This section brings together the provisions governing disclosure obligations, governance requirements and conduct rules applicable to issuers of financial instruments.
It also contains the main regulatory sources governing Consob's activities and the functioning of financial markets.
These include the primary national legislation and the main regulations adopted by Consob.
The Regulation section is also organised by thematic areas dedicated to the different segments of the financial markets, such as issuers, intermediaries and markets.
The various regulatory sources and thematic areas contribute to defining the regulatory framework applicable to market operators and financial instruments, ensuring transparency, fairness and investor protection.
Structure of the Regulatory Framework
The main regulatory sources can also be understood according to their position within the hierarchy of legal sources.
Directives, regulations and other European Union acts governing financial markets and the activities of market operators.
European rules establish common requirements for the provision of investment services across Member States.
Primary national legislation forming the legal framework for financial markets.
The Consolidated Law on Finance (TUF) establishes the main rules governing financial markets and investor protection.
Regulations and acts adopted by CONSOB and other supervisory authorities to implement primary legislation.
CONSOB regulations set out in detail the obligations and conduct requirements applicable to market operators.
Communications, recommendations and interpretative documents adopted by national and European authorities.
These documents provide guidance on the application of regulatory provisions and operational indications for market operators.
