CONSOB MiFID II investment firm authorisation — the SIM regime
A Società di Intermediazione Mobiliare (SIM) authorised by CONSOB is the Italian vehicle for MiFID II investment services. The legal framework is the Testo Unico della Finanza (TUF) overlaying MiFID II / MiFIR and the Investment Firm Regulation (IFR / IFD). Conduct sits with CONSOB; prudential sits with Banca d’Italia. The IFR Class 2 / Class 3 threshold test drives the prudential regime. This piece walks through what CONSOB expects and how the regime sits next to the Spanish ESI and French PSI.
1. Who grants and who supervises
- CONSOB — conduct, market-abuse, marketing communications, customer-protection; the primary authorisation authority in coordination with Banca d’Italia
- Banca d’Italia — prudential (capital, K-factors, large exposures), governance, ICT/DORA, AML framework
The applicant submits a single dossier; the two authorities coordinate internally.
2. Legal basis
- Directive 2014/65/EU (MiFID II) and Regulation (EU) 600/2014 (MiFIR)
- Regulation (EU) 2019/2033 (IFR) and Directive (EU) 2019/2034 (IFD)
- Decreto Legislativo n. 58 del 24 febbraio 1998 — Testo Unico della Finanza
- CONSOB Regolamento Intermediari — operational rules
- Banca d’Italia Disposizioni di vigilanza per le SIM — prudential rules
3. MiFID II services in Italian law
- Negoziazione per conto proprio (dealing on own account)
- Negoziazione per conto terzi (execution on behalf of clients)
- Ricezione e trasmissione di ordini (reception and transmission of orders)
- Gestione di portafogli (portfolio management)
- Consulenza in materia di investimenti (investment advice)
- Sottoscrizione e/o collocamento (underwriting and placing)
- Gestione di sistemi multilaterali di negoziazione (MTF) and OTF
4. IFR Class 1 / 2 / 3
Same EU framework as for the Spanish ESI and French PSI. Class 2 firms file the full K-factor calculation; Class 3 SNI firms file a reduced set. See our Spanish ESI piece for the threshold-test detail.
5. Capital floors
IFR Article 9:
- €75,000 — limited services without client-money or own-account dealing
- €150,000 — firms holding client money or matched-principal own-account dealing
- €750,000 — unmatched-principal own-account dealing or the largest firms
Ongoing own funds must be the higher of the floor, fixed-overheads requirement and K-factor sum (Class 2 only).
6. What goes in the dossier
Italian dossier with investment-firm specifics:
- Programma di attività anchored to the MiFID II services selection
- Piano industriale — three-year projections
- Governance — esponenti aziendali, fitness-and-properness
- Sistema di controllo interno with MiFID II conflict-of-interest, best-execution and suitability frameworks
- ICT and DORA framework
- Capital plan — initial own funds, K-factor calculation where Class 2
- AML / CTF programme with designated responsabile antiriciclaggio
- Conduct framework — suitability, best execution, conflicts, inducements, complaints
- MiFIR transaction-reporting framework
- Italian-language requirement
7. Realistic timing
Statutory MiFID II review is six months for complete files. End-to-end with pre-application engagement and feedback rounds: nine-to-twelve months for a first-time applicant.
8. What switches on at grant
- MiFIR Article 26 transaction reporting to CONSOB (daily)
- IFR / IFD prudential reporting via the Banca d’Italia framework — Segnalazioni di vigilanza + COREP-IFR
- CONSOB conduct returns
- AML obligations under D.Lgs 231/2007 — UIF reporting and AUA archive
- Passporting notifications cross-border
9. FAQ
Why are two authorities involved?
Italian law splits investment-firm supervision between conduct (CONSOB) and prudential (Banca d’Italia). Spain runs a single-authority track at CNMV; France splits AMF / ACPR similarly to Italy.
Can a SIM offer crypto-asset services?
For instruments within MiFID II scope (security tokens, tokenised securities) — yes. For crypto-assets within MiCA scope — a separate CASP authorisation is required.
Is the SIM passport-able?
Yes. MiFID II passport rules apply through CONSOB notification to the host competent authority.
How does client money work under the Italian regime?
MiFID II client-money rules apply through TUF and CONSOB Regolamento Intermediari. Segregation in dedicated accounts, daily reconciliation, evidenced in the dossier.
What is the CONSOB role post-grant?
CONSOB supervises conduct, market-abuse, transaction reporting, and investor-protection. Banca d’Italia supervises prudential.
Is the Italian regime materially different from the Spanish ESI or French PSI?
Substance is uniform across the EU under MiFID II / IFR / IFD. Procedural differences sit in the supervisor architecture and the local language.
10. What to do, today
- Run the IFR Class 2 / Class 3 threshold test against your business plan.
- Engage CONSOB and Banca d’Italia in coordinated pre-application meetings.
- Build the dossier in Italian.
- Build the MiFIR transaction-reporting layer alongside the application.
- Plan the post-grant catalogue (Segnalazioni, COREP-IFR, MiFIR, AML, conduct).
Related: Investment firm in Spain · AMF MiFID II in France · CONSOB MiFIR reporting
