News
Italian branch of European investment firms: legitimacy of the supervisory powers of the CONSOB
- 15/01/2018
With Judgment no. 70 of 4th January 2018, the Italian Court of Cassation has confirmed that, according to article 10 T.U.F. (Italian Consolidated Law on Finance), the CONSOB can supervise the Italian branch of an investment firm based in a Member State other than Italy.
In the case at issue, the CONSOB had fined (also) the investment firm, in that its Italian branch had made use of entities not enrolled in the prescribed register, for the execution of promotional activity outside the premises.
The Court has stated that the supervisory powers of the CONSOB do not contrast with Directive 2004/39/EC on markets in financial instruments, whose Recital 38 provides that the conditions for conducting the abovementioned activity are not covered by the Directive.
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