CONSOB

Consob, officially the Commissione Nazionale per le Società e la Borsa, is the Italian public authority responsible for regulating and supervising the securities and financial markets. Its mandate is to protect investors, maintain orderly and transparent markets, and oversee market integrity across listed companies, investment firms, and financial intermediaries operating in Italy.

The regulatory framework combines national legislation and European Union directives. Core provisions are laid down in the Testo unico della finanza (Legislative Decree No. 58/1998) and subsequent amendments, which assign Consob tasks such as registering and supervising investment services firms, asset managers, and collective investment schemes; authorising and overseeing regulated markets and trading systems; requiring disclosure by issuers; and enforcing rules against market abuse, insider trading, and misleading communications.

Consob has enforcement and supervisory powers, including licensing and registration of market participants, ongoing supervision, investigation of breaches, and the authority to impose sanctions, corrective measures, or temporary bans. It also monitors market conduct, reviews corporate disclosures, and issues regulations and decisions that guide market participants.

Governance is provided by a president and a collegiate body of commissioners. The authority is independent in its regulatory and supervisory functions but operates within the framework of Italian public administration and reports to the Ministry of the Economy and Finance. Consob cooperates with other national authorities and participates in European bodies such as the European Securities and Markets Authority (ESMA).

Consob’s activities include supervising the Italian stock exchange and other trading venues, overseeing disclosures and prospectuses for public offerings, and promoting investor education and protection. It maintains public records, conducts market surveillance, and publishes guidance and annual reports on its oversight activities.