Commentary on Ruling Order No. 10212 of 2024: Consob's Sanction Justification

The recent Order No. 10212 of April 16, 2024, issued by the Court of Cassation and presided over by Dr. M. F., brings important clarifications regarding the justification of administrative sanctions issued by Consob. This ruling not only fits within the framework of sanctions provided for by art. 195 of the TUF but also offers food for thought on transparency and the right of access to public documents.

Context of the Ruling

The case at hand concerns an appeal filed by D. (S. C.) against a decision of the Court of Appeal of Venice. The central issue was related to the validity of the decree imposing a sanction, which was justified by reference (per relationem). The Court confirmed that this method of justification is admissible, provided that specific conditions are met, such as precise reference to the particulars of the Sanctions Office's act.

Justification by Reference (Per Relationem)

Generally, concerning administrative sanctions issued by Consob, the decree imposing the sanction may be justified by reference through referral to the Sanctions Office's act containing the proposal, without needing to reiterate its justification, provided that the aforementioned act is referenced therein with precise indication of its particulars, is made available to the interested parties, according to the modalities governing the right of access to public administration documents, and the examination of the defense arguments raised by the appellant has been highlighted.

This maxim highlights the importance of clear and transparent justification, enabling interested parties to understand the reasons for the sanction. The Court emphasized that the right of access must be guaranteed, thereby reinforcing the principle of legality and the right to defense.

Implications of the Ruling

The Court's decision represents a significant step for jurisprudence in the field of administrative sanctions. Among the most relevant implications, we can list:

• Recognition of the validity of justification by reference, which simplifies the sanctioning process.
• The necessity of guaranteeing access to documents, strengthening the rights of interested parties.
• The importance of a thorough examination of defense arguments, to ensure a fair process.

This ruling, therefore, not only clarifies the methods for applying sanctions by Consob but also fits into a broader context where transparency and respect for citizens' fundamental rights are at the core of administrative action.

Conclusions

In conclusion, Order No. 10212 of 2024 represents a milestone in the landscape of administrative sanctions in Italy. The Court of Cassation has reiterated the importance of clear and accessible justification, stating that respect for the rights of all involved parties is fundamental for the legitimacy of administrative decisions. With this ruling, it is hoped for a future where transparency and fairness are increasingly at the center of Consob's actions and those of other supervisory authorities.