Workshops and Conferences

Workshop and conferences

Webinar "The takeover BIDS in Italy from 2007 to 2019, empirical evidence and hints for thought" - 19^th February 2021, at 4 p.m.

On 19^th February 2021, starting at 4 p.m. Consob, Bocconi University and the review Rivista delle società organize a seminar for the presentation of the Discussion Paper "The takeover bids (OPA) in Italy from 2007 to 2019, empirical evidence and hints for thought".

Marco Ventoruzzo (Bocconi University) and Gianfranco Trovatore (Consob) introduce the workshop.

This will be followed by the presentation of the study by Valeria Ponziani (University of Rome Tor Vergata) and Federico Picco (Consob) and the discussion with the participation of Marcello Bianchi (Assonime), Concetta Brescia Morra (Roma Tre University), Carmine di Noia (Consob Commissioner) and Raffaele Lener (University of Rome Tor Vergata). Final remarks by Piergaetano Marchetti (Bocconi University).

To participate in the event please click here: https://eu.bbcollab.com/guest/87c61dd4c7cf4d08a872e4b1f607ade7.

Poster

Last online seminar of the series "Securities Markets: Trends, Risks and Policies"

On January 27, 2021, at 3.00 pm (CET), Anna Bayona (Esade Business School) will present the paper: "Information and Optimal Trading Strategies with Dark Pools".

The webinar is the last of a series of 10 seminars organised by CONSOB, ESMA and Bocconi University, through its BAFFI - CAREFIN research center on the following topics: market microstructure, post-trading and market efficiency; corporate governance and sustainability; investor protection and financial innovation in securities markets.

Massimo Guidolin (Bocconi University) will open the webinar and Martin Haferkorn (Risk Analysis Officer, ESMA) will discuss the paper.

Link to participate: https://global.gotomeeting.com/join/755296861

Seminars series

Abstract

Ninth online seminar of the series "Securities Markets: Trends, Risks and Policies"

On January 20, 2021, at 3.00 pm (CET), Diane Pierret (University of Luxembourg) will present the paper "Similar Investors".

The webinar is the ninth of a series of 10 seminars organised by CONSOB, ESMA and Bocconi University, through its BAFFI - CAREFIN research center on the following topics: market microstructure, post-trading and market efficiency; corporate governance and sustainability; investor protection and financial innovation in securities markets.

Christian Winkler (Team Leader Markets and Investors, Risk Analysis and Economics Department, ESMA) will open the webinar and Antoine Bouveret (ESMA) will discuss the paper.

Link to participate: https://global.gotomeeting.com/join/755296861.

Seminars series

Abstract

Eighth online seminar of the series "Securities Markets: Trends, Risks and Policies"

On January 13, 2021, at 3.00 pm (CET), Nicola Borri (LUISS University) will present the paper "Cryptomarket Discounts".

The webinar is the eighth of a series of 10 seminars organised by CONSOB, ESMA and Bocconi University, through its BAFFI - CAREFIN research center on the following topics: market microstructure, post-trading and market efficiency; corporate governance and sustainability; investor protection and financial innovation in securities markets.

Claudia Guagliano (Esma) will open the webinar and Maha Al-Saadi (Deutsche Börse) will discuss the paper.

Link to participate: https://global.gotomeeting.com/join/755296861

Seminars series

Abstract

Seventh online seminar of the series "Securities Markets: Trends, Risks and Policies"

On January 11, 2021, at 3.00 pm (CET), Yazhou Ellen HE (University of Manchester) will present the paper "ES Risks and Shareholder Voice".

The webinar is the seventh of a series of 10 seminars organised by CONSOB, ESMA and Bocconi University, through its BAFFI - CAREFIN research center on the following topics: market microstructure, post-trading and market efficiency; corporate governance and sustainability; investor protection and financial innovation in securities markets.

Nadia Linciano (Head of Economic Studies Unit Research Department Consob) will open the webinar and Giovanni Petrella (Cattolica University) will discuss the paper.

Link to participate: https://global.gotomeeting.com/join/755296861

Seminars series

Abstract

Sixth online seminar of the series "Securities Markets: Trends, Risks and Policies"

On December 16, 2020, at 3.00 pm (CET), Vitor G. AZEVEDO (TUM School of Management, Technical University of Munich) will present the paper "Investor sentiment and the time-varying sustainability premium".

The webinar is the sixth of a series of 10 seminars organised by CONSOB, ESMA and Bocconi University, through its BAFFI - CAREFIN research center on the following topics: market microstructure, post-trading and market efficiency; corporate governance and sustainability; investor protection and financial innovation in securities markets.

