CONSOB BLACKS OUT 4 ABUSIVE WEBSITES

The Companies and Exchange Commission (CONSOB) of Italy has taken action against four new websites that have been found to offer financial services illegally. The following websites have been targeted by the recent orders:

• AMA Business Solutions Ltd (https://solidxm.com, https://register.solidxm.com, and https://portal.solidxm.com)

• Pelliron Universal Inc. (https://pelliron.com and https://pa.pelliron.com)

• Mortiz Ltd and FXALTA LTD (www.fxalta.com)

• New Finance LLC and NEWFX Ltd (www.newfxtrading.com)

The orders were made possible by the “Decreto crescita” (“Growth Decree”) Law (no. 58 of 28 June 2019, Article no. 36, paragraph 2-tendencies), which gives Consob the authority to require internet service providers to block unauthorized financial service websites from being accessed in Italy. The number of websites that have been blocked since July 2019 has now increased to 879.

In early April, the Italian regulator ordered the blackout of five other websites, including ones owned by AquilaFX and MFS Securities. The Internet service providers operating in Italy are currently working to block access to these websites, which may take several days to be fully implemented due to technical reasons.