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Italian Banking and Financial Law provides a thorough overview of the banking sector in Italy, offering historical perspectives, insight into current developments and suggestions for future evolution.




1. Introduction

This book, Volume I of the four-volume series Italian Banking and Financial Law, provides an overview of the supervisory authorities on banking and financial markets and of the purposes and forms of supervision in Italy.
Domenico Siclari

Context, Specific Features and Potential Evolution of the Italian Banking and Financial Law

2. Context, Specific Features and Potential Evolution of the Italian Banking and Financial Law

The current structure of the Italian banking and financial market which affects the overall regulatory and supervisory system, although traditionally “bank-centric” (i.e., based primarily and historically on bank activities1), is also related to other categories of financial and insurance intermediaries.2
Domenico Siclari

Supervision Purposes and Forms


3. Supervision Purposes in Banking, Finance and Insurance Regulation

The economic and financial literature includes conflicting points of view on banking sector policies and on the best choices promoting sound banking around the world.
Anna Maria Antonietta Carriero, Domenico Piccolantonio

4. Supervision Forms: Obligation to Provide Information, Powers of Investigation and Intervention, Regulatory Powers

This chapter offers some suggestions for a though and brief reconstruction of the Italian regulations of the supervision forms. The national legislator has regulated financial markets considering them as a set of economic systems, traditionally divided into the banking market, the capital market and the insurance market. Bearing in mind the classical tripartite division and moving from a conceptual approach to the function of the supervision, it provides below the detail of the specific Italian law provisions regarding obligation to provide information, powers of investigation and intervention and regulatory powers, showing interest in the points of convergence between different disciplines or aspects of fitting dictated mainly by the European legislator.
Michele Miraglia

5. Prevention and Countering of Money Laundering and Terrorism Financing

The Italian anti-money laundering (AML) and combating the financing of terrorism (CFT) regime is very comprehensive and articulated. The general framework set up in 1991 with Law no. 197/1991 has been updated a number of times until the need to transpose the provisions of Directive 2005/60/EU (Third anti-money laundering directive) created the conditions for a major legislative reform in 2007, giving shape to the current system.
Pierpaolo Fratangelo

Supervisory Authorities


6. The Interministerial Committee for Credit and Savings (ICCS) and the Ministry for the Economy and Finance (20 Years after the Consolidated Law on Banking)

Art. 1, para. 1, letter a, of the Consolidated Law on Banking (CLB) describes the ICCS, the Ministry of Economy and Finance and the Bank of Italy as the credit authorities.
Sandro Amorosino

7. The Bank of Italy

The Bank of Italy was founded at the end of the nineteenth century (with Law no. 449 of 10 August 1893) in the context of a deep revision of the issuing banks existing at the time.1 Its establishment took place following the merger by incorporation of the National Bank and the Tuscan Bank of Credit for Industry and Commerce into the National Bank of the Kingdom of Italy, and the establishment of three institutions (Bank of Napoli, Bank of Sicilia and Bank of Italy) with the power to coin money and marked a particularly important stage in the evolution of Italy.2
Francesco Capriglione

8. Commissione Nazionale per le Società e la Borsa (Consob)

The Consob was introduced into the Italian legal system during the redefinition of the national financial market, in the context of the European economic integration.
Mirella Pellegrini, Vittorio Mirra

9. Istituto per la Vigilanza sulle Assicurazioni (Ivass)

Under Italian law, the Istituto per la Vigilanza sulle Assicurazioni (Ivass) is the supervisory Authority over the insurance sector and carries out its supervisory functions by exercising powers of an enabling, prescriptive, investigative, protective and repressive nature.
Enrico Galanti, Patrizia Rosatone

10. Commissione di Vigilanza sui fondi Pensione (Covip)

Mandatory and supplementary pension systems are quintessentially complementary: one cannot exist without the other, and development of supplementary pension schemes cannot be separated from knowledge of the basic system.1
Raffaele Capuano

11. Financial Intelligence Unit (FIU)

Under Italian law, the FIU was established at the Bank of Italy on 1 January 2008 pursuant to Legislative Decree no. 231 of 2007, issued as implementation of Directive 2005/60/EC (the Third Anti-Money-Laundering Directive), in order to prevent and combat money laundering and terrorist financing.
Italo Borrello


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