Laws And Regulations Consob: Sanctions Regime And Procedure

Laws and regulations Consob: Consob's role?

Consob (National Commission for Companies and the Stock Exchange) is an independent administrative authority, with an independent legal personality, which performs financial market supervisory functions, in terms of transparency and correct execution of the rules of conduct.

The role of Consob is to make sure that the supervised subjects, or the financial intermediaries, act in accordance with the law and the single financial text, in the appropriate ways and times, to allow investors and analysts to assess the risks of any investments.

The supervisory functions of Consob can be summarized as follows:

- regulatory supervision;

- information supervision;

- inspection supervision;

- sanctioning supervision.

There are different sectors where it carries out its supervisory function:

- regulated markets;

- management company;

- trading in regulated markets;

- trading systems other than regulated markets;

- systems of centralized management and of clearing, settlement and guarantee;

- services for the dissemination and storage of regulated information;

- authorized intermediaries;

- financial promoters;

- body for the maintenance of the Register of financial advisors;

- body of financial consultants;

- listed companies;

- parties that promote offers of financial products to the public;

- statutory auditors and legal auditing companies from entities acting in public interest.

Consob, in the criminal proceedings, exercises the rights and faculties recognized by the code of criminal procedure to the bodies and associations representing interests damaged by the crime.

With regard to relations with the judiciary (governed by the provisions of Article 187i of the TUF), Consob collaborates with the judicial authority through the exchange of information, in order to ascertain whether or not it constitutes a crime. In this sense, the public prosecutor who receives a crime report will inform the Consob President so that an assessment procedure is initiated as a result of which Consob will send a motivated report to the public prosecutor, as well as the documentation gathered while carrying out the aforementioned activity.

In the same way, the assessment activity can be boosted by the Body itself, or on the initiative of Consob employees in the performance of their functions.

Consob may become a civil party in the criminal proceedings and request compensation for the damage caused by crimes committed against the...