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The main financial regulatory body of Italy, Commissione Nazionale per le Società e la Borsa, CONSOB, responsible for the Italian securities market has started its crackdown against financial frauds back in July 2019. In just two years, the company has already blocked over 500 suspicious financial platforms. Recently, the company has added additional 10 names of financial service providers to its backlist of fraudulent companies. The total number of companies that the regulatory agency has blocked is now a total of 505.
According to the statement published by the government agency, access to the additional 10 companies will be blocked at a network level. This means that none of these companies will be able to be opened by anyone in the country, thanks to which, no access to their services will be able in Italy.
The regulatory agency, which is now well-known for being very active with its fight against fraudulent entities, started the action against suspicious financial service platforms offering services in Italy back in July 2019. The majority of the companies were thought to have been scamming people.
The activity was started with a special governmental order aimed at making the local financial markets safer and more secure for local traders. Over the past two years, the regulatory agency has managed to maintain its very strict stance against not only fraudulent companies but also against the platforms that were non-compliant with the local laws in the country.
Platforms blocked by CONSOB
The regulatory agency has issued a statement claiming that it has blocked out over 500 companies in just two years starting in 2019 July. The regulatory agency obtained the power to prevent abusive financial services in 2019, which has given it the power to block the companies going against local regulations.
All of the companies that have been recently added to the blocked list are the platforms offering derivatives trading services in markets such as Forex as well as other assets. Some of the 10 companies the agency has blocked recently are fraudulent companies, while others simply did not comply with the local trading laws in the country.
While all of the EU regulatory agencies are working very hard to eliminate the chances of scamming traders and are flagging suspicious financial services platforms, the Italian regulatory agency is one of the few regulators that actually blocks access to the blacklisted websites. The statement of the regulatory agency also reads that it might take some time to block all of the additional companies it has blacklisted, as it should be done by the Internet service providers operating in Italy.
CONSOB aims at creating safer and more secure market conditions for all of the participants with frequent blockings and active investigations against the companies that either did not comply with the local regulations or were offering fraudulent services.
The regulatory agency has recently appointed a new Commissionaire, Chiara Mosca, who will be now working on the regulatory crackdown and might also tighten the regulatory rules in the financial markets.
