CONSOB and the Administrative and Inspection Supervision of Securities Markets. A Case Study on the Interaction between European and Italian Law

Abstract

This article examines the question of the constitutional legitimacy of independent administrative authorities. This legitimacy is studied in its internal and supranational dimension and is analysed with a main reference to the legislation and experience of CONSOB, which is a particular Italian administrative structure, which represents an important example of the main characteristics and constitutional problems related to the administrative authorities independent. Through this examination, the same analysis seems to demonstrate that the aforementioned constitutional legitimacy must be identified fundamentally in European law, even if the peculiarities of those administrative structures seem to require a stronger verification of this legitimacy through recourse to a full and broad application of the discipline Italian and European legislation on the administrative procedure, with particular reference to the participation of interested subjects, which can make a useful contribution to the completion and implementation of the legitimacy indicated above, allowing for the correction of a tendential democratic deficit, which can be found in the same administrative structures.