Commissione Nazionale per le Società e la Borsa (CONSOB; Italian Companies and Exchange Commission) is the government authority of Italy responsible for regulating the Italian securities market.
CONSOB was founded in 1974. Italy is an EU member state, and CONSOB's financial regulations and operations comply with the European MiFID financial harmonization law.
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1. Safety of Client Funds：
Brokers are required to put clients funds into segregated accounts.
2. Requirement on Forex Brokers' Reports：
Annual Audit Reports; Daily Transaction Reports.
Generally speaking, CONSOB-regulated broker profile will be found at the Register of Investment Firms Page on CONSOB website. Try to find it and check if it will match the info from the broker website.
The detailed steps are as below:
1. Find the name or registration number of the forex broker, which you can get from the broker's website;
2. There are three types of investment firms on https://www.consob.it/web/consob-and-its-activities/investment-firms;
Search the name or registration number in the appropriate list.
3. And you'll get the broker's contents on CONSOB website. At this time you will check if the broker has the authorization to provide 'Foreign exchange services where these are connected to the provision of investment services'; If no, please keep away the broker because it's an unauthorized firm to provide forex trading service.
If the broker is an EEA authorised firm, you need to check further information in its home state regulator.
When you have disputes with a CONSOB-regulated broker, you can proceed the following ways:
1st way: The recommended way is to contact the broker directly and discuss with them to find a solution.
2nd way: If you're not satisfied with the broker's solution, you contact the Arbitrator for Financial Disputes (ACF) in Italy, which aims at solving the disputes between the forex broker and the retail investor.
● It is necessary that:
◆ a complaint has already been submitted to the broker, who responded in an unsatisfactory manner or did not respond at all within 60 days. The appeal to the Arbitrator must be filed within one year from the submission of the complaint to the broker;
◆ the amount does not exceed 500,000 euros;
◆ no other out-of-court dispute resolution procedures are in progress.
● You can submit the complaint online after completing your registration:
3rd way: If the way above can't solve the dispute, the last way is to issue a case to the court in Italy.
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