TAR can order Consob to act says Cassation Court - update

(ANSA) - Milan, May 19 - 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.