Il ruolo della Consob nel nuovo sistema finanziario UE (The role of Consob in the new EU financial system)

In the aftermath of the recent financial crisis, the European legislator has strictly recommended the introduction of deeper forms of intervention to the European Authorities, also re-distribuiting the relations between the latter and the national sectoral authorities. In this renewed context, there is also a significant change in the way in which domestic control bodies - now linked to the inputs of the European Authorities in terms of modus operandi - intervene in the market in order to ensure their stability and equilibrium. However, significant differences in the relationships between the various national market-specific Authorities in the market and the corresponding European Authorities are still alive; in this respect, it is worth mentioning that Europan Authorities do not actually reflect a uniform disciplinary framework (with obvious consequences on the content and the modalities of the actions that can be take into account). There is therefore a difference in the relationship between the national authorities and the intermediaries involved in the their sphere of action. Moreover, if it is true that in the medium to long-term perspective, a broader transfer of powers from the national authorities to the European ones (in view of a more complete definition / determination of the supervisory policies) will take place it is very likely that this event will occur only after the definition of the single rule book, which presumably will be followed by a strengthening of the supervisory convergence and a stronger role of ESMA, as suggested by its recent documents.