# National Commission for Companies and the Stock Exchange (CONSOB): register, licences and requirements

Source page: https://protegra.io/licensing/regulators/consob-italy/

CONSOB (Commissione Nazionale per le Società e la Borsa) is Italy's financial market conduct regulator, established in 1974 and working alongside the Banca d'Italia in a twin-peaks system. It supervises securities markets, listed issuers and financial intermediaries, authorises investment firms (SIMs), and shares MiCA crypto-asset service provider authorisation with the Banca d'Italia; it had authorised 8 CASPs by mid-2026. It also oversees European crowdfunding service providers and DLT market infrastructures.

## How to check a firm on the CONSOB register

CONSOB maintains dedicated online registers for Italian investment firms (SIMs) and DLT market infrastructure operators, while directing users to ESMA central databases for MiCA CASPs and European crowdfunding service providers. An active entry discloses the entity's corporate name, registered and administrative offices, LEI code, date and number of the registration resolution, and permitted scope of authorized services. [13]

- [Register of Italian Investment Firms (SIMs)](https://www.consob.it/web/consob-and-its-activities/register-of-italian-investment-firms-sims-) [4]
- [Official registry database of Italian Investment Firms (SIMs)](https://www.consob.it/documents/1912911/1924797/SIM_112_IT.html/d46923a8-4a53-0a55-cf2b-06d5db87b48e) [13]
- [Crypto-Asset Service Providers (CASPs) registry guidance and single register](https://www.consob.it/web/consob-and-its-activities/casp-crypto-assets-service-providers) [14]
- [Register of crowdfunding service providers - Ordinary section](https://www.consob.it/web/consob-and-its-activities/ordinary-section1) [15]
- [Register of DLT market infrastructure operators](https://www.consob.it/web/consob-and-its-activities/register-of-dlt-market-infrastructure-operators) [16]

## At a glance

| Official name | National Commission for Companies and the Stock Exchange (Commissione Nazionale per le Società e la Borsa) |
| --- | --- |
| Jurisdiction | [Italy](https://protegra.io/licensing/jurisdictions/italy/) |
| Type | Securities regulator |
| Headquarters | Rome [1] |
| Founded | 1974 [2] |
| Website | [consob.it](https://www.consob.it/web/consob-and-its-activities) [3] |
| Public register | [Official public register](https://www.consob.it/web/consob-and-its-activities/register-of-italian-investment-firms-sims-) [4] |
| Licence types in the Atlas | 3 |

## What CONSOB supervises

CONSOB is Italy's independent administrative authority tasked with safeguarding investor protection, market transparency, fair conduct among intermediaries, and the orderly functioning and development of the securities and digital asset markets in close cooperation with Banca d'Italia. [2]

- Investment firms (SIMs) and cross-border investment service providers under TUF and MiFID II [17]
- Crypto-asset service providers (CASPs) and token offerings under EU MiCA Regulation and Legislative Decree 129/2024 [18]
- European crowdfunding service providers (ECSPR) under Regulation (EU) 2020/1503 and TUF Article 4-sexies.1 [19]
- DLT market infrastructure operators and digital financial instrument register managers under Decree-Law 25/2023 [16]
- Regulated trading venues, multilateral trading facilities (MTFs), central counterparties, and securities issuers [2]

## Licences CONSOB issues

- [CASP · ItalyCrypto-asset service provider (CASP) authorization](https://protegra.io/licensing/licences/casp-mica/italy/)
- [IF · ItalyInvestment firm licence (SIM)](https://protegra.io/licensing/licences/investment-firm/italy-sim/)
- [Credit · ItalyEuropean crowdfunding service provider authorization (ECSPR)](https://protegra.io/licensing/licences/lending/italy-crowdfunding/)

## Lesser-known services for applicants

Available

### Pre-application meeting / pre-assessment

Under CONSOB Communication no. 1/24 of 12 September 2024, prospective CASPs and token issuers are invited to initiate free informal preliminary discussions prior to formal submission to clarify documentation and regulatory requirements, via interlocuzioni.CASP@consob.it for CASP authorization and Article 60 notifications or interlocuzioni.whitepaper@consob.it for crypto-asset white papers. [5]

