Italy Consob Whistleblowing Powers

On 13 November, Consob proposed rules on whistleblowing protections.

  • MiFID II requires firms to adopt procedures to enable staff report rule violations.
  • Rules cover financial consulting firms, market operators and communication firms.
  • Provisions have been extended to the operators of equity crowdfunding platforms.
  • Firms are required to approval internal reporting systems by administrative board.
  • Communication channels are to be secure, specific and independent from others.
  • A systems manager should be appointed to ensure correct and timely reporting.


  • Comments are due by 24 November 2017.