Financial conglomerates - CONSOB AND ITS ACTIVITIES
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On 10 February 2025, Consob, the Bank of Italy and IVASS signed a Memorandum of Understanding on the identification and supplementary supervision of financial conglomerates, which replaced the Coordination Agreement of 31 March 2006, in order to take account of the changes in the institutional supervisory framework following the establishment of the Single Supervisory Mechanism and the evolution of the relevant regulatory provisions.
The Memorandum defines the procedures for cooperation and information exchange between the Authorities for the purpose of exercising supplementary supervision over financial conglomerates and, as a “framework agreement”, provides for the possibility for the signatory Authorities to define further coordination agreements specific to individual conglomerates.
In view of the assignment to the Single Supervisory Mechanism of prudential supervisory tasks over “significant” banks, the Memorandum is now limited to financial conglomerates that include “less significant” credit institutions. It also specifies the operational procedures that the competent Authorities responsible for supplementary supervision over such conglomerates intend to follow for the calculation of the quantitative thresholds used to measure the significance of the insurance sector and of the banking/investment services sector in relation to the group as a whole, taking into account the nature of the shareholding links in place.
List of Italian financial conglomerates subject to supplementary supervision coordinated by the competent national Authorities with reference to data as at 31 December 2024 (published on 9 December 2025)
| Conglomerate | Prevailing sector | Coordinator | Relevant competent Authorities other than the coordinator |
|---|---|---|---|
| Generali | Insurance | IVASS |
Finanzmarktaufsichtsbehörde (Austria) Czech National Bank (Czech Republic) Autorité de Contrôle Prudentiel et de Résolution (France) Bundesanstalt für Finanzdienstleistungsaufsicht (Germany) Magyar Nemzeti Bank (Hungary) Bank of Italy (Italy) Dirección General de Seguros y Fondos de Pensiones (Spain) |
List of Italian financial conglomerates subject to supplementary supervision coordinated by the competent national Authorities with reference to data as at 31 December 2023 (published on 5 December 2024)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Generali | Insurance | IVASS |
List of Italian financial conglomerates subject to supplementary supervision coordinated by the competent national Authorities with reference to data as at 31 December 2022 (published on 23 November 2023)
List of Italian financial conglomerates subject to supplementary supervision coordinated by the competent national Authorities with reference to data as at 31 December 2021 (published on 2 December 2022)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Generali | Insurance | IVASS |
List of Italian financial conglomerates subject to supplementary supervision coordinated by the competent national Authorities with reference to data as at 31 December 2020 (published on 2 November 2021)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Generali | Insurance | IVASS |
| Mediolanum | Banking/financial | Bank of Italy |
List of Italian financial conglomerates subject to supplementary supervision coordinated by the competent national Authorities with reference to data as at 31 December 2019 (published on 17 December 2020)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Generali | Insurance | IVASS |
| Mediolanum | Banking/financial | Bank of Italy |
List of Italian financial conglomerates subject to and exempted from supplementary supervision with reference to data as at 31 December 2018 (published on 25 September 2019)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Generali | Insurance | IVASS |
| Mediolanum | Banking/financial | Bank of Italy |
| Unipol (*) | Insurance | IVASS |
(*) With regard to the Unipol financial conglomerate, the assessments provided for under Legislative Decree No. 142/2005 will be updated in light of the corporate transactions completed during 2019.
List of Italian financial conglomerates subject to and exempted from supplementary supervision with reference to data as at 31 December 2017 (published on 28 September 2018)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Generali | Insurance | IVASS |
| Mediolanum | Banking/financial | Bank of Italy |
| Unipol | Insurance | IVASS |
List of Italian financial conglomerates subject to and exempted from supplementary supervision with reference to data as at 31 December 2016 (published on 24 October 2017)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Generali | Insurance | IVASS |
| Mediolanum | Banking/financial | Bank of Italy |
| Unipol | Insurance | IVASS |
List of Italian financial conglomerates subject to and exempted from supplementary supervision with reference to data as at 31 December 2014 (published on 5 August 2015)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Azimut | Banking/financial | Bank of Italy |
| Carige (*) | Banking | Bank of Italy |
| Generali | Insurance | IVASS |
| Intesa Sanpaolo | Banking/financial | European Central Bank |
| Mediolanum | Banking/financial | Bank of Italy |
| MPS (exemption pursuant to Article 4, paragraph 1, letter a, of Legislative Decree No. 142/2005) |
Banking/financial | |
| Unicredit (exemption pursuant to Article 4, paragraph 1, letter a, of Legislative Decree No. 142/2005) |
Banking/financial | |
| Unipol | Insurance | IVASS |
(*) The Carige group met the requirements to be classified as a financial conglomerate on the basis of data as at the end of 2014 but, due to the disposal of all its insurance holdings with effect from 5 June 2015, it no longer qualified as a financial conglomerate at the time of publication of this list.