Available

### Innovation hub

CONSOB operates CONSOB-TECH, a dedicated innovation hub team supporting FinTech promoters; it offers the LIFTECH initiative for informal dialogue and mentorship with innovators whose business models are evolving or fall outside established perimeters. [6]

Available · statutory

### Regulatory sandbox

Established by Article 36 of Decree-Law 34/2019 and MEF Decree no. 100/2021 (implemented by CONSOB Resolution no. 22054/2021), the Italian FinTech Sandbox is coordinated by the MEF FinTech Committee together with CONSOB, the Bank of Italy, and IVASS; it admits innovative testing cohorts for periods up to 18 months with tailored regulatory derogations from secondary supervisory rules. [7]

**Application portal:** SIPE (Sistema Integrato per l'Esterno) for online administrative requests, alongside institutional certified email addresses (casp@pec.consob.it, dve@pec.consob.it, consob@pec.consob.it) and the PagoPA electronic system for fee settlements. [1]

**Fee schedule:** Official annual supervisory contribution and application fee schedule established for 2026 by Resolution no. 23799 of 17 December 2025 pursuant to Article 40 of Law no. 724/1994. [8]

Compare with other regulators: [pre-application meetings](https://protegra.io/licensing/tools/pre-application/) · [sandboxes and innovation hubs](https://protegra.io/licensing/tools/sandboxes/).

## Statistics

_Current licence holders in the official register [20]_

- 9 Italian crypto-asset service providers authorized/notified under MiCA with CONSOB as Home NCA (ESMA register / casps.csv, 2026-09-24) [14]

## Fees and timelines

| Licence | Fee | Amount |
| --- | --- | --- |
| [Crypto-asset service provider (CASP) authorization](https://protegra.io/licensing/licences/casp-mica/italy/) | application | EUR 20,000.00 [9] |
| [Crypto-asset service provider (CASP) authorization](https://protegra.io/licensing/licences/casp-mica/italy/) | annual | EUR 10,000.00 per authorized or notified crypto-asset service (or EUR 47,130.00 to EUR 262,550.00 tiered for trading platform operators) [9] |
| [Investment firm licence (SIM)](https://protegra.io/licensing/licences/investment-firm/italy-sim/) | annual | EUR 5,890.00 plus 0.68% of revenues from investment services (capped at EUR 162,040.00 for revenues up to EUR 50m, EUR 195,800.00 up to EUR 100m, and EUR 222,810.00 over EUR 100m) [9] |
| [European crowdfunding service provider authorization (ECSPR)](https://protegra.io/licensing/licences/lending/italy-crowdfunding/) | annual | EUR 10,375.00 for investment-based crowdfunding service, EUR 10,375.00 for lending-based crowdfunding service (+ EUR 10,375.00 if managing loan portfolios) [9] |

_Time to a decision for Crypto-asset service provider (CASP) authorization: statutory deadline vs observed._

| Licence | Statutory deadline | Observed |
| --- | --- | --- |
| [Crypto-asset service provider (CASP) authorization](https://protegra.io/licensing/licences/casp-mica/italy/) | 40 working days from receipt of a complete application (following a 25 working-day completeness review) [10] | not published |
| [Investment firm licence (SIM)](https://protegra.io/licensing/licences/investment-firm/italy-sim/) | 6 months from receipt of a complete application [11] | not published |
| [European crowdfunding service provider authorization (ECSPR)](https://protegra.io/licensing/licences/lending/italy-crowdfunding/) | 3 months from receipt of a complete application (following a 25 working-day completeness review) [12] | not published |

## Changing the owner of a licensed firm

**Prior notification with an objection period.** Under Article 15 of Legislative Decree 58/1998 (TUF) and Articles 83-84 of Regulation (EU) 2023/1114 (MiCA) as implemented by Legislative Decree 129/2024, any natural or legal person intending to acquire or dispose of a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% of capital or voting rights, or gaining/losing control of a SIM or CASP, must give prior written notification. For SIMs, notification is submitted to Banca d'Italia (which conducts the prudential assessment, consulting CONSOB) with copy to CONSOB; for CASPs, competent authorities conduct the suitability and AML review within a 60 working-day assessment window (interruptible once by up to 20 working days). Unauthorised acquisitions automatically forfeit voting rights and risk statutory sanctions. [21]

