National Cooperation

Various regulatory authorities and market bodies contribute to the organization and operation of the Italian financial market. The overall consistency and effectiveness of their action are ensured by cooperation that takes the form of proposals, opinions, understandings and information sharing.

With public authorities

  • The Ministry of the Economy and Finance:
    • Consob submits proposals to the Ministry for the imposition of penalties on corporate officers of the companies subject to its supervision;
    • it renders an opinion on the regulations issued by the Ministry (integrity and experience requirements for intermediaries' corporate officers and financial salesmen, the discipline of the statutory audit and related supervisory activities etc.).
  • The Bank of Italy, the Pension Fund Regulatory Authority (Covip), the Insurance Industry Regulatory Authority (Ivass, former Isvap).
    • Consob shares information with the Bank of Italy, Covip, Ivass so as to permit the performance of their respective tasks in the supervision of intermediaries;
    • it gives its agreement to or opinion on measures in the field of securities intermediation falling within the scope of the authority of the Bank of Italy, Covip and Ivass.

Other public authorities

  • Consob cooperates with other Italian public authorities by sharing information, within the limits permitted by professional secrecy.

With market bodies

  • Consob's relations with market bodies are governed by the statutory provisions that entrust it with their supervision. There are also forms of cooperation aimed at ensuring conditions conducive to the smooth operation and development of the securities markets.

With trade associations

  • Consob cooperates with and consults trade associations and takes account of their comments in the performance of its regulatory functions.

With the judicial authorities

  • Consob cooperates with the judicial authorities by providing information they request and reporting facts of potentially penal significance that emerge in the performance of its activities.