List of Italian financial conglomerates subject to supplementary supervision with reference to data as at 31 December 2013 (published on 4 July 2014)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Azimut (*) | Banking/financial | Bank of Italy |
| Carige | Banking/financial | Bank of Italy |
| Generali | Insurance | IVASS |
| Intesa Sanpaolo | Banking/financial | Bank of Italy |
| Mediolanum (**) | Banking/financial | Bank of Italy |
| Unipol | Insurance | IVASS |
(*) With regard to the insurance sector, the group includes only undertakings based in Ireland and, as such, not subject to supervision by IVASS.
(**) Please note that, as in previous years, the group shows balanced activity across the different sectors. As at 31 December 2013, however, the predominance of banking activity over insurance activity was confirmed and is structural in nature. The role of coordinating authority is therefore assumed by the Bank of Italy.
List of Italian financial conglomerates subject to supplementary supervision with reference to data as at 31 December 2012 (published on 5 August 2013)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Azimut (*) | Banking/financial | Bank of Italy |
| Carige | Banking/financial | Bank of Italy |
| Generali | Insurance | IVASS |
| Intesa Sanpaolo | Banking/financial | Bank of Italy |
| Mediolanum (**) | Banking/financial | Bank of Italy |
| Unipol | Insurance | IVASS |
(*) With regard to the insurance sector, the group includes only undertakings based in Ireland and, as such, not subject to supervision by IVASS.
(**) Please note that, as in previous years, the group shows balanced activity across the different sectors. As at 31 December 2012, however, the predominance of banking activity over insurance activity was confirmed and is structural in nature. The role of coordinating authority is therefore assumed by the Bank of Italy.
List of Italian financial conglomerates with reference to data as at 31 December 2011 (published on 21 September 2012)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Azimut (*) | Banking/financial | Bank of Italy |
| Carige | Banking/financial | Bank of Italy |
| Generali | Insurance | ISVAP |
| Intesa Sanpaolo | Banking/financial | Bank of Italy |
| Mediolanum (**) | Banking | ISVAP |
| Unipol | Insurance | ISVAP |
(*) With regard to the insurance sector, the group includes only undertakings based in Ireland and, as such, not subject to supervision by ISVAP.
(**) The group has balanced activity across the different sectors. As at 31 December 2011, the prevalence of the banking sector over the insurance sector was very limited and attributable to a cyclical variation in balance sheet aggregates, rather than to a change in the conglomerate’s strategy in the insurance sector. Coordination was therefore maintained by ISVAP.
List of Italian financial conglomerates with reference to data as at 31 December 2010 (published on 15 July 2011)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Azimut (*) | Banking/financial | Bank of Italy |
| Carige | Banking/financial | Bank of Italy |
| Generali | Insurance | ISVAP |
| Intesa Sanpaolo | Banking/financial | Bank of Italy |
| Mediolanum | Insurance | ISVAP |
| Unipol | Insurance | ISVAP |
(*) With regard to the insurance sector, the group includes only undertakings based in Ireland and, as such, not subject to supervision by ISVAP.
List of Italian financial conglomerates with reference to data as at 31 December 2009 (published on 9 July 2010)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Azimut (*) | Banking/financial | Bank of Italy |
| Carige | Banking/financial | Bank of Italy |
| Generali | Insurance | ISVAP |
| Intesa Sanpaolo | Banking/financial | Bank of Italy |
| Mediolanum (**) | Insurance | ISVAP |
| Unipol | Insurance | ISVAP |
(*) The group includes only insurance undertakings based in Ireland and, as such, not subject to supervision by ISVAP.
