At the same time collaboration must be informed by the principle of minimizing the costs borne by those subject to supervision. The globalization and increasing competition between financial centres that have accompanied the growth in asset management have also spurred a far-reaching reorganization of the securities markets.
The consolidated law completes the innovations introduced by Legislative Decree 415/1996, which provided for the privatization of the stock exchange and the securities markets. The management of the markets is entrusted to limited companies that have private sector shareholders and self-regulatory powers in matters such as the admission of financial instruments and intermediaries to the market, as well as their exclusion and suspension.