Nadia Linciano (Responsabile Ufficio Studi Economici CONSOB) will open the webinar and Rocco Ciciretti (University of Rome Tor Vergata) will discuss the paper.

Link to participate: https://global.gotomeeting.com/join/755296861

Seminars series

Abstract

Fifth online seminar of the series "Securities Markets: Trends, Risks and Policies"

On December 14, 2020, at 2.30 pm (CET), Giulio ANSELMI and Giovanni PETRELLA (Università Cattolica del Sacro Cuore) will present the paper "Regulation and stock market quality: the impact of MiFID II on liquidity and efficiency of European stocks".

The webinar is the fifth of a series of 10 seminars organised by CONSOB, ESMA and Bocconi University, through its BAFFI - CAREFIN research center on the following topics: market microstructure, post-trading and market efficiency; corporate governance and sustainability; investor protection and financial innovation in securities markets.

The webinar speakers include Claudia Guagliano (ESMA) and Gianluigi Gugliotta (Assosim).

Link to participate: https://global.gotomeeting.com/join/755296861

Seminars series

Abstract

Presentation of the third edition of the mirroring survey on financial advisor-investor relationship – Focus 2020 on sustainability and investments - 14 December 2020, 4.00 pm - 5.15 pm

The survey, by Nadia Linciano and Paola Soccorso (CONSOB Economic Studies Unit), Joe Capobianco (Bologna Business School – Università Alma Mater Studiorum) and Massimo Caratelli (Università degli Studi Roma Tre), analyses the financial advisor-investor relationship in order to identify areas for improvement due to gaps in communication, limited knowledge and poor exchange of information.

The 2020 Report investigates whether the financial advisor-investor relationship may lead to a higher consideration of the ESG factors in the individuals' investment process by leveraging on the communication between the parties involved.

Professor Anna Genovese (Consob Commissioner) will open the proceedings.

Poster

Program

Presentation of mirroring survey, by Nadia Linciano and Massimo Caratelli

Presentation of the sixth report Consob on Financial Investments of Italian households - 10 December 2020, 11.30 am - 13.15 am

The Report presents evidence on the investment choices of Italian households with the aim of gaining insights as to how they manage investment decisions and the main risks they may take.

The Report is based on the Survey ‘The approach to finance and investment of Italian households' administered by GfK Italia to a representative sample of Italian retail financial decision-makers.

The 2020 Report contains two sections focused on knowledge and attitude towards SRIs and attitude towards digital assets and financial services, respectively.

Carmine Di Noia (Consob Commissioner) will open the proceedings.

Poster

Program

Report

Presentation slides by Nadia Linciano, Monica Gentile, Paola Soccorso

Fourth online seminar of the series "Securities Markets: Trends, Risks and Policies"

On December 9, 2020, at 4.00 pm (CET), Tobias DIELER (University of Bristol) will present the paper "Repo resilience".

The webinar is the fourth of a series of 10 seminars organised by CONSOB, ESMA and Bocconi University, through its BAFFI - CAREFIN research center on the following topics: market microstructure, post-trading and market efficiency; corporate governance and sustainability; investor protection and financial innovation in securities markets.

Massimo Guidolin (Bocconi University) will open the webinar and Andrea Gentilini (Head of Market Infrastructure Division, Innovation, Payments, Market Infrastructures and Governance Department - Commission de Surveillance du Secteur Financier, CSSF) will discuss the paper.

Link to participate: https://global.gotomeeting.com/join/755296861

Seminars series

Abstract

Third online seminar of the series "Securities Markets: Trends, Risks and Policies"

On November 25, 2020, at 3.00 pm (CET), prof. Alon BRAV (Duke Fuqua School of Business) will present the paper "Retail shareholder participation in the proxy process: monitoring, engagement, and voting".

The webinar is the third of a series of 10 seminars organised by CONSOB, ESMA and Bocconi University, through its BAFFI - CAREFIN research center on the following topics: market microstructure, post-trading and market efficiency; corporate governance and sustainability; investor protection and financial innovation in securities markets.

The Commissioner Carmine Di Noia will open the webinar and prof. Marina Brogi (Sapienza Università di Roma) will discuss the paper.

