Commissione Nazionale per le Società e la Borsa (CONSOB)
The Commissione Nazionale per le Società e la Borsa (CONSOB) is Italy's financial regulatory authority responsible for overseeing investment firms, stock markets, forex brokers, and other financial intermediaries. As an EU member, CONSOB enforces the ESMA regulatory framework, ensuring investor protection and the integrity of the Italian financial system.
The Commissione Nazionale per le Società e la Borsa (CONSOB) plays a crucial role in regulating forex brokers in Italy, offering strong investor protection through ESMA-aligned standards. When selecting a broker in Italy, always confirm their CONSOB registration to ensure safety and compliance.
- 30:1 for major currency pairs
- 20:1 for non-major currency pairs, gold, and major indices
- 10:1 for commodities (excluding gold) and minor indices
- 5:1 for individual equities
- 2:1 for cryptocurrencies
- Supervises forex brokers and investment firms operating in Italy.
- Enforces ESMA rules on leverage, client protection, and marketing practices.
- Publishes blacklists and warnings about unauthorized brokers.
- Ensures compliance with MiFID II and AML (anti-money laundering) laws.
- Visit the CONSOB Public Register.
- Search by broker name or license number.
- Confirm status, services allowed, and ESMA compliance.
- Capital Requirements: Minimum €730,000 for investment firms (as per MiFID II).
- Negative Balance Protection: Mandatory for retail clients.
- Leverage & Margin Rules: Aligned with ESMA standards.
- Ban on Bonuses: No marketing bonuses or misleading promotions.
- Client Fund Segregation: Mandatory protection of client assets.
- Risk Disclosure: Use of standardized risk warnings.
Advantages
- ESMA-aligned protection measures
- Transparent broker database and regulatory actions
- Active warnings about blacklisted/unregistered brokers
- Legal protection under Italian and EU law
Limitations
- Strict leverage and promotion rules limit trading flexibility
- Smaller number of licensed brokers compared to offshore regulators
- Italian language used predominantly for official communication
Country
Italy
Established
1974
Contact
+39 06 8477 1
Complaint bodies
Commissione Nazionale per le Società e la Borsa (CONSOB) Arbitro per le Controversie Finanziarie (ACF) – Financial Dispute Arbitrator in Italy
Hotline
+39 06 8477 1
Complaint email
Last updated on: March 26, 2025
High Risk Warning : Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.