Structure - CONSOB AND ITS ACTIVITIES
The structure is divided into 9 Divisions (with 40 coordinated offices), the Legal Advice (with 4 coordinated offices), and 9 non-coordinated offices.
The General Direction implements the guidelines issued by the Board and the Chairman, ensuring management through coordination of the structures on the basis of the tasks and powers defined in the Regulation on Organisation and Operations, in the Regulation on Administration and Accounting and in the Regulation on Personnel. A Commission is appointed based on the Chairman's proposal.
The Deputy Director General, appointed by the Commission based on the Chairman's proposal, assists the Director General in the performance of his/her duties and acts in his/her lieu in the case of his/her absence or impediment. The Commission may assign the Deputy Director General powers, duties and specific tasks. The Director General may issue specific instructions to delegate his/her duties to the Deputy Director General.
Director General: Enrico AJELLO
Deputy Director General: Tiziana TOGNA
The General Secretariat assists the Chairman and the Board members in performing their duties of guidance and control, collaborating, in particular, on the definition and verification of regulatory strategies and of strategic and operating plans. The General Secretary is appointed, based on the Chairman's proposal, by a Commission resolution.
General Secretary: Maria Antonietta SCOPELLITI
Assists the Commission in legal affairs, providing advisory services and legal defence, and ensuring coordination of the legal training, research and legal studies activities.
Advice and Disputes Instrumental and Supporting Activities
This office guarantees legal assistance in the preparation, interpretation and application of provisions regarding the instrumental and supporting activities and manages the relative disputes. It manages the disputes relative to claims for damages filed against CONSOB before the civil courts.
Manager: Giuliana Manto
Issuers Advice and Disputes Office
This office guarantees legal assistance in the preparation, interpretation and application of provisions regarding issuers and manages the relative disputes.
Manager: Gianfranco Randisi
Intermediaries and Markets Advice and Disputes Office
This office guarantees legal assistance in the preparation, interpretation and application of provisions regarding intermediaries and the markets and manages the relative disputes.
Manager: Paolo Palmisano
Criminal Disputes and Relations with the Judiciary Office
This office manages disputes regarding claims for damages filed before criminal courts and maintains relations with the Judiciary.
Manager: Debora Spedicati
Non Equity Issuers Office
Manager: Guglielmina Onofri
This office is responsible for the transparency and correctness of the issuer information provided to the public in the offer / quotation documentation of non-reputed capital securities issued by supervised entities (banks, insurance and non-bank intermediaries).
Information on Extraordinary Finance Operations Office
Manager: Maria Cristina Lena
This office ensures the correctness and transparency of the information given to the public on non-routine financial operations carried out by issuers of listed securities or originating from listed issuers, including the prospectuses of offering/quotations of capital instruments and corporate bonds issued by the same.
Equity Prospectuses and IPO Office
Manager: Renato Maviglia
The Equity Prospectuses and IPO Office ensures the completeness, the consistency and the comprehensibility of the information given to the public in the prospectuses drawn up by unlisted companies when equity securities and corporate bonds are offered to the public or admitted to trading on the regulated market. The Office supervises the listing process of issuers of unlisted equity securities and corporate bonds.
Issuers Information Supervision Office
Manager: Silvana Anchino
The Accounting Rules Office controls the correctness and completeness of the economic and financial situation and management information of issuers listed on regulated markets or widespread issuers. It draws up regulatory deeds on financial information, including accounting rules.
Corporate Controls and Shareholders' Rights Protection OfficeManager: Francesca Fiore
tel. 06/8477537, 06/8477520
This office ensures compliance with laws governing correct corporate governance and exercising shareholders' rights of listed and widespread issuers, and respect for the provisions governing transactions with related parties and shareholders' meetings of listed and widespread issuers.
Takeover Bids and Ownership Structures Office
Manager: Silvia Carbone
This office ensures respect for the regulations governing takeover bids and public underwriting offers as well as those governing obligatory takeover bid conditions and the information obligations relative to corporate ownership.
Legal Auditors Supervision Office
Manager: Roberto Polegri
This office ensures the independence and the technical skills of legal auditors and legal auditing firms mandated to audit the accounts of entities of public interest.
