CONSOB
Commissione Nazionale per le Societa e la Borsa
Italy · Established 1974 · https://www.consob.it
About CONSOB
CONSOB has been regulating Italian financial markets since 1974, making it one of the longest-established securities regulators in Europe. Italy has a large and active retail trading community, which makes CONSOB oversight particularly relevant for the European forex market.
CONSOB has been proactive in combating unauthorized brokers. The regulator regularly issues orders to block access to websites of unauthorized financial services providers and publishes frequent warnings about fraudulent firms targeting Italian investors.
Most forex brokers serving Italian clients operate under CySEC passporting, with CONSOB acting in a supervisory capacity for locally passported services. CONSOB requires that all client-facing documentation and risk warnings be available in Italian.
The Italian Investor Compensation Scheme provides the standard EUR 20,000 coverage. However, Italy's unique contribution to investor protection is the ACF (Arbitro per le Controversie Finanziarie), a free arbitration service that handles disputes between investors and financial intermediaries for claims up to EUR 500,000.
Key Features
- Long-established regulator (since 1974)
- Active in blocking unauthorized broker websites
- Italian Investor Compensation Scheme up to EUR 20,000
- Requires Italian-language client documentation
- Cooperates with CySEC on cross-border supervision
- Regular consumer warnings about unauthorized firms
Leverage Limits
CONSOB enforces ESMA leverage caps for all retail clients.
| Instrument | Max Leverage |
|---|---|
| Major FX Pairs | 30:1 |
| Minor FX Pairs | 20:1 |
| Major Indices | 20:1 |
| Commodities (excl. Gold) | 10:1 |
| Gold | 20:1 |
| Individual Equities | 5:1 |
| Cryptocurrencies | 2:1 |
Investor Protection
The Italian Investor Compensation Scheme covers up to EUR 20,000 per person. Client funds must be held in segregated accounts.
How to File a Complaint
CONSOB accepts complaints through its online portal. The Arbitro per le Controversie Finanziarie (ACF) provides free arbitration for disputes up to EUR 500,000.