Regulator profile · IT
CONSOB — Commissione Nazionale per le Società e la Borsa
Tracked byBrokerlist Editorial · Independent review teamUpdated
The Commissione Nazionale per le Società e la Borsa (CONSOB) is Italy's capital-markets regulator. It supervises listed-equity issuers, asset managers, market infrastructure (Borsa Italiana / Euronext Milan), and conduct rules for retail forex and CFD providers operating in Italy. Banca d'Italia handles prudential supervision of credit institutions separately.
Brokers in Italy accepting residents under CONSOB- Jurisdiction
- Republic of Italy.
- Founded
- 1974
- Mandate
- Established by Law No. 216 of 7 June 1974. CONSOB enforces the Consolidated Law on Finance (Testo Unico della Finanza, Legislative Decree 58/1998) and the EU MiFID II/MiFIR framework. Coordinates with Banca d'Italia under the "twin peaks" supervisory model and with ESMA on EU-wide standards.
- Consumer protection
- Banking deposit protection up to €100,000 per depositor via Fondo Interbancario di Tutela dei Depositi (FITD). Investor protection up to €20,000 for securities held with insolvent investment firms via Fondo Nazionale di Garanzia (FNG). Negative balance protection mandatory for retail CFD clients under MiFID II.
- Retail leverage caps
- ESMA-aligned: 1:30 on major FX pairs, 1:20 on minors and gold, 1:10 on commodities and major indices, 1:5 on individual equities, 1:2 on crypto CFDs. CONSOB enforces these via the Italian implementation of ESMA's product-intervention measures; binary options for retail are permanently prohibited.
- Public register
- CONSOB maintains public registers (Albi e Elenchi) of authorised investment firms (SIM), asset managers (SGR), CIF advisors and other categories. Cross-reference Banca d'Italia's register for credit-institution authorisations. Open register ↗
- Dispute resolution
- Retail clients escalate to ACF (Arbitro per le Controversie Finanziarie) — CONSOB's independent ADR body for disputes with investment firms. ACF awards are binding up to €500,000.
- Editor notes
- Italian retail FX market is mature with significant local broker presence (Fineco, Directa, IWBank). Most international brokers operating in Italy use CySEC EU passports rather than local CONSOB authorisation. CONSOB has been active against unauthorised marketing — its blacklist is updated frequently and Italian ISPs cooperate with site-blocking orders.
Brokers we track with a CONSOB licence
No brokersNo tracked broker currently holds a CONSOB licence in our database.