Receiving an investigation notice or a request for information from CONSOB for alleged market manipulation is a moment of great disorientation and deep concern for any financial operator, investor, or manager. In such circumstances, promptness and clarity in addressing the situation are crucial. As a criminal lawyer in Milan, Avv. Marco Bianucci understands the professional, reputational, and personal impact that such allegations can generate. The first fundamental step is to analyze the received documents with extreme precision to understand the exact scope of the accusations and the nature of the operations under the Supervisory Authority's scrutiny.

The Offence of Market Manipulation in Italy

Market manipulation, falling within the complex regulations on market abuse, is severely punished by the Italian legal system, primarily through the provisions of the Consolidated Financial Act (TUF). This offense occurs when a person disseminates false information, engages in simulated transactions, or uses other artifices that are concretely capable of causing a significant alteration in the price of financial instruments.

The Italian legal system provides a dual sanctioning system. On one hand, there are administrative sanctions imposed directly by CONSOB at the end of its proceedings; on the other, criminal sanctions pursued by the ordinary Judicial Authority. The inherent complexity of these investigations lies in the highly technical nature of the financial operations contested, which require a thorough analysis of information flows, trading books, and macroeconomic and microeconomic dynamics at the precise moment the illicit act is presumed to have occurred.

The Approach of the Bianucci Law Firm in CONSOB Investigations

Addressing an investigation for financial crimes requires a rigorous method and a solid understanding of market dynamics. The approach of Avv. Marco Bianucci, a lawyer specializing in criminal economic law in Milan, is based on the meticulous analysis of every single technical, IT, and documentary data point. The Bianucci Law Firm does not limit itself to a formal reading of the indictment documents but reconstructs the entire contested operation to identify the real economic and strategic rationale behind the client's actions.

The defense strategy is built in a strictly personalized manner. In proceedings of such technical complexity, it is often essential to work in synergy with trusted financial consultants to dismantle the prosecution's arguments, which can sometimes be based on presumptions or decontextualized interpretations of market movements. The primary objective is to demonstrate the legitimacy and correctness of the client's conduct, ensuring a strategic and proactive management of the adversarial proceedings with both CONSOB and the investigating Magistracy.

Frequently Asked Questions

What should I do as soon as I receive a request for information from CONSOB?

It is crucial not to respond impulsively, approximately, or without legal assistance. Any statement made or document provided in this preliminary phase can decisively influence the entire course of the investigation. The first necessary action is to contact an expert lawyer to carefully assess the tenor of the request, gather and select relevant documentation, and formulate a considered, technically impeccable, and protective response.

What are the risks if I am found responsible for market manipulation?

The consequences provided by law are extremely severe and operate on two distinct levels. On an administrative level, CONSOB can impose very high monetary sanctions and order accessory disqualifying sanctions, such as the temporary loss of honorability requirements or the prohibition from holding management positions in listed companies. On a criminal level, the offense carries a penalty of imprisonment and the confiscation of the proceeds or profits of the crime, with repercussions that can profoundly affect the personal and professional life of the investigated person.

How much does it cost to be assisted in a market abuse investigation?

The costs of a legal proceeding related to market abuse depend on numerous specific and unrepeatable factors of the individual case, such as the volume and complexity of the contested operations, the amount of documentation to be analyzed, and the need to involve party technical consultants. During the initial consultation, Avv. Marco Bianucci will analyze the concrete situation and provide a clear, detailed, and transparent overview of the expected financial commitment, as it is impossible to provide reliable estimates without a prior and careful analysis of the matter.

Assessment of the Defense Strategy

If you have received a notice, a notice of investigation, or a formal request for information from CONSOB regarding alleged manipulative operations, the time available is a critical factor. An effective defense is built from the very first moments of the investigation, before the prosecution's theories become consolidated. Contact Avv. Marco Bianucci at the Bianucci Law Firm in Milan to schedule a confidential and in-depth consultation. Together, we will analyze the received documents, evaluate the possible scenarios, and define the most robust strategy to protect your rights and your professional position.