The National Commission for Companies and the Stock Exchange (Consob) and the Institute for the Supervision of Insurance (Ivass) have signed a framework agreement for collaboration and coordination in their respective control activities.
The agreement strengthens, also as a consequence of the evolution of European legislation, the already existing successful cooperation to increase the overall degree of effectiveness and efficiency of the two Authorities in guaranteeing investor protection and adequate protection of policyholders as well as stability of the financial and insurance system.
The agreement provides:
- the commitment of each Authority to provide the other with the widest and most effective collaboration and to contain the burdens on the supervised entities;
- a unitary framework of principles for subsequent memoranda of understanding on matters of common interest that will also be stipulated for the implementation of national provisions for implementing European legislation;
- the establishment, as a privileged venue for collaboration and coordination, of contact committees (strategic and technical);
- general rules on the confidentiality regime of the information exchanged and on relations with other Authorities/institutions/bodies.
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