ITALY: New Regulations on Sanctions Procedure in force

Thursday January 9 2014

Further to the update of 5th August 2013, the Italian Regulator, CONSOB, has approved new Regulations on Sanctions Procedure. The Regulations have been published in the Official Gazette no. 5 of 8 January 2014

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 shortening of the proceedings also aims to bring the result of the procedure, i.e. the potential sanction, more into line with the events from which the provision ensues.

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