Link to participate: https://global.gotomeeting.com/join/755296861

Seminars series

Abstract

Second online seminar of the series "Securities Markets: Trends, Risks and Policies"

On November 16, 2020, at 3.00 pm (CET), prof. Raffaele CORVINO (University of Turin and CERP) will present the paper "Hedging labor income risk over the life-cycle". The webinar is the second of a series of 10 seminars organised by CONSOB, ESMA and Bocconi University, through its BAFFI - CAREFIN research center on the following topics: market microstructure, post-trading and market efficiency; corporate governance and sustainability; investor protection and financial innovation in securities markets.

The webinar speakers include prof. Elsa Fornero (University of Turin and CERP) and Henriette Praast (University of Tilburg). The Commissioner Carmine Di Noia will open the webinar.

Link to participate: https://global.gotomeeting.com/join/755296861

Seminars series

Abstract

Video

Online seminars series "Securities Markets: Trends, Risks and Policies"

CONSOB, ESMA and Bocconi University, through its BAFFI - CAREFIN research center, present a series of seminars on the following issues: market microstructure, post-trading and market efficiency; corporate governance and sustainability (non-financial information, value creation, ESG factors); financial services, investor protection and financial innovation in securities markets.

The cycle of 10 meetings until January 27, 2021, begins today November 9 at 3.00 pm with the webinar held by Professor Loriana PELIZZON (Ca' Foscari University of Venice and SAFE-Goethe University Frankfurt) on the OTC discount in the German bond interdealer market.

Link to participate: https://global.gotomeeting.com/join/755296861

Seminars series

Abstract

Video

SAVE-THE-DATE: 5 November 2020, 3.00 pm - 5.30 pm - Sustainable finance, transparency and financial education for businesses. Financial education supporting the transition toward a sustainable economy.

CONSOB promotes an awareness raising event, aimed at companies, on the issues of sustainable finance and transparency of non-financial information, in the framework of the World Investor Week and of the Month of Financial Education.

Prof. Anna Genovese (Consob Commissioner) introduces the workshop. After an analysis of the European context by Malgorzata Feluch (European Commission) and Jean-Marie Andres (Eurofi), the following interventions, by Roberto Monducci (ISTAT), Guido Romano (Cerved) and Roberto Bianchini (Politecnico di Milano) refer to the national context. Mauro Bellofiore and Nadia Linciano (CONSOB) then give an illustration of both the prospects for development of non-financial reporting and the role of financial education. The final program of the event will be disclosed later on.

Participation is free; online registration is welcomed at: http://www.consob.it/web/consob-and-its-activities/enrollments.

Event Flyer

Program

World Investor Week (WIW) - The fourth edition at its start - Presentation press conference - Thursday 29 October at 10:30 am

The fourth edition of the World Investor Week (WIW), the financial education initiative launched in 2017 by Iosco, the world organization of regulatory and supervisory authorities on financial markets, organized in Italy by Consob, is starting from the 2^nd to the 8^th of November.

The event will be presented in a press conference on Thursday, 29 October.

Web appointment at 10:30 am via the GotoMeeting platform.

The works will be opened by Professor Anna Genovese, Consob Commissioner.

Theater, games, storytelling, education: these are the tools that will be used by Consob for promoting financial education in Italy through a series of initiatives aimed at reaching the population in all its parts, from children to adults.

24 July 2020: Streaming presentation of the Occasional Report: "The Covid-19 Crisis. Impacts and risks for the Italian financial system in a comparative perspective"

On Friday 24 July next, from 11.00 to 12.30 a webinar will be held for the presentation of the Occasional Report "The Covid-19 Crisis. Impacts and risks for the Italian financial system in a comparative perspective".

The Report, which will be published at the end of the presentation on the Consob website, takes into consideration the impact of the economic consequences of the Covid-19 Pandemic in the first half of 2020, examining its evolution both at the domestic and at the international level.

The Report also offers initial reflections on the transformations that the pandemic has triggered or accelerated, at various levels, thus helping to change the reference context in which regulators and financial market supervisors will operate in the future.

Consob Commissioner Carmine Di Noia will open the panel; the presentations of Nadia Linciano, Monica Gentile, Valeria Caivano and Francesco Fancello will follow.

It is possible to register to participate in the event through the SIPE - Integrated External System. All registered participants will receive an email containing the link for connecting to the event.

Program

Report

Presentation of the Report by Nadia Linciano, Valeria Caivano, Francesco Fancello and Monica Gentile

Introduction by Giorgio Di Giorgio

Report on non-financial reporting of Italian listed companies - Webinar entitled "Non-financial information as a driver of transformation"

On 30 June 2020, at 12.00 am, on the occasion of the presentation of the second Report on non-financial reporting of Italian listed companies the webinar entitled "Non-financial information as a driver of transformation" will be broadcast.

