| Italian Securities and Exchange Commission | |
|---|---|
| Commissione Nazionale per le Società e la Borsa | |
| Agency overview | |
| Formed | 1974 |
| Jurisdiction | Italy |
| Headquarters | Rome, Italy |
| Agency executives | Giuseppe VEGAS, Chairman Antonio ROSATI, Director General |
| Website | |
| http://www.consob.it | |
Commissione Nazionale per le Società e la Borsa (more commonly know by its acronym CONSOB) or Italian Securities and Exchange Commission is the government authority of Italy responsible for regulating the Italian securities market. This includes the regulation of the Italian stock exchange the Borsa Italiana [1].
Contents |
The Italian Securities and Exchange Commission (CONSOB) was founded 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.
CONSOB carries out several functions:
CONSOB is headed by a collegiate body consisting of a chairman (as at Jan 2011 Giuseppe Vegas; his predecessors include Lamberto Cardia, Luigi Spaventa, 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 and Milan.