Italy’s CONSOB Continues Crackdown on Unauthorized Firms

Italy’s Companies and Exchange Commission (CONSOB) has announced that it is continuing efforts to restrict unauthorized firms from being able to solicit business from italian residents. In a follow-up to previous actions, the regulator is now blocking access to the following websites of companies:

• Ace Capital Ltd (www.ftefxpro.com);
• Ks-securities (www.ks-securities.com);
• “Local Trader” (www.localtrader.app/?lp=10, www.libramarkets.com);
• RMT 500 Ltd (www.rtm500.com);
• Tradepoint Systems Ltd (www.atlantika.io);
• RL Ltd (www.royaltd24.com).

Italy’s government has given CONSOB authority to block websites via orders to internet service providers (ISPs) in the country by a so-called “Growth Decree”. This is a novel approach and gets to the root of the problem – the ability to solicit unsuspecting citizens online. We hope that more regulators around the world are able to adopt such a cooperation between themselves and the institutions governing access to the Internet in order to curb the amount of fraud and scams.