About Us  |   Contact Us  |   Register  | Login  |   

Follow HedgeWorld on Twitter HedgeWorld on LinkedIn






HEDGEWORLD NEWS
Search the News
Advanced News Search
HedgeWorld News by Region
United States / Americas
Europe
Asia / Australia
International
HedgeWorld News Sections
Managed Futures & Derivatives
Daily News
Regulatory/Legal
Strategies/Analysis
Technology
Opinion
People
Indexes
Other News Features
Most Popular
LexisNexis Headlines
Reuters Headlines
The HedgeWorld Blog
Alternative Advantage Daily Newsletter
RSS Service
Sign Up For Email News Alerts
Reprints



Italy's market watchdog seeks stronger oversight powers
05/06/2013 Email this story  |  Printable Version

MILAN, May 6 (Reuters) - Italy's stock market watchdog should have wider powers to fight corporate wrongdoing, including that of removing board members of listed companies, its head said on Monday.

The call by Consob Chairman Giuseppe Vegas follows a series of high-profile corporate scandals, including allegations of financial irregularities at insurer Fondiaria-SAI, big loses linked to risky derivatives trades at No. 3 lender Monte dei Paschi and alleged corruption in Algeria by Europe's biggest oil service group Saipem.

Consob's existing oversight powers - including the possibility of starting a probe and seizing funds - are essentially limited to instances of insider trading and market manipulation and can target those who sit on a company's internal audit committee but not top executives.

Those powers should be extended to board members and also cover other offences, such as false corporate statements or irregular transactions between units of the same company, Vegas said at Consob's annual meeting with the financial community.

"The possibility of taking precautionary measures (against board members) ... could allow us to intervene before irreparable damage is done," Vegas said, referring to the possibility for Consob to remove or at least suspend those suspected of illict behaviour. (Reporting by Silvia Aloisi; Editing by David Holmes)


Email This Story to a Friend   |   Display Printable Version of This Story

Story Copyright © 1999-2014 Reuters HedgeWorld All rights reserved.

HedgeWorld News is sponsored by:






Lipper    Privacy   User Policy  Legal Disclosure Copyright/DMCA  Site Map    FAQ    Glossary  Thomson Reuters for Hedge Funds
All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of HedgeWorld content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. HedgeWorld is a registered trademark of Thomson Reuters.