ITALY: CONSOB launches consultation on sanctions procedure

Monday August 5 2013

The Italian regulator, CONSOB launches consultation on sanctions procedure with the aim of enhancing the exercise of CONSOB`s disciplinary powers and consequently improving the effectiveness of the deterrent function of sanctions.

One of the main changes is the compression of the timeframe for sanction proceedings, which are reduced from the current 360 days for parties resident in Italy and 540 for those resident abroad to a single term of 180 days, valid for everyone. This change is expected to make the disciplianry process for national and foreign parties fairer and more transparent.

The consultation period will end on 30 September 2013.

Please click on the above link for the consultation paper (Italian).