Which registers should I check for a broker operating in Italy?

For investment firms, the CONSOB register and the list of EU investment firms passported to operate in Italy. For banks and e-money institutions, the Bank of Italy registers. A foreign broker must be authorized by its home regulator and notified to operate in Italy under the EU passport.

Can a broker with a foreign licence legally operate in Italy?

Yes, if it is authorized by an EU member state authority and has passported its services into Italy. It must still appear in the official registers. A non-EU licence alone does not entitle a firm to solicit the Italian public.

What does it mean when CONSOB "blacks out" a site?

Under Article 7-octies of the Italian Consolidated Law on Finance (TUF), CONSOB can order providers to block access from Italy to sites offering financial services without authorization. A domain on the blackout lists has already been deemed abusive by the authority.

I have already sent money · can I recover it?

There is no guarantee of recovery. Stop further payments, keep all evidence and report to CONSOB and the police. Beware of "recovery" schemes: parties who, after the initial fraud, ask for more money promising to recover the lost funds.

How to check whether a broker is authorized,step by step.

In Italy an operator may offer investment services to the public only if authorized by the competent authority, or if authorized in another EU state and passported into Italy. Checking this requirement is the single most important step before entrusting money to a broker or an online platform.

§ 1 · The principle

What «authorized» means.

Providing investment services without authorization is an offence under the TUF. Authorization does not depend on the quality of the site, on reviews or on brand fame: it depends solely on being listed in the authorities' official registers.

A trustworthy broker can be verified at the source. If you cannot find the company in any official register · using the exact legal name, not just the trading brand · treat it as unauthorized until proven otherwise, no matter how professional it looks.

§ 2 · Where to check

The official registers.

These are public, free, online sources. Always verify on the authorities' official sites · such as consob.it and its «Occhio alle truffe» portal · never on links provided by the operator itself.

CONSOB register: Italian investment firms and the list of EU investment firms passported to operate in Italy. The first register to consult for a broker.
Bank of Italy registers: Banks, payment and e-money institutions. Needed if the operator presents itself as a bank or offers accounts and payment instruments.
EU / ESMA registers: The public registers of the European authorities let you verify a firm's authorization in its home state and any passport into Italy.
IOSCO Investor Alerts: A portal aggregating warnings published by authorities worldwide about unauthorized entities. Being listed is a strong risk indicator.
Blacked-out sites (TUF art. 7-octies): The lists of domains CONSOB has ordered to be blocked. A listed domain has already been qualified as abusive by the authority.

§ 3 · Practical steps

How to run the check.

1
Take the operator's exact legal name (not just the brand) and the precise domain of the site.
2
Search it in the CONSOB register of investment firms and the list of EU firms passported into Italy.
3
If it presents itself as a bank, check the Bank of Italy registers; also verify the home-country authority.
4
Consult the IOSCO Investor Alerts Portal and the blackout lists: being listed is a decisive warning sign.
5
Compare the declared contacts and registered office with the registers. Inconsistencies are a red flag.
6
If something does not add up, do not send money and contact CONSOB before proceeding.

§ 4 · Warning signs

When to stop.

None of these alone proves an offence; but their presence warrants maximum caution and a careful check against the official sources.

Guaranteed or "risk-free" returns, often at high fixed percentages.
Pressure to pay immediately, deposit bonuses, artificial time windows.
First contact via social media, messaging apps or unsolicited calls.
Offshore or missing registered office, company name that cannot be verified.
Requests to pay into personal accounts, crypto wallets or third-party names.
A domain imitating the name, logo or design of a registered firm (clone or typosquat).

§ 5 · When in doubt

What to do now.

If you have a doubt before investing, stop: do not send money until you have checked the official sources. If you have already paid into a site you suspect is unauthorized, stop every further payment, keep all evidence (emails, screenshots, transfer receipts) and report the situation to CONSOB and the police.

Beware of «fund recovery» schemes: after an initial fraud, it is common to be contacted by someone promising to recover the lost money in exchange for a further payment. It is a second fraud.

To recognize in advance how these schemes operate and their recurring signs, see the guide How to recognize an online trading scam.

§ 6 · FAQ

Frequently asked.

Which registers should I check for a broker operating in Italy?: For investment firms, the CONSOB register and the list of EU investment firms passported to operate in Italy. For banks and e-money institutions, the Bank of Italy registers. A foreign broker must be authorized by its home regulator and notified to operate in Italy under the EU passport.
Can a broker with a foreign licence legally operate in Italy?: Yes, if it is authorized by an EU member state authority and has passported its services into Italy. It must still appear in the official registers. A non-EU licence alone does not entitle a firm to solicit the Italian public.
What does it mean when CONSOB "blacks out" a site?: Under Article 7-octies of the Italian Consolidated Law on Finance (TUF), CONSOB can order providers to block access from Italy to sites offering financial services without authorization. A domain on the blackout lists has already been deemed abusive by the authority.
I have already sent money · can I recover it?: There is no guarantee of recovery. Stop further payments, keep all evidence and report to CONSOB and the police. Beware of "recovery" schemes: parties who, after the initial fraud, ask for more money promising to recover the lost funds.

Verification tool

Got a site to check?

InvestShield's public tool cross-checks a site against IOSCO alerts and the supervisory authorities' registers. It remains informational support: checking the official sources and the legal qualification rest with the competent authority.

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