## Laws CONSOB applies

- [Markets in Crypto-Assets Regulation](https://protegra.io/licensing/laws/eu-mica-2023-1114/): Regulation (EU) 2023/1114
- [Directive 2014/65/EU on markets in financial instruments](https://protegra.io/licensing/laws/eu-mifid2-2014-65/): Directive 2014/65/EU
- [European Crowdfunding Service Providers Regulation](https://protegra.io/licensing/laws/eu-ecspr-2020-1503/): Regulation (EU) 2020/1503
- [Digital Operational Resilience Act](https://protegra.io/licensing/laws/eu-dora-2022-2554/): Regulation (EU) 2022/2554

## Recent and upcoming changes

- 2026-07-01: Expiration of the national MiCA transitional regime in Italy for legacy virtual asset service providers (VASPs formerly registered with OAM); all crypto-asset service providers in Italy must now hold full MiCA authorization or notify under Article 60. [14]
- 2025-12-17: CONSOB adopted single Resolution no. 23799 establishing supervisory contribution rates for the 2026 financial year, enacting the EUR 20,000 CASP authorization application contribution and structured supervisory fees across financial intermediaries. [8]
- 2025-01-17: Full EU-wide entry into application of the Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554), establishing mandatory ICT risk management and incident reporting standards across Italian financial entities. [22]
- 2024-09-14: Entry into force of Legislative Decree 5 September 2024, n. 129, implementing Regulation (EU) 2023/1114 (MiCA) in Italy and establishing the dual-competence model designating CONSOB for market conduct and Banca d'Italia for prudential stability. [21]
- 2024-09-12: CONSOB issued Communication no. 1/24 outlining operational guidance and preliminary discussion procedures for prospective CASPs and crypto-asset white paper notifications. [5]

## Contacts and public register

Address: Via G. B. Martini, 3 - 00198 Rome, Italy [1]
Website: [consob.it](https://www.consob.it/web/consob-and-its-activities) [3]

Check whether a firm is licensed: [official register](https://www.consob.it/web/consob-and-its-activities/register-of-italian-investment-firms-sims-) [4] · [official register](https://www.consob.it/documents/1912911/1924797/SIM_112_IT.html/d46923a8-4a53-0a55-cf2b-06d5db87b48e) [13] · [official register](https://www.consob.it/web/consob-and-its-activities/casp-crypto-assets-service-providers) [14] · [official register](https://www.consob.it/web/consob-and-its-activities/ordinary-section1) [15] · [official register](https://www.consob.it/web/consob-and-its-activities/register-of-dlt-market-infrastructure-operators) [16].

## Frequently asked questions

### How are crypto-asset service providers (CASPs) licensed in Italy under MiCA?

Under Legislative Decree 129/2024 implementing EU MiCA, specialized CASPs must obtain authorization directly from CONSOB following the opinion of Banca d'Italia. CONSOB supervises investor protection, conduct, and trading transparency, while Banca d'Italia oversees prudential and AML risks. The national transitional window for legacy OAM-registered VASPs expired on 30 June 2026, making MiCA authorization mandatory for Italian crypto operations.

### What is a SIM and how does CONSOB authorize Italian investment firms?

A SIM (Società di Intermediazione Mobiliare) is an Italian investment firm authorized to provide MiFID II investment services under Article 19 of Legislative Decree 58/1998 (TUF). CONSOB grants the authorization after consulting Banca d'Italia within a statutory six-month deadline. As of September 2026, CONSOB maintains an active register of 58 licensed SIMs.

### How does the Italian FinTech Sandbox work and who can apply?

Governed by Decree-Law 34/2019 and MEF Decree 100/2021, Italy's regulatory sandbox operates under the MEF FinTech Committee, coordinating CONSOB, Banca d'Italia, and IVASS. Eligible financial entities and fintech startups test innovative technological products for up to 18 months under simplified regulatory conditions with targeted derogations from supervisory rules. CONSOB also offers the LIFTECH hub for informal pre-sandbox guidance.

