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🇮🇹Italy · EU member

Commissione Nazionale per le Società e la Borsa

Consob · Securities regulator
Romewww.consob.it
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FY2025 · as of 31 December 2025Published figures unless marked

Employees675employees, year-end (FY2024)
Annual budget€205.2m2025 budget
Supervised entities198listed companies (regulated market)

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

6
Investment firmsAsset managersCrypto-asset service providersSecurities marketsListed companiesMarket infrastructure

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).

Leadership

1
Chiara Mosca

Acting Chair (Presidente vicario)since 2026

Full board

Organisation (FY2025)

Staff
675Year-end headcount, FY2024 (FY2025 figure pending in the Appendice statistica)
Budget
€205.2m2025 budget; funding basis is market contributions
Commission meetings
63vs 69 in 2024
Files examined
933vs 997 in 2024
Resolutions issued
426vs 429 in 2024

Supervised entities / markets (end-2025)

Italian equity-market capitalisation
€1,077bnAll-time high; FTSE MIB +31.5% in 2025 — best year in two decades
Listed companies — regulated market (EXM)
198Down ~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 entitiesUnder Italy's FinTech Decree; 2 for own-issued instruments, 3 also for third-party issuers

Supervisory activity 2025

Suspicious transaction/order reports received
606vs 593 in 2024; 70% potential insider dealing, 28% manipulation; 79 reporting entities
Market-abuse investigations
10 investigations · 28 individuals charged17 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
Estimate
Short-selling notifications
15,000+ net-short-position notifications~10% published (≥0.5% of capital); year-end aggregate €12.8bn

Enforcement 2025

Sanction proceedings concluded
56 · against 80 subjectsCalendar year 2025
Pecuniary sanctions
€5.8mvs €11.6m in 2024. Proceeds go to the State budget and investor-protection fund
Website blackouts (abusive services)
322 in 20251,522 cumulative since 1 July 2019; 230 cease-and-desist resolutions
Commitments regime ("impegni")
21 applications · 16 acceptedFirst ~6 months of the new settlement-adjacent tool introduced in 2025

Crypto / MiCA

FY2025
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 2026Per 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 received82% admission-to-trading only; 39% from third-country entities (BVI/Cayman concentration)
ART approvals
0No asset-referenced-token cases in 2025

Notable 2025

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

4
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

Registers, portals and publications

Recent publications

CONSOB Relazione per l'anno 20252026-03-31
Data as of 31 December 2025 · Source: www.consob.it + ComplyBridge researchActivity Index methodology →