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Abstract:CONSOB, which stands for Commissione Nazionale per le Società e la Borsa, is the regulatory authority in Italy responsible for overseeing the securities and financial markets. In recent years, CONSOB has taken a number of measures to protect investors from the risks posed by unauthorized brokers.
CONSOB, which stands for Commissione Nazionale per le Società e la Borsa, is the regulatory authority in Italy responsible for overseeing the securities and financial markets. In recent years, CONSOB has taken a number of measures to protect investors from the risks posed by unauthorized brokers.
One such measure is the “blackout” of unauthorized brokers, which involves publishing a list of companies that are not authorized to provide financial services in Italy. The purpose of the blackout is to prevent these companies from conducting business with Italian investors and to alert investors to the risks of dealing with unregulated firms.
A blackout is a powerful tool that helps protect investors by identifying companies that are not authorized to operate in Italy. Investors should be cautious of any financial firm that appears on the blackout list and should only work with regulated and authorized firms.
Consob has ordered the black-out of 6 new websites that offer financial services/financial products illegally: 5 illegal financial intermediation websites and 1 website through which an offer of financial products is carried out in the absence of a prospectus.
The Authority availed itself of the powers deriving from the “Decreto crescita” (“Growth Decree” Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-tendencies), relating to the black-out of the sites of abusive financial intermediaries, as well as of the power introduced by the Law no. 8 of 28 February 2020, Article no. 4, paragraph 3-bis, with reference to the black-out of the website through which the illegal offer is carried out.
- Bamboozle Group LTD
- The Active Traders Ltd
- Rever LTD / Vexxsel
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 839.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence to make informed investment choices, adopting common sense behaviors, 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.
To this end, WikiFX as a medium platform of 30 major financial watchods always remind you to always watch out for the regulatory status of your choosen broker to avoid fraud happenings.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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