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Clifford Chance

Clifford Chance


Consob's Sanctions Regime – Obligation to be Interviewed Vs The Right to Silence and The Right Against Self-Incrimination: A Question Under Scrutiny by the Constitutional Court

20 June 2018

Is it possible to require a person under investigation by CONSOB in relation to the administrative wrongdoing of insider trading and market manipulation to be interviewed by their accuser? Can this person (under investigation in relation to administrative wrongdoing) be forced to choose whether to follow the order to be interviewed (art. 187 octies paragraph c) the Consolidated Financial Intermediation Law) or exercise their inviolable right of defence (the right to remain silent and the right against self-incrimination being laid down in the constitution and treaties) and risk being subject to further administrative sanctions provided for in the case of failure to comply with a request from the Regulator or its delayed performance (art. 187 quinquiesdecies Consolidated Financial Intermediation Law) or, even worse, to further criminal sanction for obstructing the Regulator (art. 170 bis of the Consolidated Financial Intermediation Law)?

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