about consob
play

About Consob The Italian authority responsible for the supervision - PowerPoint PPT Presentation

Jan 06, 2023 •176 likes •290 views

IFIE-IOSCO 2018 10 th Anniversary Global Investor Education Conference Tokyo 10 April 2018 W ORKING TOGETHER WITH OTHER STAKEHOLDERS AND LEVERAGING PARTNERSHIPS WITH U NIVERSITIES Pasquale Munaf Consob - IT Not for distribution and

  1. IFIE-IOSCO 2018 10 th Anniversary Global Investor Education Conference Tokyo – 10 April 2018 W ORKING TOGETHER WITH OTHER STAKEHOLDERS AND LEVERAGING PARTNERSHIPS WITH U NIVERSITIES Pasquale Munafò Consob - IT Not for distribution and reproduction. The views and opinions expressed in this document are TOKYO – 10 APRIL 2018 – IFIE/IOSCO 2018 10 TH GIEC 1 those of the author and do not necessarily reflect the official policy or position of CONSOB

  2. Intro About Consob The Italian authority responsible for the supervision of the securities sector Milan Rome headquarters headquarters International «network» and investor education «National Committee on Financial Education» Some international fora with specific Cooperation with focus on financial/investor education other national Authorities Not for distribution and reproduction. The views and opinions expressed in this document are TOKYO – 10 APRIL 2018 – IFIE/IOSCO 2018 10 TH GIEC 2 those of the author and do not necessarily reflect the official policy or position of CONSOB

  3. Cooperation Main stakeholders Consumers / financial users dedicated permanent committee (2014-) to exchange views, share topics of common interest and implement projects related to retail investors for better monitoring and effectiveness (e.g. Charter of Investors) Academia cooperation projects with wide scopes on subjects of Consob’s interest taking advantage of clear synergies Financial industry associations ongoing dialogue and organisation of targeted workshops on topics of particular relevance to identify areas for close examination and room for further exchange of views Not for distribution and reproduction. The views and opinions expressed in this document are TOKYO – 10 APRIL 2018 – IFIE/IOSCO 2018 10 TH GIEC 3 those of the author and do not necessarily reflect the official policy or position of CONSOB

  4. Academia Cooperation with Universities Plenty of synergies � Bilateral agreements with ( knowledge vs Universities / Departments research methods ) � MoU with the Association of Universities � MoUs with Associations of professors Interdisciplinarity � Investor education and wide range of � Mutual training opportunities � Internships � Conferences and seminars � Special projects Not for distribution and reproduction. The views and opinions expressed in this document are TOKYO – 10 APRIL 2018 – IFIE/IOSCO 2018 10 TH GIEC 4 those of the author and do not necessarily reflect the official policy or position of CONSOB

  5. Special projects The FinTech Project (1) Joint research group (Consob & Italian Universities) � Complexity / interdisciplinarity of the subject � Focus on robo-advice , DLT and marketplaces (subgroups) � Main goals : � sketch general macro-tendencies on financial system digitalisation process and the related impact on intermediaries’ business models � highlight main open issues with the aim at (i) preserving financial system functionality; (ii) identifying/preventing major risks; and (iii) safeguarding investor protection needs without stifling innovation/ competition among the financial sector � conceive public policy actions if needed Not for distribution and reproduction. The views and opinions expressed in this document are TOKYO – 10 APRIL 2018 – IFIE/IOSCO 2018 10 TH GIEC 5 those of the author and do not necessarily reflect the official policy or position of CONSOB

  6. Special projects The FinTech Project (2) � About # 70 professors of # 15 Italian Universities � Strategical/operational coordination by Consob � Fact-finding exercises based on document review , market operators interviews and questionnaires � Some figures on interviews: no. 23 Italian FinTech companies (active on lending marketplaces, equity • crowdfunding, invoice finance, robo-advice, payment services, credit rating); no. 4 banking groups active on FinTech and no. 7 distributors; • no. 3 operators investing on DLT • JUN-16 SEP-16 APR-JUN-17 JUL-17 DEC-17 MAR-MAY 18 Kick-off Joint Interviews International Preliminary Publication of meeting seminar with industry seminar results contributions Not for distribution and reproduction. The views and opinions expressed in this document are TOKYO – 10 APRIL 2018 – IFIE/IOSCO 2018 10 TH GIEC 6 those of the author and do not necessarily reflect the official policy or position of CONSOB

