A regional administrative court
(TAR) can order bourse regulator Consob to act if it fails in
its duty to "ensure a correct and transparent functioning of the
market," the high appeals Court of Cassation said Tuesday,
answering a petition from two small shareholders of the troubled
Monte dei Paschi di Siena bank. The shareholders had complained
to Consob about two questionable financial operations which
resulted in many investors losing money. Consumer association
Federconsumatori and the CGIL union, Italy's biggest, said there
was no longer any excuse for "inertia" on Consob's part.
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