(Finance) –
There CONSOB turns fifty today. The June 7, 1974 the Italian Parliament approved, in fact, law no. 216, which introduced a regulatory and supervisory authority for the financial markets for the first time in our country.
L’annual meeting of CONSOB with the financial market, scheduled in Milan on June 25th at 11:00 am at Palazzo Mezzanotte (home of the Italian Stock Exchange), will be an opportunity to retrace half a century of history of the Institute and the country. Contrary to what was initially announced, the Head of State will not be present at the event due to new commitments.
The fiftieth anniversary of the establishment of CONSOB was also remembered today with a special stamp Italian, valid for ordinary mail. The cartoon reproduces the 50th anniversary logo of the CONSOB institution which stands out on the main entrance of the building in via Giovanni Battista Martini, 3 in Rome, the main headquarters of the Commission.
”CONSOB was the first independent authority present in our country – remember the president Paolo Savona in the illustrative bulletin that accompanies the issue – At the beginning it was assigned functions and responsibilities which until then had been the responsibility of the Ministry of the Treasury. Between the end of the 1980s and the beginning of the 1990s, numerous legislative interventions extended its functions, tasks and powers, broadening the areas covered by its intervention”.
“Since the nineties, CONSOB has been has grown hand in hand with the development of the financial market and the evolution of European legislation – he explains – Since 1998, the Consolidated Law on Finance (TUF) has consecrated its role as an independent guarantor of investors and the market under the following profiles: 1) transparency and correctness of the behavior of intermediaries; 2) transparency of the markets and orderly conduct of negotiations; 3) efficiency and transparency of the corporate control market and the capital market; 4) accounting correctness”.
”CONSOB is today an integral part of a European and international network of authorities and exercises regulatory, supervisory and sanctioning powers within the financial market, contributing to the pursuit of the principle of protection of savings enshrined in art. 47 of the Constitution – adds Savona – In recent years it has extended its action to combat abusive behavior harmful to investors perpetrated online and contributed to the strengthening of financial education policies”.