CONSOB - Supervisor of the Italian capital market

CONSOB is short for Commissione Nazionale per le Società e la Borsawhich translates as the National Commission for Companies and Stock Exchanges. It is a government body with the task of regulating and supervising the Italian capital market. CONSOB is therefore also responsible for the supervision of Borsa Italiana. The Commission has two offices in Rome and Milan.

We regularly publish a list of entities suspected of conducting illegal investment activities, including those against which the Italian CONSOB warns. Follow the department List of warnings, stay tuned and don't be fooled!

The history of the National Commission for Companies and Stock Exchanges dates back to the mid-1974s. CONSOB was founded in 1983 as a result of the merger of many departments that were subordinate to the Italian Ministry of the Treasury. The competences of CONSOB expanded over time. In 1991, a new law extended the scope of duties to protect public savings. Two years later, CONSOB was granted legal personality and autonomy. In XNUMX, authorizations were given to audit brokerage firms and to monitor trading in securities (in terms of insider trading). It is worth mentioning that at the end of March each year, CONSOB submits a report to the Ministry of Economics and Finance.

What does CONSOB do?

The Commission is responsible for the following areas:

• It regulates financial services, the activities of intermediaries. 
• Supervises the reporting obligations of listed companies on regulated markets.
• It allows to operate on regulated markets and accepts issue prospectuses.
• Cares for transparency and proper functioning of the capital market.
• Penalty for non-compliance by companies and individuals with market regulations.
• He cooperates with international and national agencies that deal with the regulation of the financial market.

What is the structure of CONSOB

The organization is divided into 10 Departments, incl. Emissions, Corporate Governance, Market Department, Regulatory Strategy etc. These departments manage 41 departments with specialized tasks. For example, the Emissions Department includes, inter alia, a branch responsible for the Issue Prospectus and IPO.

The Commission is chaired by a collective body consisting of the chairman (Paolo Savona has held this position since November 2019) and four members. All members of the body are appointed by a decree of the President of the Italian Republic. The appointment is made at the request of the Prime Minister. Members of the collegiate body are appointed for a period of 7 years, without the possibility of dismissal from the term of office. This makes CONSOB less sensitive to potential government pressure. Currently, the collegiate body is composed as follows:

• Paolo Savona - chairman of the CONSOB
• Giuseppe Maria Berruti
• Carmine DiNoia
• Paul Ciocca
• Clare Moscow

Paolo Savoa

He was born in 1936. He is an Italian economist, politician and academician. From June 2018 to March 2019, he was the Minister of European Affairs in the government of Prime Minister Conte. In 1961 he graduated in economics from the University of Cagliari. After graduation, he started working at the Bank of Italy (Central Bank), where he worked until 1976. During the XNUMXs and XNUMXs, Paolo held high positions in financial institutions. He was, inter alia, the president of the credit institution Credito Industriale Sardo, he managed the Banca Nazionale del Lavoro and the president of Aeroporti di Roma.

Giuseppe Maria Berruti

He was born in 1944. In 1966 he graduated in law from the University of Naples. He has been associated with the law for most of his career. For example, in the years 1969 - 1980 worked as a judge. From February 2016  is a CONSOB member.

Carmine DiNoia

She is 54 years old. In 1989 he graduated in economics and commerce at the University of Rome, La Sapienza. From 1995 to 2001, he worked at CONSOB in various positions (including Economist). In the years 2003 - 2016 he was the General Director of Assione (Association of Italian Corporations). From 2016, he returned to CONSOB again.

Paul Ciocca

He was born in Rome in 1963. He graduated from Ekonomia, then earned a doctorate in corporate income tax. In the years 1991 - 1998 he worked as a clerk at the Bank of Italy. It is also worth mentioning that Paolo Ciocca also worked for several years at the Ministry of Economy and Finance. In 2018, he started working at CONSOB.

Clare Moscow

In 1997, she graduated in Business Administration from the Bocconi University. In 2000, she graduated from the London School of Economics (Law and Accounting). From 2021, she was nominated for a 7-year term at CONSOB by the President of the Italian Republic.