Rome – Italy’s market regulator, Consob, and the National Anti-Corruption Authority (ANAC) formalized a strengthened working relationship today, signing a protocol of understanding aimed at boosting transparency and combating illicit financial activity. The agreement, signed at Consob’s headquarters, will facilitate the exchange of information, opinions, and data between the two agencies, building on existing cooperation to address overlapping areas of concern.
The move comes as both agencies face increasing pressure to address corruption risks within Italy’s financial markets and public procurement processes. The protocol seeks to streamline collaboration, particularly regarding publicly listed companies and the intersection of financial regulations with anti-corruption laws. This collaboration on Consob and ANAC’s shared objectives is expected to lead to more timely and coordinated interventions.
Complementary Roles, Converging Interests
According to a joint statement, both ANAC and Consob recognize the complementary nature of their respective mandates. ANAC focuses on preventing and combating corruption in public administration and procurement, while Consob oversees the integrity of Italian financial markets. “ANAC and Consob exercise functions that are complementary to each other, pursuing convergent interests for the correct fulfillment of information obligations by the parties subject to their respective supervision,” stated Giuseppe Busìa, President of ANAC. “This convergence of interests creates an opportunity to establish a collaborative relationship to more effectively pursue their respective institutional mandates.”
The protocol specifically addresses the need for greater coordination regarding the informational requirements placed on entities under their oversight, encompassing both public procurement regulations, transparency laws, and financial market regulations. This will, officials say, benefit the interests protected by both authorities.
Enhanced Information Sharing and Technical Collaboration
A key component of the agreement is the establishment of a joint technical table. This body will be responsible for coordinating activities of mutual interest, sharing information on respective initiatives, and forming dedicated working groups as needed. The table will also examine technical issues related to the implementation, modification, and integration of the protocol itself, and will propose further collaborative activities.
Paolo Savona, President of Consob, emphasized the importance of this enhanced collaboration. “This Protocol of Understanding represents a new building block in the collaboration between institutions, essential to safeguarding transparency and fairness in their respective areas of oversight,” Savona said. “The exchange of information and technical discussions will enable more timely and coherent interventions, benefiting the integrity of the markets and the prevention of corruption.” He added that the agreement reinforces Consob’s approach of coordination and complementarity with administrations and institutions, even those outside the financial sector, to create conditions for joint initiatives and more effective protection of entrusted interests.
Areas of Focus for Collaboration
The protocol outlines several specific areas where collaboration will be prioritized. These include:
- Publicly Listed Companies: Increased scrutiny and information sharing regarding publicly traded companies, particularly those with ties to public administration.
- Dissemination and Training: Joint initiatives for public awareness campaigns, scientific research, and staff training.
- Consultation and Opinions: Mutual consultation and exchange of opinions on matters of common interest.
The agreement also aims to support collaboration through requests for opinions and reciprocal consultations on issues of mutual concern, including publicly traded companies. The focus on training and dissemination activities suggests a broader effort to raise awareness of corruption risks within the financial sector and among public officials.
The formalization of this partnership builds on existing efforts to strengthen Italy’s anti-corruption framework and promote greater transparency in financial markets. The protocol is expected to be a key tool in addressing emerging risks and ensuring the integrity of Italy’s economic system.
The next step will be the formal establishment of the joint technical table, with initial meetings expected within the next month to start outlining specific work plans and priorities. Further updates on the implementation of the protocol will be available on the websites of both Consob and ANAC.
This article provides information for general knowledge and informational purposes only, and does not constitute financial or legal advice.
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