Dubbed Super Consob, the new regulator will certainly be more powerful than its predecessor.
Three reports by Consob show how Mr Fiorani and Mr Gnutti went about their business.
CONSOB's outgoing chairman, Enzo Berlanda, issued a lengthy circular with recommendations on corporate governance.
Fiat rejected Consob's demands for more detail on the plan and attacked the regulator for asking for it publicly.
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Such is Alitalia's plight that Consob, Italy's stockmarket regulator, requires it to report monthly on its debt and cash positions.
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Mr Padoa Schioppa headed Consob, Italy's securities' watchdog, briefly, before being appointed to the executive committee of the European Central Bank last year.
According to the draft law a new regulator, provisionally (and hopefully) called the Authority for the Protection of Savings, will replace Consob, the securities-market watchdog.
Consob, the body that regulates the stock exchange, has been waiting for the government to give it a new president for more than four months.
Certainly the Vatican does not, according to Consob, Italy's securities regulator, have a stake of 2% or more in the company, which would require disclosure.
Furthermore, a financial entity registered by CONSOB must have first invested at least 5% in an offering for it to qualify to be crowd funded for equity.
They admit, however, that Consob, the stockmarket regulator, has improved since Tommaso Padoa-Schioppa, a former deputy general manager of the central bank, became its boss in April.
It declines to give even the information available from Consob.
Representatives from the Italian central bank and stock regulator Consob were set to hold discussions on "the sovereign debt market situation and implications for the banks and the economy".
It is a problem Consob itself should be familiar with: since March it has been headed by Tommaso Padoa Schioppa, who was previously deputy general manager of the central bank.
The market regulator's powers do not extend to the central bank, but Consob officials recognise that the Bank of Italy's presence as a shareholder in quoted companies is a serious problem.
Italy's securities-market regulator, Consob, still opposes a public offering.
Giulio Tremonti, Italy's finance minister, proposes merging four financial regulators into one super-regulator or, failing that, uniting Consob, the toothless securities-market regulator, the Bank of Italy, the banks' watchdog, and the antitrust authority.
Consob also ruled that Lodi must now make a cash offer (it had wanted to pay in shares and bonds), boosting the chances of a rival bid from ABN Amro , a Dutch bank.
His proposal was reduced to a draft law calling for the replacement of Consob, the securities-market watchdog, with an Authority for the Protection of Savings, with various responsibilities and resources pinched from the central bank and the antitrust authority.
Consob, Italy's stockmarket regulator, ruled that Banca Popolare di Lodi acted improperly by failing to state it was working with other parties in building a controlling stake in Banca Antonveneta , a larger Italian rival that it wants to buy.
Yet regulators (such as Consob, which regulates Italy's stockmarket) and sophisticated financial institutions not only failed to spot the trouble, but also let it get worse, overseeing a spiral of debt issuance and off-balance-sheet deals that allowed Parmalat to keep up its pretence.
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