Legal Framework


Resolution no. 21300

Suspension until 3 April 2020 of the terms set out in the "Consob sanctioning regulation, pursuant to article 24 of Law no. 262 of 28 December 2005"

THE NATIONAL COMPANIES AND STOCK EXCHANGE COMMISSION

HAVING REGARD TO the Law of 7 June 1974, no. 216 and subsequent modifications;

HAVING REGARD TO the Legislative Decree of 24 February 1998, no. 58 (Consolidated Law on Finance - "TUF") and subsequent modifications;

HAVING REGARD TO the Article no. 24 of Law no. 262 of 28 December 2005, containing «Provisions for the protection of savings and the regulation of financial markets», and subsequent modifications;

HAVING REGARD TO the "Consob regulation on sanctioning proceedings, pursuant to Article no. 24 of Law no. 262 of 28 December 2005» and subsequent modifications, adopted with Resolution no. 18750 of 19 December 2013 and subsequent modifications («Regulation no. 18750/2013»);

HAVING REGARD TO the Presidential Decree (D.P.C.M.) of 9 March 2020, through which all the measures to contain the contagion from COVID-19, already provided for by the D.P.C.M. of 8 March 2020, have been extended to the whole national territory;

CONSIDERING that these measures, imply - for the protection of public health - strong restrictions on the mobility and mutual contact of individuals also together with their Lawyers, and could preclude insofar the recipients of the sanctioning procedures from the effective exercise of their participatory faculties recognized to them by Regulation no. 18750/2013, as in the provision expressed by Article no. 24 of Law no. 262/2005, according to which "the sanctioning procedures are carried out in compliance with the principles of full knowledge of the investigative documents, of the adversarial proceedings, of the minutes [...]";

CONSIDERING, moreover, that these limitations prevent the aforementioned subjects from going themselves to the Consob offices to access the documentation relating to the sanctioning procedure initiated against them, or from participating in any personal hearings required for the duration of the same, thus being suitable for determining a compression of the right to participate, of which the aforementioned faculties represent an important expression;

CONSIDERING the need to adopt a general provision that, for protecting the addressees of the proceedings, may temporarily counter the prejudicial effect of the provisions adopted with the Presidential Decree on the exercise of their participatory faculties, providing for a temporary suspension of all the terms connected with the sanctioning procedures already initiated by Consob, having altogether the same duration as the aforementioned provisions and being referable to all the terms related to the procedure;

RESOLVES AS FOLLOWS:

Until 3 April 2020 all the terms related to the procedure provided for by Regulation no. 18750/2013, in relation to the sanctioning procedures already initiated by Consob or to be initiated after the date of adoption of this resolution, are suspended.

12 March 2020

THE CHAIRMAN
Paolo Savona