The framework starts with ESMA's EU-wide product intervention rules, which CONSOB turned into permanent national measures for Italy under Resolution no. 21171 of December 2019. For retail contracts for difference, providers cannot offer monetary or non-monetary incentives. Deposit matches, welcome bonuses and trade-linked rewards on CFD or forex accounts are not allowed for Italian retail clients.
Alongside the bonus ban, the same regime caps leverage by instrument, requires negative balance protection and margin close-out on a per-account basis, and mandates a standardised risk warning. These measures sit together, and the no-incentives rule is one of them. The aim was to stop promotions that pushed clients to trade more than they otherwise would.
The restrictions apply to leveraged CFD products, not to everything. A broker offering real shares can still run a free-share or fee-rebate promotion on a stock account, and crypto platforms under their own registration may still offer sign-up rewards. But where an incentive is tied to CFDs or forex and aimed at Italian residents, a compliant provider will not be paying it.