Società di Intermediazione Mobiliare (SIM) are, as set out by their statute “Testo unico in materia di intermediazione finanziaria” (Rules and regulations concerning stock market trading)1, investment companies that are different from banks and other regulated financial bodies. These companies can trade for themselves (brokerage) or for third parties (dealing). SIMs are also allowed to offer other related or secondary financial services to the public. As opposed to SGRs, SIMs must seek permission from the Consob, which, with the approval of the Bank of Italy, then authorizes the SIM to carry out investment services.
1Please see art. 26 of decree-law D. lgs. n.58 of 25 February 1998, "Testo unico delle disposizioni in materia di intermediazione finanziaria, ai sensi degli articoli 8 e 21 della legge 6 febbraio 1996, n. 52".