified as abusive financial sites and one site through which an offer of financial products is made without the required prospectus. One of the sites is FXGiants, the offshore brand of CySEC-regulated Notesco Group.

The Italian regulator Consob ordered the black-out of five new websites offering financial services illegally. Since July 2019, the regulator has already blocked 510 websites for the Italian market. Consob is, unfortunately, the only EU regulatoSincer that can block websites. Based on the legal grounds of the "Decreto Crescita," Consob can order internet service providers to block access from Italy to websites offering financial services without the proper authorization. Such a provision would be worth considering for other regulatory regimes as well.

Forza Italia! True, scammers launch most likely a few dozen new websites every single day. Thus, closing down five per week doesn’t sound too impressive, but it’s a start. Like every week, the Italian regulator Consob ordered the blackout of five new websites of illegally operating financial services providers. Consob is the only EU regulator to take this effective measure. It would be desirable if more member states would create a legal basis for blocking illegal or fraudulent websites.