Commissione Nazionale per le Società e la Borsa is the independent supervisory authority for the Italian financial assets market whose aim is to protect investors and the efficiency, transparency and development of the market. The Commission was founded in 1974 (Law no. 216 of 7 June 1974) and became fully independent in 1985 (Law no. 281). The responsibilities of the Commission have evolved over time in order to safeguard investments with respect to changes in financial markets.
Changes to legislation with regard to safeguarding investments have given the Commission an increasingly important role due to the high volume traded on today’s markets.
Informally, the Commission provides non-binding indications on market procedures. The Commission periodically issues publications on its activities such as: i) the Bulletin (ii); the Consob weekly newsletter (Consob Informa), in which a summary of the main decisions and events involving the Commission
during that particular week is given; iii) the annual report; and iv) Financial papers.
Moreover, since January 2001, an electronic version of the Bulletin has been issued. It is divided into the following sections: i) "Actions and decisions", and ii) "Listing and registrar". The Bulletin contains a full version of the Commission’s decisions and events listed in the weekly newsletter. The Finance Papers are the means to propagate issues that the Commission feels are important to the market. All of these accounts come from research projects produced and promoted by CONSOB, institutional interventions and conference proceedings.

CICIRETTI R. and TRENTA U., 2006, La Borsa Europea. Una Visione d’Insieme, in Rapporto sul Sistema Finanziario Italiano 2006, ARACNE, Roma.

Editor: Rocco CICIRETTI


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