1,721,083 research outputs found
OICR di private equity e partecipazioni qualificate al capitale delle banche: una ibridazione possibile?
No full textThis paper examines the issues that arise with regard to the purchase by CIUs of qualifying holdings in the capital of banks, by moving along two different guidelines: on the one hand, the perspective of the regulatory framework of collective management, on the other hand, that of prudential supervision of banks. From such analysis, the Author tries to bring the European regulatory system back to unity, in an interpretation as integrated as possible, despite all the frictions that emerge from a legal framework strongly characterised by a sectorial approach
Il recepimento di MiFID II: uno sguardo di insieme, tra continuità e discontinuità
No full textL'articolo analizza le principali innovazioni introdotte dalla direttiva MiFID 2 nei diversi campi dalla stessa coperti
Verso una disciplina comune delle garanzie finanziarie. Dalla Convenzione dell'Aja alla Collateral Directive (Direttiva 2002/47/CE)
No full textIl contributo analizza l'evoluzione della disciplina delle garanzie finanziarie nel quadro internazionale ed europe
Gestione Collettiva del risparmio e nuove tipologie di fondi comuni di investimento
No full textCategorie di fondi: fondi aperti, fondi chiusi, non armonizzati, fondi riservati e fondi speculativi. Società di gestione del risparmio, disciplina e regole di comportamento
European banking supervision in the age of the ECB: Landeskreditbank Baden-Württemberg—Förderbank v. ECB
No full textBanking law in the EU has experienced profound changes in the last few years, and one of the most radical was the introduction of the single supervisory mechanism (SSM). The decision of the EU Court of First Instance in the case of Landeskreditbank Baden-Württemberg Förderbank v. ECB is the first to tackle fundamental questions concerning the SSM. This article considers and develops various topics arising from the case, such as the architecture of the SSM, the division of powers between Supervisory Authorities, as well as the aim and scope of the SSM
Credit funds regulation in the EU and the debate on NPLS and AMCS: the need for further harmonization
No full textIn the current EU legislative framework for investment funds – UCITS Directive and
AIFMD – credit funds have rightly been singled out as something quite unique. In fact, they
stand at the crossroads of capital markets’ and credit institutions’ regulations, playing a role of
both an investor in a particular asset class, and of a credit facility provider. They may also
effectively perform other functions, such as those of securitization vehicles, or comparable to
Asset Management Companies (“AMCs”) for the management and processing of non-performing
loans. They are, therefore, hybrid creatures, difficult to regulate and, sometimes, to
understand. This is due not only to the absence of any specific product regulation in the context
of the AIFMD, but also to the uncertainties surrounding the notion of “credit” and “credit
granting” in EU law. Within the EU, legislation on credit funds developed, until now, in a
haphazard manner. Absent a clear reference scheme, the result is unsatisfactory, and far from
being able to integrate EU Markets in this respect. Further, more robust harmonization is
therefore needed in this area, now more than ever in the context of the debate on the effects
of the pandemic and the management of NPLs. The paper aims to provide sufficient evidence
to support these assumptions, also taking into account the lively debate on the role of Asset
Management Companies and the development of an efficient secondary market for loans in
the EU
Towards an EU Charter for the Protection of End Users in Financial Markets
No full textThe program, and the proposals, to be found in this paper, stem from various
reflections elaborated during recent years on the approach that EU financial
legislation follows in relation to the protection of “clients” in different contexts.
Moving from the assumption that there is no single notion of “client” in the current
state of the legislation across different sectors, and that the techniques that are
employed by the architraves of EU financial legislative texts vary greatly from one
field to the other, there seems to be developing a core of fundamental, general
principles for the protection of – broadly speaking – “users” of financial services and
products, which is the result of a process of cross-sectoral circulation of rules and
standards. This movement, which can be observed across the entire range of EU
financial rules, is mostly the result of the expansive force of MiFID conduct rules, as
they developed overtime. Other principles are also gaining momentum on a crosssectoral
basis, such as those pertaining to the intense debate on ESG finance and
clients’ preferences and expectations in this respect.
There may be sufficient grounds to consolidate those principles – which are, indeed,
already visible - in a General Charter for the protection of financial users in EU
legislation, to be intended on a cross-sectoral basis. The Charter would not be aimed
at overcoming sectoral-specific legislation, which remains necessary because of the
different approaches, and goals, to be achieved in each context (as shown in the
previous paragraphs), but it would identify overreaching, mandatory standards valid
throughout the entire range of financial services, products, activities. It might help
reducing inconsistencies and non-justifiable differences between different sectors and
be of high political value, clearly placing the direct protection of customers, clients,
investors, policyholders at the centre, and at the core, of the objectives of EU financial
legislation
Daniel Defoe e gli albori della moderna regolazione dei mercati finanziari. The Villainy of Stock-Jobbers (1701) e The Anatomy of Exchange Alley (1719)
No full textNel 1719, Daniel Defoe pubblica un pamphlet (The Anatomy of Exchange Alley: or a System of Stock-Jobbing) nel quale mette impietosamente a nudo le gravi malversazioni che vede verificarsi sulla borsa londinese, scagliandosi, con toni a tratti sarcastici, a tratti veementi, contro le pratiche speculative in allora riscontrabili sul mercato. Usando toni che ricordano, sorprendentemente, quelli cui l'Autore ricorre nel descrivere i cannibali sull'isola che ebbe Robinson Crusoe involontario ospite per quasi 30 anni, Defoe non usa mezze parole per stigmatizzare gli stock-jobbers che devastano il mercato, manipolandolo, e, così facendo, danneggiano la borsa, l'economia del Paese, il Parlamento, la Corona, e tutti i cittadini del Regno
Cannons over the EU legal order: the decision of the BVerfG (5 May 2020) in the Weiss case
No full textThe Weiss affair, culminating in the BVerfG ruling of 5 May 2020 (Weiss II), marks a break-up point in the long-standing dialogue between the BVerfG and the CJEU. The judges in Karlsruhe refused to follow the decision rendered by the CJEU in a preliminary ruling (Weiss I) and ordered EU institutions to provide further clarifications on the proportionality assessment of the Public Sector Purchase Programme. This paper claims that the principles applied by the BVerfG in Weiss I are quite similar to those employed in the Gauweiler and Landeskreditbank-Banking Union cases. Considering that background, it will be argued that the construction of the principles employed by the BVerfG for the judicial review of EU acts did not undergo dramatic changes over time. The different outcome of Weiss II is due to the fact that, according to the BVerfG, insufficient elements of explanation and justification were provided by the ECB and the CJEU. Therefore, the central problem of Weiss II ends up being a procedural question of allegedly insufficient statements of reasons. From Gauweiler to Weiss II, one also sees the development of the standards for the judicial review of the ECB’s decisions, in the fields of both monetary policy and banking supervision
Nuovo diritto societario e modifiche alla disciplina dell'Opa obbligatoria
No full textIl contributo analizza le modifiche alla disciplina dell'OPA a seguito dell'implementazione della relativa disciplina europea
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