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Explore capabilities →Italy · EU member
Commissione Nazionale per le Società e la Borsa
Consob · Securities regulatorMeasured
Employees
675
· employees, year-end (FY2024)FY2025
Annual budget
€205.2m
· 2025 budgetFY2025
Supervised entities
198
· listed companies (regulated market)FY2025
Overview
CONSOB (Commissione Nazionale per le Società e la Borsa) is Italy's securities-markets regulator, supervising listed companies, trading venues and market conduct, and — under MiCA — the authorisation of crypto-asset trading-platform operators. In 2025 the Commission met 63 times, issued 426 resolutions and ordered the blackout of 322 abusive investment websites, bringing the total to 1,522 since mid-2019. Italian equity-market capitalisation reached a record €1,077 billion on its watch, even as the Milan main market recorded 11 delistings and no IPOs. Everything below is CONSOB's own data, from its FY2025 annual report.
Regulated sectors
Leadership
- Chiara MoscaActing Chair (Presidente vicario) · since 2026
Figures as published by Commissione Nazionale per le Società e la Borsa for FY2025. Source: CONSOB — Relazione per l'anno 2025 (Italian) (Dated 31 March 2026). Data as of 31 December 2025. Supplementary: CONSOB annual report landing page (Italian/English).
Organisation (FY2025)
| Item | Value |
|---|---|
| Staff | 675 Year-end headcount, FY2024 (FY2025 figure pending in the Appendice statistica) |
| Budget | €205.2m 2025 budget; funding basis is market contributions |
| Commission meetings | 63 vs 69 in 2024 |
| Files examined | 933 vs 997 in 2024 |
| Resolutions issued | 426 vs 429 in 2024 |
Supervised entities / markets (end-2025)
| Item | Value |
|---|---|
| Italian equity-market capitalisation | €1,077bn All-time high; FTSE MIB +31.5% in 2025 — best year in two decades |
| Listed companies — regulated market (EXM) | 198 Down ~20% over the decade; 11 delistings and no IPOs in 2025 |
| Growth market (EGM) | 21 admissions · 19 revocations <1% of total market cap |
| Sustainability-reporting perimeter | 142 listed issuers (2025 reporting cycle) Estimated to fall to ~87 under the Omnibus I Directive from FY2027 |
| DLT register operators | 5 entities Under Italy's FinTech Decree; 2 for own-issued instruments, 3 also for third-party issuers |
Supervisory activity 2025
| Item | Value |
|---|---|
| Suspicious transaction/order reports received | 606 vs 593 in 2024; 70% potential insider dealing, 28% manipulation; 79 reporting entities |
| Market-abuse investigations | 10 investigations · 28 individuals charged 17 closed without findings; 405 information requests; 9 of 10 also referred to the judiciary |
| Investment research monitored | ~11,500 studies received −4% y/y; 60.7% buy, 37.6% hold, 1.7% sell |
| Short-selling notifications | 15,000+ net-short-position notifications ~10% published (≥0.5% of capital); year-end aggregate €12.8bn |
Enforcement 2025
| Item | Value |
|---|---|
| Sanction proceedings concluded | 56 · against 80 subjects Calendar year 2025 |
| Pecuniary sanctions | €5.8m vs €11.6m in 2024. Proceeds go to the State budget and investor-protection fund |
| Website blackouts (abusive services) | 322 in 2025 1,522 cumulative since 1 July 2019; 230 cease-and-desist resolutions |
| Commitments regime ("impegni") | 21 applications · 16 accepted First ~6 months of the new settlement-adjacent tool introduced in 2025 |
Crypto / MiCA
| Item | Value |
|---|---|
| MiCA role | Authorisation of crypto-asset trading-platform operators; conduct and market-integrity supervision. Competences shared with Banca d'Italia (which handles ART/EMT issuers and AML provisions); a dedicated CONSOB–Banca d'Italia MiCA cooperation protocol was signed in 2025. |
| Transitional period (Italy) | Ends 30 June 2026 Per decree-law 95/2025; CONSOB spent 2025 on pre-authorisation casework ahead of the deadline |
| White papers — home state | 9 notifications received · 5 transmitted to ESMA "Other than ART/EMT" crypto-assets |
| White papers — host state | 651 received 82% admission-to-trading only; 39% from third-country entities (BVI/Cayman concentration) |
| ART approvals | 0 No asset-referenced-token cases in 2025 |
Notable 2025
| Item | Value |
|---|---|
| Website-blackout scale | CONSOB has blacked out 1,522 abusive investment websites since its blackout power began in July 2019 — one of the most-used enforcement tools of its kind in the EU. |
| Commitments regime take-up | The new "commitments" regime drew 21 applications within roughly six months of taking effect, with 16 accepted — a rapid shift toward negotiated enforcement. |
| MiCA passporting scale | 651 crypto-asset white papers landed on CONSOB's desk as host state in MiCA's first full year — a scale signal for passporting flows into Italy. |
| Record cap, no IPOs | A record €1,077bn market capitalisation coexisted with zero IPOs on the main market — a primary-market weakness CONSOB flags as breaking the classic "hot markets" pattern. |
| TUF reform landing | Reform of Italy's Consolidated Finance Act (TUF) began landing in 2026, moving sanction appeals to the administrative courts and reshaping listed-company governance — with CONSOB's regulatory rulebook to be revised in consequence. |
Key legislation
Testo Unico della Finanza (D.Lgs. 58/1998)
Consolidated Finance Act — securities markets, investment services, listed issuers
Regolamento Emittenti (Delibera 11971/1999)
Issuers Regulation
Regolamento Intermediari (Delibera 20307/2018)
Intermediaries Regulation (MiFID II)
D.L. 95/2025 (Italian MiCA implementation)
CONSOB — CASP authorisation and market-integrity supervision
Public registers
Application portals
Recent publications
- CONSOB Relazione per l'anno 2025
2026-03-31