Le sanzioni irrogate dalla Consob e dalla Banca d'Italia : riflessioni in tema di giurisdizione

Italian legislation has repeatedly modified over the last few years the allocation of jurisdiction between ordinary and administrative judges with reference to fines applied by Consob and Banca d'Italia. The Constitutional Court (judgements No. 162/2012 and No. 94/2014) has recently declared unconstitutional the conferral of the said matter to the exclusive jurisdiction of the administrative judge by the code of administrative trial. The paper comments critically the grounds of the said judgements, since they did not deepen the legislative principle concerning the concentration of judicial protections and the sanctioning function among the different activities of the Regulators. According to the author, the sanctioning function carried out by Consob and Banca d'Italia is imperative and characterized by the pursuing of the public interest: therefore, the administrative judge should review it within his exclusive jurisdiction, in accordance with the judgement of the Constitutional Court No. 204/2004.