Order of the Council of State, VI Section, No. 7566 of 30 September 2014

By order of 30 September 2014, the Council of State upheld an appeal submitted by “Banca Profilo s.p.a.”, and required the CONSOB (National Commission for Companies and Stock Exchange) to reform its Regulation concerning sanctions in such a manner as to put it in line with the ruling of the European Court of Human Rights in its decision of 2014 on the case Franz Stevens et al. v. Italy. The European Court found that the CONSOB Regulation was inconsistent with the fair trial principle under Article 6 of the ECHR insofar it did not provide an adversarial procedure and the publicity of the proceedings on imposing sanctions.