The registration took place through the SIPE - Integrated System for the Outside. For reasons of reaching the maximum capacity of the virtual classroom it is no longer possible to send requests for participation. Participants will receive an email containing the link to connect to the event via GoToMeeting.

Program

Report 2019 on non-financial reporting of Italian listed companies

Introduction by Anna Genovese

Presentation of the Report by Nadia Linciano, Angela Ciavarella and Livia Piermattei (Italian version)

SAVE THE DATE – Annual Meeting of the Consob with the Financial Market in live streaming on Tuesday 16 June 2020 at 11:00 a.m.

On 16 June 2020, at 11.00 a.m., from the Rome office, the President of the National Commission for Companies and the Stock Exchange, Professor Paolo Savona, will hold the Annual Meeting with the Financial Market with the presentation of the CONSOB Report for 2019.

Due to the current health emergency, the event will take place only in live streaming. It will be available on the website www.consob.it and broadcasted live on RAI 2 TV channel.

Program

Arbitrator for Financial Disputes: presentation of the 2019 Annual Report on Tuesday 17 March at 9:00 a.m. at Consob auditorium in Rome and by video link from Milan

WARNING: Please note that, due to the current health situation in Italy, the presentation of the Annual Report of the Arbitrator for Financial Disputes (ACF), already scheduled for March 17 next, has been deferred as a precautionary measure.
The new schedule of the event will be communicated as soon as possible.

The presentation of the third Annual Report of the Arbitrator for Financial Disputes (ACF), the body for the out-of-court settlement of disputes between intermediaries and savers, set up at Consob and operational for three years, will be held on Tuesday 17 March next. It will represent an opportunity to illustrate the activities carried out in 2019 and provide an overview of the first three operative years of the Arbitrator.

The meeting is set at 9:00 a.m. at the Consob auditorium in Rome (Via Claudio Monteverdi 35 - Piazza Verdi).

A link with the Consob office in Milan in Via Broletto 7, will be operating.

The President Paolo Savona will introduce the session. The report of the President of the Arbitrator, Gianpaolo Barbuzzi, will follow.

Participation is free. Online registration is however appreciated through the SIPE form: http://www.consob.it/web/consob-and-its-activities/enrollments.

Program

The corporate governance of Italian listed companies. The analyses of Consob, of the Corporate Governance Committee and of the Assonime-Security Issuers - Milan, March 2, 2020

In line with the coronavirus infection risk containment measures adopted by the government and other authorities, the conference was canceled and postponed to a date to be defined.

On MARCH 2^nd next, at 2.30 pm at Borsa Italiana, Palazzo Mezzanotte - Piazza degli Affari 6, Milan, it will be held the conference entitled Evolution of corporate governance and sustainable business success.

During the conference the following reports will be presented:
- the Report of Consob on the Corporate Governance of Italian Listed Companies for 2019, providing evidence of ownership structures, corporate bodies, shareholders' meetings and transactions with related parties, on the basis of data obtained from supervisory statistical reports and public information;
- the Report of the Corporate Governance Committee, providing an assessment of the implementation of the Corporate Governance Code and recommendations to companies for its more effective application;
- the Assonime-Security Issuers Report, providing an analysis of the corporate governance of Italian listed companies in relation to the indications of the Corporate Governance Code.
The three reports will be available at the end of the presentation.

Participation is free, but online registration is welcome: http://www.consob.it/web/consob-and-its-activities/enrollments.

"The New Futurism: 21st Century Financial Markets, Technology and Regulation", (Consob Auditorium, 3 June 2019)

On Monday 3 June next (timetable to be defined) the President of the U.S. Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo, will give a keynote speech on the topic "The New Futurism: 21st Century Financial Markets, Technology and Regulation".

Participation to the meeting is free and free of charge; it is requested the registration with SIPE.

The event program will be announced with a subsequent communication.

March 7, 2019 CONSOB-ESMA-Bocconi Conference "Securities markets: trends, risks and policies" - call for papers

Through the Baffi-Carefin Research Centre, CONSOB, ESMA and Bocconi University have published a call for papers for the conference, "Securities markets: trends, risks and policies", to be held March 7, 2019 in Milan at the Bocconi University.

Work on the following topics will be taken into consideration: financial innovation and systemic risk; microstructure of markets, post-trading and market efficiency; market-based finance; corporate governance; financial services, investor protection and financial education.

