European Fraud Protection Group

Italy

Commissione Nazionale per le Societa e la Borsa (CONSOB)

https://www.consob.it

CONSOB is Italy's public authority responsible for regulating the Italian securities market, protecting investors, and ensuring the transparency and proper functioning of the market. CONSOB has been active in publishing warnings about unauthorised entities and has enforcement powers that include the ability to order the blocking of websites used by unauthorised firms. Italy has been a significant target for cross-border investment fraud, particularly involving forex, CFD, and crypto platforms.

How to File a Complaint

1

CONSOB accepts complaints through its online portal and by mail. The online form is available at consob.it under the "Investor Protection" section.

2

Complaints should be submitted in Italian where possible, though English submissions are accepted.

3

Provide the entity's name, website, regulatory claims, and all relevant transaction documentation.

4

For disputes with authorised intermediaries, the Arbitro per le Controversie Finanziarie (ACF) provides free alternative dispute resolution.

5

CONSOB has the power to order Italian ISPs to block access to websites of unauthorised entities, which it has exercised regularly.

Register & Verification

CONSOB maintains registers of authorised investment firms, funds, and financial advisors accessible through its website. CONSOB also publishes a regularly updated list of entities whose websites have been ordered blocked in Italy.

Key Regulations

  • Testo Unico della Finanza (TUF) -- Italian Consolidated Law on Finance implementing MiFID II.
  • Regolamento Intermediari -- CONSOB regulation on investment intermediaries.
  • Italian implementation of PSD2 through the Testo Unico Bancario.
  • Italian AML legislation implementing EU AMLD directives.

Typical Timelines

CONSOB acknowledges receipt of complaints and may request additional information. Website blocking orders can be issued within weeks. ACF proceedings for disputes with authorised firms typically take 3-6 months. Enforcement investigations are confidential and may take considerable time.

Warning List

https://www.consob.it/web/consob-and-its-activities/warnings

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