Commissione Nazionale per le Società e la Borsa (CONSOB; Italian Companies and Exchange Commission) is the government authority of
Italy
Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical re ...
responsible for regulating the Italian securities market. This includes the regulation of the Italian stock exchange, the
Borsa Italiana
Borsa Italiana, based in Milan, is the Italian stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and intermediaries and supervising disclosures for listed companies.italy24.ils ...
.
History
The Italian Companies and Exchange Commission (CONSOB) was founded in 1974 through legislation merging the functions and jurisdictions that until then had been part of the Italian Ministry of Treasury. This was primarily power to monitor the securities markets.
Over time CONSOBs powers and responsibilities have expanded significantly. In 1983 a new law extended its jurisdiction to protecting public savings, and two years later CONSOB received juridical personality and autonomy. In 1991, it was attributed powers to audit securities brokerage companies and monitor insider trading.
Responsibilities and functions
CONSOB carries out several functions:
* it regulates the investment services and operations of intermediaries, the reporting obligations of companies listed on regulated markets, and the solicitation of investment from the public;
* it authorizes the operations of regulated markets, the publication of prospectuses, the centralized management of financial instruments, and enrolment in registers;
* it monitors the operations of market management companies, the transparency and orderly conduct of trading, and the transparency and fairness of the conduct of intermediaries and financial representatives;
* it penalizes any unfair conduct by the above-mentioned parties;
* it checks the information provided to the market by entities that solicit investment from the public, as well as the information contained in the accounting documents of listed companies.
Organisation structure
CONSOB is headed by a collegiate body consisting of a chairman (as of November 2019
; his predecessors include Mario Nava,
Giuseppe Vegas, Lamberto Cardia,
Luigi Spaventa
Luigi Spaventa (5 March 1934–6 January 2013) was an Italian academic. He served as a cabinet minister at different Italian governments. He was a member of the Italian Parliament from 1976 to 1983.
Early life and education
Spaventa was born in ...
, Enzo Berlanda, and Franco Piga) and four members, appointed by a decree of the President of the Republic on the proposal of the President of the Council of Ministers, who remain in office for seven years and their term is non-renewable. The organizational structure includes a central management committee under which there are eleven departments (issuers, intermediaries, markets, etc.) and thirty-nine divisions (company controls, public tender offers and ownership structure, financial representatives monitoring and register, insider trading, derivatives markets, etc.), with offices in
Rome
, established_title = Founded
, established_date = 753 BC
, founder = King Romulus (legendary)
, image_map = Map of comune of Rome (metropolitan city of Capital Rome, region Lazio, Italy).svg
, map_caption ...
and
Milan
Milan ( , , Lombard: ; it, Milano ) is a city in northern Italy, capital of Lombardy, and the second-most populous city proper in Italy after Rome. The city proper has a population of about 1.4 million, while its metropolitan city h ...
.
See also
*
Securities Commission
References
External links
*
1974 establishments in Italy
Government agencies established in 1974
Securities and exchange commissions
Financial regulatory authorities of Italy
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