Le garanzie individuali nei confronti del potere sanzionatorio di CONSOB nella 'confusione' fra vigilanza e sanzione

The essay analyzes some implications deriving from the ECHR’s case law, which extends the penal principles to "punitive" administrative sanctions. Indeed, this jurisprudence has raised the level of protection of fundamental rights, but also because of the way it is interpreted by national jurisprudence and doctrine, it entails risks. On the one hand, the ECHR’s concept of full jurisdiction, used as an instrument of ex post compensation of the deficiencies of the administrative penalty procedures, ends up justifying the devaluation of the protection function of the rules of the administrative procedure. On the other hand, in the system of financial market regulators, the application of the criminal law rules to all administrative sanctions could lead to a loss of effectiveness, not only of the sanction as an enforcement tool, but also of the supervisory function of the authorities. From this framework emerges the need to reflect, in the light of recent constitutional and European jurisprudence, to define a new balance between guarantees of protection and needs of effectiveness within the administrative system of regulatory authorities.