Consob, the Italian government’s top authority responsible for regulating the domestic securities market, announced on Tuesday that Chiara Mosca had taken her role as Commissioner of the watchdog. According to the press release, Professor Mosca replaces Anna Genovese, whose mandate ended on July 14.
She graduated in economics from the Universita Bocconi and earned a Master's Degree of Science in Law and Accounting from the London School of Economics. Her career is highlighted mainly within the academic sphere, as she is currently an Associate Professor at Bocconi. During a hearing at the Finance Committee of the Italian House in July, Mosca stated: “I believe that empirical studies are fundamental to evaluate the effectiveness of legislative policy tools.”
The Consob College is now reconstituted of five members, which includes the President Paolo Savona and the Commissioners Giuseppe Maria Berruti, Carmine Di Noia, Paolo Ciocca and Chiara Mosca. Adding to her educational background, the new Commissioner of the Italian watchdog speaks English and French.
Overall, Mosca receives an office that had been active in attempting to crack down illegal financial schemes across the country, plus it is looking to regulate securities token offerings.
Recent Regulatory Activity
In fact, Consob is actively working on regulations that might one day permit so-called Tokenization , which allows a crypto token to represent a traditional asset like stocks. The framework will entail proper Regulation for STO operators that covers key risks including AML and counter-terrorist financing, investor protection, governance and safe custody.
The tokenization of equities has already been highly appealing to VC firms and investment bankers in Europe and elsewhere, particularly in a friendly jurisdiction for issuing equity tokens such as Switzerland.
In terms of blacklisting’s, the number of sites blocked by Consob recently rose to 474 since July 2019. The watchdog can issue an under the ‘Growth Decree’ that grants them the legal power to blackout the allegedly engaged sites in illicit financial services offerings.
