Economy Minister Pier Carlo
Padoan on Wednesday reaffirmed CONSOB's independence after
Industry Minister Carlo Calenda criticised the stock-market
regulator over information provided to investors in four banks
that ended up going to the wall last year.
Padoan added that "the entirety of measures of
transparency and protection for investors is broad and
comprehensive".
On Monday Calenda said CONSOB had committed "serious
mistakes" under President Giuseppe Vegas, prompting complaints
from some that the government was encroaching on the regulator's
independence.
The row also fuelled speculation Premier Matteo Renzi
wanted Vegas removed.
"CONSOB is a independent authority by law," Padoan told a
question-time session in the Lower House.
Vegas is at the centre of a storm after RAI show Report
published an internal letter over whether "probable scenarios"
should be included in financial prospectuses.
The show alleged that this information would have alerted
small investors about the dangers of buying bonds in four small
Italian lenders that went insolvent last year.
Many investors left with worthless bonds in those banks
say they were deceived about the real risks of buying them.
There have been calls from many quarters for Vegas to
quit.
Vegas said there was no legal obligation for "probable
scenarios" to be included in prospectuses.
"The so-called probably scenarios represent a
supplementary elementary within the Italian regulatory
framework, recommended for some types of complex, non-liquid
types of product," Padoan said.
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