Commissione Nazionale per le Società e la Borsa

The Commissione Nazionale per le Società e la Borsa (CONSOB) is the public authority responsible for regulating the Italian financial markets. Established in 1974, CONSOB operates as an independent administrative authority with legal personality and full autonomy. Its primary mission is to protect investors and ensure the efficiency, transparency, and development of the securities market in Italy.

CONSOB’s responsibilities encompass a wide range of regulatory and supervisory activities aimed at maintaining the integrity of the financial markets and safeguarding the interests of investors.

Core functions of CONSOB

• Market Supervision. Monitoring financial markets to prevent and, if necessary, sanction any misconduct or infringement of the law.
• Regulation of Market Participants. Supervising entities such as banks, investment firms, asset management companies, and listed companies to ensure compliance with financial regulations.
• Prospectus Oversight. Ensuring the accuracy of information presented in prospectuses related to offerings of transferable securities to the investing public.
• Auditor Regulation. Overseeing compliance with regulations by auditors registered in the Special Register.
• Investor Protection. Ensuring transparency and correct behaviour by financial market participants, and that listed companies disclose complete and accurate information to the investing public.

Through these functions, CONSOB plays a pivotal role in maintaining the stability and integrity of Italy’s financial markets, fostering investor confidence, and contributing to the overall health of the country’s economy.