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Italy is a major market for the forex industry, which however is serviced mainly by international brokers, with a European license.
And that is possible because as an EU member Italy and its regulatory agency the Commissione Nazionale per le Societa e la Borsa (CONSOB) comply with the Markets in Financial Instruments Directive (MiFID), which allows, for example, a broker, regulated by the Cyprus Securities and Exchange Commission (CySEC) to operate in Italy after going through a formal passportization procedure with CONSOB. That is the reason quite a few forex and CFD brokers are licensed by CONSOB per se.
Other wise the Commission is the public authority responsible for regulating the Italian securities market. It regulates the investment services and operations of all financial intermediaries, as well as all activities on the regulated markets, including the regulation of the Italian stock exchange – the Borsa Italiana.
CONSOB also oversees the operations of market management companies, the transparency and orderly conduct of trading, as well as the transparency and the fairness of the conduct of intermediaries and financial representatives.
Regarding forex brokers, all CONSOB requirements are uniform with the ones specified by the MiFI Directive – namely to guarantee negative balance protection to all customers, to maintain a minimum operational capital of at least 730 000 EUR, to keep all trading capital in a segregated, protected form creditors account, to allow external audits and to file regular reports. In addition, all EU and respectively Italian brokers are prohibited from offering trading bonuses.
Forex news from Italy
The Italian financial watchdog, CONSOB, has warned that the companies Exo Capital Markets Ltd and Global Fin Service Ltd are not authorised to provide investment
Italy’s financial regulatory body CONSOB issued on Monday a warning notice against unauthorized entities Zar Forex Capital Markets, RGV Media, and RGV Holdings. These
Italy’s financial regulatory body CONSOB issued on Monday a warning notice against four unauthorized entities – binary options broker DGX System Ltd, Crlink Ltd,
Italy’s financial regulatory body CONSOB said on Monday it has received warning notices from the supervisory authorities in the UK, Denmark, and