Market Abuse Office
Manager: Carlo Milia
The Market Abuse Office carries out inquiries and activities to counteract market abuse (insider trading and market manipulation).
Quantitative Analysis and Financial Innovation Office
This office carries out quantitative analyses instrumental to the performance of the continuous market monitoring activities and, at the request of other organisation units, carries out quantitative analyses and continuous preventive risk-based supervision, including the activities of its responsibility linked to supervising financial-insurance products.
Manager: Paolo Marchionni
This office ensures respect for the rules of correctness, transparency and confidentiality in the communication of privileged information by issuers and third parties, concerning the issuers of listed or widespread financial instruments.
Manager: Salvatore Lo Giudice
The Post-Trading Office supervises to ensure correct functioning of post-trading infrastructures and of dematerialisation.
Market Infrastructure Supervision Office
Manager: Isadora Tarola (temporary regency)
This office supervises the correct functioning of the infrastructures for financial instruments and derivatives trading, and the relative regulations and the relative managers.
Spot and Derivative Markets Operations Office
Manager: Paola Deriu
This office ensures the correct functioning and integrity of spot and derivative markets.
Legal Office of Investment Ratings and Recommendations
Manager: Neomisio Susi
This office supervises the dissemination of the information contained in the ratings or in the investment recommendations concerning Italian financial instruments or issuers, or Italian sovereign debt .
Banks and insurance companies Supervision Office
Manager: Francesco Adria
This office supervises the provision of investment services/activities and distribution of financial products issued by banks and insurance companies carried out by banks and, for certain aspects of their responsibility, insurance companies.
Investment Firms Supervision Office
Manager: Giovanni Musella
This office supervises the provision of investment services/activities and distribution of financial products issued by banks and insurance companies carried out by investment firms; the office also manages the register of investment firms.
Placing Intermediaries and Advisors Supervision Office
Manager: Flavio Bongiovanni
This office supervises the provision of investment services/activities and distribution of financial products issued by banks and insurance companies carried out by banks and investment firms that operate mainly through door-to-door selling and supervises on the activities of the Body in charge of the single Register of advisors.
AMC and UCITS Supervision Office
Manager: Andrea Turi
This office supervises the activities of the AMCs and SICAVs and monitors the information given to the public on UCITS or share offers.
Non-Equity Prospectuses Office
Manager: Alessandra Limosani
This office ensures the transparency and correctness of the information supplied to the public in the documentation of offers/quotations of securities not representing capital issued by supervised subjects (banks, insurance companies and non-bank intermediaries).
Issuers and Auditors Inspections Office
Manager: Angela Giorgio
This office carries out inspections at the request, mainly, of the Issuers Information Division and of the Corporate Governance Division.
Intermediaries and Markets Inspections Office
Manager: Giovanni Cantù
This office carries out inspections at the request, mainly, of the Intermediaries Division and of the Markets Division.
Abusive Phenomena and Money Laundering Inspections Office
Manager: Cristina Di Biase
This office carries out inspections and relative supervisory activity for the prevention of money laundering at the supervised subjects. It investigates cases of market abuse carried out via the internet or by other distance communication techniques.
Economic Research Office
Manager: Nadia Linciano (temporary regency)
This office assists in supervising and analysing the economic situation of the financial markets, the systemic risks and the evolution of the international regulatory framework; it carries out research and analysis in the economic and financial fields, promoting CONSOB participation in the scientific debate. It prepares the Annual Report.
Strategic Planning Office
Manager: Paolo Ferrara
The Strategic Planning Office provides the Institute's strategic and operational planning and the relative monitoring activity.
Manager: Gaetano Nicola Finiguerra
The Statistics Office manages the supervisory databases, ensuring the quality of the data available, and managing the information flows from the supervised subjects, other Institutions and the supervisory authorities.
Legal Studies Office
Manager: Gianfranco Trovatore
The Legal Studies Office prepares studies and research of a legal nature on matters of institutional interest in support of the production of proposals for primary and secondary legislation; it promotes CONSOB participation in the scientific debate.
Manager: Maria Giuseppina Crisafi
Manages the Library.
This office ensures the implementation of the protective measures and compliance with the obligations relative to workers' health and safety.
