Il procedimento sanzionatorio Consob alla luce delle recenti evoluzioni legislative e giurisprudenziali

Consob sanctioning proceeding was subject to considerable and recent legislative changes in the last few years. Regulatory innovation is basically due to the increasingly significant role of the “ex post” Authority’s enforcement concerning the financial markets on the one hand, and the constantly evolving jurisprudential application at national and supernational level, on the other. This relates mainly to the evolution of the concept of “sanction” and essential corollaries stemming from its legal qualification such as the application of the principle of fair trial, the unfolding of the so-called “ne bis in idem”, the peculiarities of “double track” sanctions in market abuse. It is an aim of this research work to understand if the currently exsisting “ex post” Consob enforcement and its sanctioning proceeding is sufficiently effective in terms of deterrence and procedural safeguards.