Italian Banking and Financial Law

Vol II, Intermediaries and Markets

herausgegeben von: Domenico Siclari

Verlag: Palgrave Macmillan UK

Buchreihe : Palgrave Macmillan Studies in Banking and Financial Institutions

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This book explores the intermediaries of the Italian financial system.

Inhaltsverzeichnis

Frontmatter

Introduction

1. Introduction

Abstract

This book deals with intermediaries (banks, financial intermediaries in investment services or activities, electronic money institutions and payment institutions, insurance companies, credit rating agencies) and markets, both regulated and unregulated.

Domenico Siclari

Intermediaries

Frontmatter

2. Banks

Abstract

The Consolidated Banking Act (Legislative Decree no. 385 of 1 September 1993, hereinafter also referred to as the TUB) defines a bank as an “undertaking authorized to engage in banking”. Banking consists of fund-raising on a public basis and the granting of credit (TUB 10, para. 1). In addition to banking, banks may also engage in any other financial business, in accordance with the provisions applicable to each activity, as well as related and instrumental activities (TUB 10, para. 3).¹

Vincenzo Troiano

3. Financial Intermediaries in Investment Services or Activities

Abstract

According to European Directives on markets in financial instruments (no. 2004/39/EC of 21 April 2004, now partly recast¹ as no. 2014/65/EU of 15 May 2014 and partly replaced by EU Regulation no. 600/2014), persons who provide investment services and/or perform investment activities² as a regular occupation or business on a professional basis must be subject to authorization by their home Member States, with the exception of credit institutions authorized under Directive 2013/36/EU (previously under Directive 2000/12/EC), which do not need any additional authorization.

Francesco Guarracino

4. Electronic Money Institutions and Payment Institutions

Abstract

In the early 2010s , the Italian discipline of payment services has, under the influence of EU legislation, undergone fundamental changes concerning both the persons enabled to provide such services and the activity itself.

Francesco Ciraolo

5. Insurance Companies

Abstract

The notion of insurance in the Italian legal system is provided by Art. 1882 of the Civil Code that states “insurance is a contract whereby the insurer, against payment of a premium, undertakes to retaliate the insured, within the agreed limits, the damage to it from an accident, or to pay a lump sum or an annuity an event relating to human life”.¹

Andrea Miglionico

Markets

Frontmatter

6. Regulation of Markets in Financial Instruments in Italy and in the European Union: General Principles

Abstract

The regulation of financial markets in Italy is strictly dependent on European Union directives and regulations. The priority of the European level over the regulation of the Italian financial markets and activities characterizes every sector of these markets: bank, insurance and securities (known in the EU as financial instruments¹).

Salvatore Providenti

7. Regulated Markets

Abstract

The terms “Stock Exchange” and “Market” are traditionally used to identify “the institution that creates a permanent meeting of businessmen and brokers for trading and in which the negotiations are implemented according to specific principles and without (necessarily) the presence of the objects on site”; the place or the building in which these negotiations take place; the complex organization in charge of trade at each location, and finally, all the negotiations relating to a given product.

Marco Sepe

8. Unregulated Markets

Abstract

Technological innovation has made significant changes in the structure and the organization of markets. On one hand, we have seen a rapid change in the traditional exchange venues; from the dealing rooms on the floors of the Stock Exchanges we moved to virtual environments where today’s IT systems allow computerized trading by financial instruments. But on the other, the effects of technological innovation have become apparent on the competitive side; the use of IT systems for the management of trading orders has encouraged the rise of trading venues other than traditional stock exchanges, such as unregulated markets.

Fabrizio Plateroti

Backmatter

Titel: Italian Banking and Financial Law
herausgegeben von: Domenico Siclari
Verlag: Palgrave Macmillan UK
Electronic ISBN: 978-1-137-50756-3
Print ISBN: 978-1-349-70124-7
DOI: https://doi.org/10.1057/9781137507563