December 22, 2017 / 7:12 PM / a year ago

EU Commission's Nava made head of Italy bourse watchdog-source

ROME, Dec 22 (Reuters) - The Italian cabinet has appointed Mario Nava as head of bourse watchdog Consob replacing the outgoing chairman, Giuseppe Vegas, a government source said on Friday.

Nava, 51, is currently the head of the European Commission’s Directorate General for Financial Stability, Financial Services and Capital Markets Union.

Vegas had been chairman of Consob since 2010 and came under criticism in recent years over his handling of the banking crisis. Industry Minister Carlo Calenda last year accused the bourse regulator of committing “grave errors” in its oversight of bond sales by banks to retail clients.

Vegas always denied the accusations, saying the regulators did everything they could given the information available to them. (Reporting by Crispian Balmer; Editing by Valentina Za)

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