CONSOB Has Taken Down Two Websites For Offering Abusive Financial Services

The Italian financial regulatory authority, CONSOB, has been actively working to protect Italian investors from fraudulent activities by cracking down on unauthorized forex brokers operating in the country. The authority's efforts to combat unauthorized forex brokers involve monitoring and investigating their activities, blocking access to their websites, and imposing fines and other sanctions.

Recently, CONSOB ordered the black-out of two new websites that offer financial services/products illegally. This brings the total number of websites blacked out since July 2019 to 845. The authority has been availing itself of the powers deriving from the “Decreto crescita” (“Growth Decree” Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-tendencies) and the power introduced by the Law no. 8 of 28 February 2020, Article no. 4, paragraph 3-bis, to combat abusive financial intermediaries and websites carrying out illegal offers.

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Forex brokers must be authorized by CONSOB to operate legally in Italy, and the authorization process involves meeting stringent requirements and regulations set by the authority. These requirements include having adequate financial resources, transparent management structures, and sufficient measures in place to protect clients' funds.

CONSOB's actions against unauthorized forex brokers are part of its broader mandate to protect Italian investors from fraudulent activities in the financial markets. The authority's efforts to ensure the safety and security of investors have helped to enhance investor confidence in the Italian financial markets.

It is crucial for investors to only engage with authorized forex brokers to protect their funds and investments. CONSOB's actions against unauthorized forex brokers help to ensure that investors can have confidence in the safety and security of the Italian financial markets.

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