1,720,998 research outputs found
La Cassazione si pronuncia sul caso Stalteri: da leading case in potenza sui danni da fumo a sentenza sul “nuovo” danno non patrimoniale
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Peer-to-peer lending ed informazione: la tutela dell’utente online tra innovazione finanziaria, disintermediazione e limiti cognitivi
No full textLa responsabilità da prospetto degli intermediari finanziari tra passato, presente e futuro
No full textPossono esistere “banche etiche”? La nuova definizione normativa di “operatori di finanza etica e sostenibile” tra interesse sociale, scopo di lucro e normativa bancaria post-crisi
No full text“Ethical banks” are banks conducting banking activity with the aim of achieving social, environmental and other “good” results. In Italy, the bank license is conditional, among other things, to the adoption of a corporate form (joint-stock company or cooperative company), raising the problematic issues of pursuing “altruistic” objectives, other than the maximization of profit, through a traditionally for profit and “egoistic” legal form, as already debated in the benefit corporation and social enterprise contexts. Nonetheless, in the area of “ethical banks”, the picture is complicated by the peculiarity of banks’ corporate governance: bank executives, in fact,need also to consider the stability and depositor protection objectives as well as face stringent and detailed post-crisis rules. The paper critically examines the regulatory definition of “ethical and sustainable finance operators” recently introduced in the Italian Banking Consolidated Statute, under the light of the above mentioned governance issues and post-crisis banking regulation, with examples and case studies from the Italian “ethical banks” market
La travagliata evoluzione normativa dell’equity crowdfunding in Italia, il nuovo regolamento Consob e la prospettiva di regolazione del crowdfunding a livello europeo: una disciplina destinata a breve vita?
No full textWhat to Expect When You Are Expecting’ a European Crowdfunding Regulation: The Current ‘Bermuda Triangle’ and Future Scenarios for Marketplace Lending and Investing in Europe
No full textMarketplace lending and investing have been recently attracting increasing regulatory attention. However, regulatory responses to such phenomenon have been extremely varied, even in Europe, characterized by maximum harmonization in the field of financial regulation, continuous efforts in creating a single market and in centralizing supervision. Such fragmented framework poses the risk of different levels of investor protection in Europe, regulatory arbitrage, competition distortions, obstacles to cross-border activity and to existing EU passports. The European Commission, after an initial “wait-and-see” approach, adopted in March 2018 a proposal for a Regulation on European Crowdfunding Service Providers (ECSPs) for businesses. Such proposal, nonetheless, has undergone a number of significant revisions during the trilateral negotiations among the European Commission, the European Parliament and the Council of the European Union, underlying the ambiguous nature of crowdfunding and the complexity in reaching a common view on the same. The three European Institutions seem in fact to have divergent views of crowdfunding and different ideas on how to regulate it, this delaying the approval of the proposed Regulation. Will crowdfunding eventually escape such Bermuda Triangle receiving adequate regulation or is it destined to die in the process? The present paper, after briefly describing crowdfunding main features and regulatory trends in Member States, will critically analyze the ECSPs Regulation Proposal, with respect to all the three different versions, inferring from each text a different vision (and consequent envisioned regulation) of crowdfunding and of financial regulation in general, underlying their pros and cons and proposing adjustments to reach a functional, tiered and proportional regulation. Finally, after mentioning certain recent revisions in national crowdfunding laws (e.g. in Italy, Belgium, UK and Germany), the paper will conclude trying to forecast the future direction of the ongoing trilateral negotiations and the possible impact of the European Regulation on national crowdfunding laws and the sector
I «segnali di fumo» delle Corti statunitensi: class actions, nodi gordiani e responsabilità dei produttori di sigarette
No full textMicrofinance and Financial Inclusion: the Challenge of Regulating Alternative Forms of Finance
No full textFollowing the recent global financial crisis there is a growing interest in alternative finance – and microfinance in particular – as new instruments for providing financial services in a socially responsible way or as an alternative to traditional banking. Nonetheless, correspondingly there is also a lack of clarity about how to regulate alternative financial methods particularly in light of the financial crisis’ lessons on regulatory failure and shadow banking’s risks. This book considers microfinance from a legal and regulatory perspective. Microfinance is the provision of a wide range of financial services, particularly credit but also remittances, savings, to low-income people or financially excluded people. It combines a business structure with social inspiration, often resorts to technological innovations to lower costs (Fintech: e.g. crowdfunding and mobile banking) and merges with traditional local experiences (e.g. financial cooperatives and Islamic finance), this further complicating the regulatory picture. The book describes some of the unique dimensions of microfinance and the difficulties that this can cause for regulators, through a comparative analysis of selected European Union (EU) countries’ regimes. The focus is in fact on the EU legal framework, with some references to certain developing world experiences where relevant. The book assesses the impact and validity of current financial regulation principles and rules, in light of the most recent developments and trends in financial regulation in the wake of the financial crisis and compares microfinance with traditional banking. The book puts forward policy recommendations for regulators and policy makers to help address the challenges and opportunities offered by microfinance
The European Crowdfunding Service Providers Regulation and the Future of Marketplace Lending and Investing in Europe: the ‘Crowdfunding Nature’ Dilemma
No full textThe European Commission’s Proposal for a Regulation on European Crowdfunding Service Providers (ECSPs) for businesses, since its presentation, has faced difficult trilateral negotiations among the European Commission, the European Parliament and the Council of the European Union. The length of the legislative process can be explained not only by the insurgence of nationalisms and the uncertainty related to Brexit negotiations, but also because of the different views of the three European Institutions about crowdfunding and on how to regulate it. Nonetheless, they eventually reached an agreement in December 2019 but the Regulation is still waiting for its formal adoption. The present paper, after briefly describing crowdfunding main features, will critically and analytically analyze the main aspects of the proposed ECSPs Regulation, with respect to all existing versions, underlying their pros and cons and proposing adjustments to reach a functional, tiered and proportional regulation and shed light on the nature and future of financial-return crowdfunding in Europe
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