### What are CONSOB's supervisory fees for fintechs, SIMs, and CASPs?

Under Resolution no. 23799 of 17 December 2025 for financial year 2026, prospective CASPs pay a €20,000 application fee and €10,000 annually per authorized service (or tiered from €47,130 for trading platforms). SIMs pay an annual levy of €5,890 plus 0.68% of investment revenues, while authorized crowdfunding service providers pay €10,375 annually per service.

### What approvals are required to acquire a significant stake in an Italian SIM or CASP?

Under Article 15 of the TUF and MiCA Article 83 (via Decree 129/2024), any person planning to acquire or cross 10%, 20%, 30%, or 50% voting rights or capital in a SIM or CASP must notify authorities in advance. Regulators evaluate acquirer suitability, financial soundness, and AML risks within a 60 working-day review period before clearance.

## Sources

1. [consob.it: contacts](https://www.consob.it/web/consob-and-its-activities/contacts): retrieved 2026-09-24
2. [consob.it: role and activity](https://www.consob.it/web/consob/role-and-activity): retrieved 2026-09-24
3. [consob.it: consob and its activities](https://www.consob.it/web/consob-and-its-activities): retrieved 2026-09-24
4. [consob.it: register of italian investment firms sims](https://www.consob.it/web/consob-and-its-activities/register-of-italian-investment-firms-sims-): retrieved 2026-09-24
5. [consob.it: operational guidance for applications and notifications](https://www.consob.it/web/consob-and-its-activities/operational-guidance-for-applications-and-notifications): retrieved 2026-09-24
6. [consob.it: consob tech](https://www.consob.it/web/consob-and-its-activities/consob-tech): retrieved 2026-09-24
7. [consob.it: sandbox regulation](https://www.consob.it/web/consob-and-its-activities/sandbox-regulation): retrieved 2026-09-24
8. [consob.it: annual fees](https://www.consob.it/en/web/services-for-supervised-subjects/annual-fees): retrieved 2026-09-24
9. [consob.it: d23799 en 1](https://www.consob.it/documents/d/asset-library-1912910/d23799_en-1): retrieved 2026-09-24
10. [EUR-Lex: CELEX 32023R1114](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32023R1114): retrieved 2026-09-24
11. [consob.it: tuf e regolamenti consob](https://www.consob.it/web/area-pubblica/tuf-e-regolamenti-consob): retrieved 2026-09-24
12. [EUR-Lex: CELEX 32020R1503](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32020R1503): retrieved 2026-09-24
13. [consob.it: d46923a8 4a53 0a55 cf2b 06d5db87b48e](https://www.consob.it/documents/1912911/1924797/SIM_112_IT.html/d46923a8-4a53-0a55-cf2b-06d5db87b48e): retrieved 2026-09-24
14. [consob.it: casp crypto assets service providers](https://www.consob.it/web/consob-and-its-activities/casp-crypto-assets-service-providers): retrieved 2026-09-24
15. [consob.it: ordinary section1](https://www.consob.it/web/consob-and-its-activities/ordinary-section1): retrieved 2026-09-24
16. [consob.it: register of dlt market infrastructure operators](https://www.consob.it/web/consob-and-its-activities/register-of-dlt-market-infrastructure-operators): retrieved 2026-09-24
17. [consob.it](https://www.consob.it/web/consob/intermediaries): retrieved 2026-09-24
18. [consob.it: micar](https://www.consob.it/web/consob-and-its-activities/micar): retrieved 2026-09-24
19. [consob.it: crowdfunding platform providers](https://www.consob.it/web/consob-and-its-activities/crowdfunding-platform-providers): retrieved 2026-09-24
20. [milanofinanza.it: consob autorizza nove fornitori di servizi cripto in italia](https://www.milanofinanza.it/news/consob-autorizza-nove-fornitori-di-servizi-cripto-in-italia-202606301810004900): retrieved 2026-09-24
21. [gazzettaufficiale.it: sg](https://www.gazzettaufficiale.it/eli/id/2024/09/13/24G00147/sg): retrieved 2026-09-24
22. [EUR-Lex: CELEX 32022R2554](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022R2554): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.