Freni Appointed as New Consob President, Government Set to Approve Nomination

(Alliance News) - The government has selected Federico Freni as the next president of Consob, according to a report by La Repubblica on Tuesday.

Currently serving as Undersecretary at the Ministry of Economy and Finance (MEF) and a member of the Lega party, Freni will succeed Paolo Savona, whose term expires on March 8.

The nomination process will begin today with the Council of Ministers and will then be reviewed by the Finance Committees of both the Chamber of Deputies and the Senate, before being signed by the President of the Republic and registered by the Court of Auditors.

Born in Rome and aged 45, Freni, who has already served as undersecretary in the Draghi government, will become the thirteenth and youngest president of Consob. This choice continues a tradition previously followed, with governments drawing from their own ranks to lead the Markets Authority.

As undersecretary, Freni held key responsibilities for financial oversight and measures supporting the economy, and was among the main architects of the stock market reform—from the Capital Law to the revision of the Consolidated Law on Finance (TUF)—measures that have been criticized by some institutional investors.

His appointment at Consob comes as the investigation into the alleged concerted action among shareholders in the MPS-Mediobanca operation remains open and under review by authorities.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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