Italy’s CONSOB issues orders for blocking of more unauthorized investment websites

Italy’s Companies and Exchange Commission (CONSOB) has ordered the blocking of access to five new websites that abusively offer financial services. The websites belong to entities offering FX, CFD and crypto trading, which do not have the necessary licenses but target Italian investors.

The websites affected by the latest set of Consob orders are:

  • Tryst Consulting LLC (website https://inertiafinance.co);
  • High Rock Holdings LLC (website https://solidinvesting.co);
  • Evolve Invest Limited (website https://indexevolve.com and related page https://my.indexevolve.com);
  • Miva Solutions LLC (website https://eurocapitals.com and related page https://account.eurocapitals.com);
  • WAM-Capital UK Ltd/WAM-Capital e Gabioni Ltd (website https://wamcapital.co and related page https://accounts.wamcapital.co).

In issuing the orders, Consob made use of the powers deriving from the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet service providers (ISPs) to block access from Italy to the websites through which financial services are offered without due authorization.

The number of websites blacked out since July 2019, when Consob got the power to order the blocking of websites of fraudulent financial intermediaries, has risen to 628. Last week, the regulator ordered the blackout of seven new websites that offer financial services/financial products illegally: 6 illegal financial intermediation websites and 1 website through which an offer of financial products is carried out in the absence of a prospectus.

In late December 2021, Consob ordered the blackout of 28 new pages/websites that abusively offer financial services. The intervention followed a report from the Finance Police.

The black-out of the abusive websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the blocking to be implemented.

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