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Italy's Consob Clamps Down on Unauthorized Brokers, Shuts Down Illegal Websites
Abstract：Italy's financial authority, Consob, is clamping down on unauthorized brokers by ordering a black-out of illegal financial websites. Consob reminds investors to exercise due diligence and verify the authorization status of operators. The move aims to protect investors, maintain market integrity, and emphasize the importance of a well-regulated financial market.
The Italian financial authority, Consob, has intensified its efforts to curb the operations of unauthorized brokers in the country. In a recent move, Consob ordered a black-out of new websites that were found to be offering financial services without proper authorization. This comes as part of the authority's ongoing commitment to protect investors and ensure the transparency of Italy's financial market.
Consob's actions are based on the powers granted to it by the “Decreto crescita” (“Growth Decree”; Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-tendencies). According to this decree, the authority can direct internet service providers to block access from Italy to websites that are offering financial services without the necessary authorization.
Since July 2019, when Consob was first given the power to order blackouts of fraudulent financial intermediaries' websites, the number of blocked sites has reached 882.
List of Unauthorized Brokers
Acer Finance
PrimusFX
Because the blackout is now in effect, internet service providers in Italy are aggressively limiting access to certain websites. The blackout may take many days to completely execute due to technological issues.
In light of these events, Consob has issued a reminder to investors about the significance of conducting due diligence before making investment choices. The authority urges investors to adopt common sense behaviors that are essential for safeguarding their savings. These include verifying the authorization status of operators offering financial services and checking whether a prospectus has been published for offers of financial products.
The black-out of unauthorized brokers' websites is an important step in maintaining the integrity of Italy's financial market. By ensuring that only authorized operators can offer financial services, Consob aims to minimize risks for investors and maintain a transparent and trustworthy environment for investment activities.
In conclusion, Consob's ongoing efforts to combat unauthorized brokers and protect investors send a clear message about the importance of a well-regulated financial market. Investors are urged to be knowledgeable and cautious in order to make the best financial decisions and safeguard their hard-earned assets.
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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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