  7. Special projects The FinTech Project (3) Title of the contribution Universities A CTIVITIES AND RISKS OF FINANCIAL INDUSTRY IN THE Insubria & Genova DIGITAL ERA ( PUBLISHED IN M ARCH 2018) M ARKETPLACE LENDING : NEW FORMS OF FINANCIAL Cattolica INTERMEDIATION ? ( FORTHCOMING ) F INTECH AND LEGAL FRAMEWORK ISSUES Bocconi & Scuola Sant’Anna Pisa F INTECH : THE INTERNATIONAL DEBATE ON REGULATION Consob, Bocconi & Genova AND MEASURES ADOPTED R OBO -A DVICE Specific WG DLT & S ECURITIES M ARKETS Specific WG Scuola Sant’Anna Pisa, Roma Tor F INTECH & F INANCIAL I NCLUSION Vergata & Roma Tre E QUITY - BASED C ROWDFUNDING : OPERATIONAL AND Luiss & Sapienza REGULATORY ASPECTS F INANCIAL D ATA A GGREGATION AND A CCOUNT Perugia I NFORMATION S ERVICES Not for distribution and reproduction. The views and opinions expressed in this document are TOKYO – 10 APRIL 2018 – IFIE/IOSCO 2018 10 TH GIEC 7 those of the author and do not necessarily reflect the official policy or position of CONSOB

  8. Special projects Digital handbooks � Project led by Consob in cooperation with a number of Universities � Creation of on-line handbooks to organise/simplify the reading and understanding of the European financial legislative framework � Focus on some specific areas (e.g. investment services ; enterprises and capital markets ); first to be released in the coming months � Help retail investors and other non-professional interested people to be aware of and understand related rights, duties, responsibilities etc. � Use of clear and simple language and of hypertexts to facilitate the browsing of the handbook � Seen as a self-protection tool for retail investors within Consob investor education programs Not for distribution and reproduction. The views and opinions expressed in this document are TOKYO – 10 APRIL 2018 – IFIE/IOSCO 2018 10 TH GIEC 8 those of the author and do not necessarily reflect the official policy or position of CONSOB

  9. SOME KEY TAKEAWAYS � Maintain a constant dialogue with main stakeholders and find the best ways to draw on their experiences and views and to facilitate consultation processes (e.g. creation of a unique and/or more dedicated stakeholders’ group(s)) � Consider Universities as natural partners for cooperation on many fields of interest in light of their independence , research abilities/approaches and multidimensionality � Identify special areas/projects where Universities can represent a perfect complement on deepening knowledge and leveraging synergies (e.g. application of behavioural insights to investor education and regulatory/supervisory approach; digitalization of financial intermediation processes; systematization of financial regulation in the perspective of a retail investor; etc.) Not for distribution and reproduction. The views and opinions expressed in this document are TOKYO – 10 APRIL 2018 – IFIE/IOSCO 2018 10 TH GIEC 9 those of the author and do not necessarily reflect the official policy or position of CONSOB

  10. IFIE-IOSCO 2018 10 th Anniversary Global Investor Education Conference Tokyo – 10 April 2018 有難う 御座います W ORKING TOGETHER WITH OTHER STAKEHOLDERS AND LEVERAGING PARTNERSHIPS WITH U NIVERSITIES Pasquale Munafò Consob - IT Not for distribution and reproduction. The views and opinions expressed in this document are TOKYO – 10 APRIL 2018 – IFIE/IOSCO 2018 10 TH GIEC 10 those of the author and do not necessarily reflect the official policy or position of CONSOB

More recommend