The Italian Securities Commission (Consob) has approved amendments to its sanctioning-proceedings framework, setting detailed rules for using “commitments” as an alternative route to resolve enforcement cases. The mechanism allows the early termination of a sanctioning proceeding without a sanction, provided the addressee of Consob’s allegations undertakes remedial measures towards the authority and the market. The rules follow a market consultation launched in January and implement the commitments tool introduced into the Consolidated Law on Finance by the March 2024 “Capital Markets Law”. The regulation sets a 30-day deadline to submit a commitments proposal, with a further 30 days to supplement the application. Consob will assess the proposal and either approve or reject it, and will publish accepted commitments on its website. The new regime will enter into force the day after its publication in the Official Gazette.
Italian Securities Commission (Consob) 2025-06-10
Italian Securities Commission adopts rules for a commitments procedure to close sanctioning proceedings without a penalty
The Italian Securities Commission (Consob) has approved amendments to its sanctioning-proceedings framework, introducing "commitments" as an alternative to resolve enforcement cases without sanctions. This mechanism requires the addressee to undertake remedial measures and follows a market consultation initiated in January. The new regime will be effective the day after its publication in the Official Gazette.