Contributions should be sent to "convegni@CONSOB.it" by October 31, 2018. Each proposal will be subject to a referral process - supervised by a scientific committee coordinated by Massimo Guidolin (Bocconi University), Claudia Guagliano (ESMA) and Nadia Linciano (CONSOB) - with approval by a steering committee made up of Donato Masciandaro, (Director of the Baffi-Carefin Centre, Bocconi University), Steffen Kern (ESMA) and Carmine Di Noia (CONSOB Commissioner).

The results of the selection will be announced by December 10, 2018.

Work that employs data relating to the European context with policy implications shall be particularly welcome.

We also encourage contributions from European supervisory authorities and other competent national authorities in order to strengthen the debate on issues of financial supervision.

The final conference programme will be published on the CONSOB, ESMA and Bocconi University websites by the end of first week of January 2019.

The full call for papers is available at the following links:
- http://www.CONSOB.it/web/area-pubblica/seminari-e-convegni
- http://www.bafficarefin.unibocconi.eu/wps/wcm/connect/cdr/baffi_carefin/home/newsevents

- Call for papers

Novembre 24 2018, CONSOB-Cattolica seminar on banking and finance: third event of the 2018/2019 academic year

On Wednesday, November 24, from 11.30 am, a new seminar will be held, part of the series of meetings on banking and finance for the academic year 2018-19, organized by CONSOB and the Università Cattolica del Sacro Cuore, Department of Economics and Business Management. Lecture Hall 100 of the Università Cattolica, with entrance in via Necchi 9, Milan.

The seminar, led by Sotirios Kokas (Hessex Business School), will focus on the topic "Credit market spillovers: evidence from a syndicated loan market network". Participation in the event is open to anyone and free of charge. For information: www.unicatt.it/segesta, dip.segesta@unicatt.itm, telephone: 02.72342467.

November 22, 2018 Milan, Palazzo Mezzanotte: presentation of the CONSOB Working Paper "Boardroom gender diversity and performance of listed companies in Italy"

The presentation of the CONSOB Working Paper n.87 "Gender diversity and performance of listed companies in Italy".will take place on Thursday November 22, at 10:00am at the Borsa Italiana headquarters, Palazzo Mezzanotte (Piazza degli Affari, 6) in Milan

After the introductory greetings by Marina Forquet Famiglietti (head of HR Italy and HR Capital Markets, Post Trade & Regulatory) the study will be presented by Nadia Linciano (head of the CONSOB Economic Studies Office) and Angela Ciavarella (CONSOB Economic Studies Office). This will be followed by the key note speech by Alessia Mosca (European Parliament) and the video speech by Lella Golfo (Fondazione Bellisario) as well as a round table discussion moderated by Monica D'Ascenzo (Sole 24 Ore) with the participation of: Marco Ariello (Datamaran Ltd), Luca Valerio Camerano (A2A), Giovanna Dossena (University of Bergamo), Maria Laura Garofalo (Garofalo Health Cure), Monica Parrella (Presidency of the Council of Ministers), Claudia Parzani (European Managing Partner Linklaters - Borsa Italiana). The conclusions will be curated by Marcello Bianchi (Corporate Governance-Assonime Committee).

The Working Paper is available at the website www.consob.it.

Participation in the event is free of charge, subject to available places, following registration at the email address "italypmkevents@lseg.com

Brochure

Novembre 6, 2018 Legal conference 20 years on from the TUF (1998-2018): towards the governance of the
Capital Market Union

The Legal Advisory Service of Banca d'Italia has organised, in collaboration with the CONSOB Legal Advisory, an invite-only conference entitled "20 years on from the TUF (1998-2018): towards the governance of the Capital Market Union?" to be held on November 6, 2018.

The works will begin at 09:00am at the Banca d'Italia's Carlo Azeglio Ciampi Centre for monetary and financial education, at via Nazionale 190 in Rome, and will end at 17:00. For further information it is possible to contact the organisational secretary at the e-mail address: convegnobancaditaliaconsob@bancaditalia.it.

The conference may only be attended – following registration – by lawyers registered with the competent Bar Associations; for logistical reasons 25 spaces are available. Participation in the conference - accredited with the Council of the Bar Association of Rome – will entitle participants to 8 educational credits. Issue of the participation certificate is conditional upon signing of the attendance sheet both on arrival (only permitted until 09:30) and when leaving (permitted after 17:00). The programme and the registration form are published on the Banca d'Italia website at the following link (http://www.bancaditalia.it/media/notizia/convegno-giuridico-a-20-anni-dal-tuf-1998-2018-verso-la-disciplina-della-capital-market-union/).

Communications