CEDH · CASELAW;COMMUNICATEDCASES;ENG — 28 juin 2024

.s800EAC49 { font-size:12pt } .s379BC09C { margin-top:36pt; margin-bottom:0pt; text-align:right } .sBB9EE52A { font-family:Arial } .s10950C61 { margin-top:0pt; margin-bottom:0pt; text-indent:14.2pt; text-align:justify } .s5E1364CA { margin-top:0pt; margin-bottom:12pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:14pt } .s339D85E6 { margin-top:0pt; margin-bottom:14pt; text-align:center; page-break-inside:avoid; page-break-after:avoid } .s665E407E { margin-top:66pt; margin-bottom:14pt; text-align:center; page-break-inside:avoid; page-break-after:avoid } .s29100277 { font-family:Arial; font-weight:bold } .sA36B60A1 { font-family:Arial; font-style:italic } .s5FFF0A75 { margin-top:0pt; margin-bottom:0pt; font-size:7pt } .s32563E28 { margin-top:0pt; margin-bottom:0pt } .s25D5DE94 { margin-top:66pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:7pt } .s1DE04B9 { margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:7pt } Published on 15 July 2024   FIRST SECTION Application no. 48414/18 VENETO BANCA S.P.A. against Italy lodged on 5 October 2018 communicated on 28 June 2024   SUBJECT MATTER OF THE CASE The application concerns the confiscation of the applicant company’s assets, pursuant to Article 187 sexies of Legislative Decree no.   58 of 24   February 1998 (“the Consolidated Finance Act”), in an amount corresponding to the sums invested in an operation which was found to be the result of insider trading. On 30 December 2009, the National Companies and Stock Exchange Commission ( Commissione Nazionale per le Società e la Borsa – “the CONSOB”) found Cofito S.p.A. – a company subsequently incorporated by the applicant company – liable for insider trading pursuant to Article   187 quinquies of the Consolidated Finance Act. In addition to a sanction of 1,800,000 euros, the CONSOB confiscated Cofito’s assets for an amount of 20,723,324.41 euros. Cofito appealed to the Turin Court of Appeal and the applicant company, which incorporated Cofito in 2011, pursued the proceedings. The Court of Appeal raised a question of constitutionality that the Constitutional Court declared inadmissible (judgments nos. 186 of 2011 and 252 of 2012). On 17   May 2013, the Turin Court of Appeal rejected the applicant company’s appeal and on 6 April 2018 the Court of Cassation confirmed the decision. The applicant company complains, under Articles 6 and 14 of the Convention and Article 1 of Protocol No. 1, that the confiscation was disproportionate, notably because it concerned the sums invested in the operation and not only its profits, amounting to the considerably lower sum of 1,467,474 euros.         QUESTIONS TO THE PARTIES 1.     Has the applicant exhausted all effective domestic remedies, as required by Article   35 §   1 of the Convention? Following the judgment of the Constitutional Court no. 112 of 2019, did the applicant dispose of an effective remedy to obtain the restitution of part of the confiscated assets?   2.     Has there been a violation of Article 1 of Protocol No. 1 to the Convention? Was the confiscation of the applicants’ assets, in an amount corresponding to the invested sums, necessary and proportionate to the aim pursued?