Tag: Trade Action

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 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?

Punctual as the sundial, the Italian financial watchdog has been announcing the blackout of scam websites every Monday for several months. Today, the Italian regulator Consob announced 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.