(**) The prevalence of activity in the banking sector within the Mediolanum group, which had been identified for the first time in the 2008 financial year, proved to be temporary, confirming the validity of the decision made the previous year to maintain ISVAP as coordinator of supplementary supervision.
List of Italian financial conglomerates with reference to data as at 31 December 2008 (published on 9 July 2009)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Azimut (*) | Banking/financial | Bank of Italy |
| Carige | Banking/financial | Bank of Italy |
| Generali | Insurance | ISVAP |
| Intesa Sanpaolo | Banking/financial | Bank of Italy |
| Mediolanum (**) | Banking/financial | ISVAP |
| Unipol | Insurance | ISVAP |
(*) The group includes only insurance undertakings based in Ireland and, as such, not subject to supervision by ISVAP.
(**) Coordination of supplementary supervision over the Mediolanum group was maintained by ISVAP in consideration of the fact that the prevalence of activity in the banking sector was identified for the first time in the 2008 financial year. Should the prevalence of activity in the banking sector become structural in future financial years, the assignment of the role of coordinator of supplementary supervision will be reviewed accordingly.
List of Italian financial conglomerates with reference to data as at 31 December 2007 (published on 2 October 2008)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Azimut (*) | Banking/financial | Bank of Italy |
| Banco di Desio e della Brianza | Banking | Bank of Italy |
| Carige | Banking | Bank of Italy |
| Generali | Insurance | ISVAP |
| Intesa Sanpaolo | Banking | Bank of Italy |
| Mediolanum | Insurance | ISVAP |
| Unipol | Insurance | ISVAP |
(*) The group does not include Italian insurance undertakings subject to supervision by ISVAP
List of Italian financial conglomerates with reference to data as at 31 December 2006 (published on 19 September 2007)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Azimut (*) | Insurance | Bank of Italy |
| Banco di Desio e della Brianza | Banking | Bank of Italy |
| Carige | Banking | Bank of Italy |
| Generali | Insurance | ISVAP |
| Intesa (**) | Banking | Bank of Italy |
| Mediolanum (**) | Insurance | ISVAP |
| Monte dei Paschi di Siena | Banking | Bank of Italy |
| San Paolo-IMI | Banking | Bank of Italy |
| Unipol | Insurance | ISVAP |
(*) The group does not include Italian insurance undertakings subject to supervision by ISVAP
(**) The two banking groups Intesa and San Paolo-IMI merged with effect from 1 January 2007.
With reference to financial statement data for the 2004 financial year, the following financial conglomerates were identified (published on 31 March 2006)
| Conglomerate | Prevailing sector | Coordinator |
|---|---|---|
| Carige | Banking | Bank of Italy |
| Intesa | Banking | Bank of Italy |
| Mediolanum | Insurance | ISVAP |
| Monte dei Paschi | Banking | Bank of Italy |
| San Paolo-IMI | Banking | Bank of Italy |
| Unicredito | Banking | Bank of Italy |
| Unipol | Insurance | ISVAP |
Special section of trust companies (SIM fiduciarie)
The register provided for in Article 20 of Legislative Decree 58 of 24 February 1998 is for the following types of intermediaries:
- Italian investment firms (SIMs);
- Register of Italian investment firms_special section_Class 1
- Trust companies (SIM fiduciarie) referred to in the first sentence of Article 60.4 of Legislative Decree 415/1996.
- Companies of non-EU countries other than banks authorized by Consob to operate in Italy with branches ;
- Class 1 companies of non-EU countries other than banks authorized by Consob to operate in Italy with branches
- Companies of non-EU countries other than banks authorized by Consob to operate in Italy without branches;
- Class 1 companies of non-EU countries other than banks authorized by Consob to operate in Italy without branches
- List of investment firms authorized in other EU states with branches in Italy;
- Class 1 investment firms authorised in other EU countries with branches in Italy
- List of investment firms authorized in other EU states without branches in Italy;
- Class 1 investment firms authorised in other EU countries without branches in Italy
- Companies of non-EU countries other than banks authorized in other EU countries pursuant to art. 47 (3) of MiFIR (at the present time there are not companies);
A list of EU investment firms is attached to the register, as required by Article 20 of Legislative Decree 58 of 24 February 1998.
The lists of investment firms authorized in other EU countries are updated on the basis of the notifications received by the home country supervisory authorities only.