Economic Administration of Personnel Office
Manager: Luciana Libonati
This office provides the economic-administrative management of labour relations and the procedures linked to the economic administration of retired personnel; it participates in the regulatory activity regarding personnel.
Resource Management and Training Office
Manager: Luca Menicucci
This office provides the legal-administrative management of labour relations; draws up programmes in order to meet personnel needs and the implementation of the relative selection processes; it manages the performance assessment process and also deals with staff training and the development of skills and professional growth; it participates in the regulatory activity concerning personnel.
Trade Union Relations Office
Manager: Antonio Boccellato
The Trade Union Relations Office manages relations with trade unions; it participates in the regulatory activity relative to personnel.
Administration and Contracts Office - Rome
Manager: Barbara Catania
This office acquires and manages the Institutes's assets, services and works relative to the Rome head office and those of the municipalities, providing - for the Rome office - for the management of fixed and non-fixed assets, general services and the central archive.
Administration and Contracts Office - Milan
Manager: Giuseppe Ferrari
This office acquires and manages the Institute's assets and services for the Milan office, providing for the management of fixed and non-fixed assets, general services and the central archive.
Workplace Health and Safety OfficeManager: Ciro Maiello
This office ensures the implementation of the protective measures and compliance with the obligations relative to workers' health and safety.
Manager: Mauro Bellofiore
The Regulations Office lays down the Institute's regulatory strategies, identifying regulatory priorities and coordinating the preparatory process of secondary legislation, and also draws up hypotheses for the amendments of primary legislation.
Regulation Impact Analysis Office
Manager: Adriana Rossetti (temporary regent)
This office assesses the impact of regulations and the relative costs, and monitors the effects.
Public Relations Office
Manager: Antonella Nibaldi
This office deals with relations with the public, implementing the prescriptions of Italian Law no. 241/1990, and carrying out editorial initiatives on the Institute's activity.
Consumer Protection Office
Manager: Enea Franza
The Consumer Protection Office manages relations with small investors and with the relative associations, implementing initiatives aimed at increasing financial culture and managing complaints.
Abusive Phenomena Surveillance Office
Manager: Mauro Lorenzoni (temporary regent)
This office controls the cases of abuse envisaged by legislation relative to intermediaries and issuers.
Manager: Marco Policastro
The Architecture Office designs, plans, builds and manages, for the hardware aspects, basic and telecommunications software, and the architecture and infrastructure of the information systems, ensuring respect for the agreed service levels.
Informatics Safety Office
Manager: Claudio Gentili
It ensures the security of information systems of the Institute.
Application Development Office
Manager: Luciano Lucchesi
This office designs, plans, builds and manages, for the software aspects, the Institute's architecture, applications and databases.
Non coordinated offices within the sphere of divisions
Manager: Bruno La Tassa
This office manages the Institute's financial and economic-financial accounting, preparing the budget and the final statement and managing the taxation system and the financial resources.
Manager: Vito Riccardo Carriero
This office assists the Commission ensuring liaison between the regulatory activity of Parliament and the Chairman of the Cabinet.
Manager: Martina Tambucci
The International Relations Office assists the Commission, dealing with relations with foreign bodies and the EU authorities and ensuring consistency in the Institute's international position.
Manager: Manlio Pisu
The Press Office manages relations with the media, promoting CONSOB's public image and distributing news of interest within the Institute.
Manager: Vincenzo Cimino
This office provides activities that are instrumental to the performance of the works of the Commission and the organisation of Technical Committee meetings.
Manager: Marina Cicchetti
The Internal Audit Office assists the Commission in verifying and assessing the legitimacy, regularity and correctness of the administrative action and in the management of risks that could compromise the effectiveness and efficiency of the operating processes in respect of the Institute's aims and the reliability and integrity of the information.
Manager: Enea Franza (ad interim)
This office provides the activities that are instrumental to the work of the Conciliation and Arbitration Chamber.
Manager: Simone Alvaro
This office formulates proposals for applying sanctions or filing sanctions proceedings deriving from the supervisory activity of the competent organisational units on the basis of actions relating to the first and second investigatory stage of sanctions proceedings.
Manager: Serenella Maria Pizzoferrato
This office carries out the activities necessary for the establishment and operation of the Arbiter for Financial Disputes (ACF) and the smooth and orderly conduct of the proceedings.