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2015 | Buch

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Italian Banking and Financial Law

Vol III, Regulating Activities

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 provides an overview of the Italian regulation of banking and financial activities, and tracks the evolution of its 'economic Constitution' and market trends.

Inhaltsverzeichnis

Frontmatter

1. Introduction

Abstract

Italian Banking and Financial Law, Volume III provides an overview of the Italian regulation of banking and financial activities that follows, historically, the evolution of the “economic constitution” and market trends.

Domenico Siclari

2. Regulation of Banking Activities

Abstract

The regulatory framework of banking activities in Italy have been traditionally characterized in the last 20 years by the central role of a consolidated law, regulating the main aspects of typical banking activity, that is the business of taking deposits or other repayable funds from the public and granting credits for its own account (see the definition of “credit institution” under Art. 4, para. 1, point 1, of EU Regulation no. 575/2013 (CRR) and, under the Italian legislation, the corresponding definition of banking activity in Art. 10 of Legislative Decree no. 385 of 1993). The mentioned consolidated law was adopted in 1993 (Legislative Decree no. 385 of 1 September 1993 — Testo Unico Bancario, Consolidated Banking Law, hereinafter TUB) in order to provide a comprehensive point of reference for the regulation of banking activities, repealing several provisions previously in force (see Art. 161 of the TUB, containing a long list of such provisions). The TUB grounded the Italian banking legislation on the EU law principles (single banking licence, home country control, mutual recognition) that were stemming from the EU banking directives (namely, the first and second EU banking directives, no. 77/780 and no. 89/646).

Marco Di Pietropaolo

3. Investment Services or Activities

Abstract

On 1 November 2007, the Legislative Decree issued the 17 September 2007 no. 164 entered into force, implementing MiFID in Italy. ¹ On the regulatory side, in compliance with the legislation that has implemented MiFID, the Commissione Nazionale per le Società e la Borsa (the Consob) and the Bank of Italy issued (inter alia) the following main regulations:

Resolution no. 16190 issued by the Consob on 29 October 2007, which amended the rules on intermediaries;
Resolution no. 16191 issued by the Consob on 29 October 2007, which amended the rules on markets; and
Resolution issued jointly by the Consob and the Bank of Italy on 29 October 2007, which provides for the rules concerning the organization and the procedures applicable to intermediaries authorised to provide investment services and collective portfolio management.

Massimiliano Carnevali, Emilia Petrocelli

4. Collective Portfolio Management

Abstract

The interest for a legal analysis of collective portfolio management arises from both the quantity of money which flows in its circuits, and the flexibility of its (European and Italian) regulatory framework.

Valerio Lemma

5. Italy’s Supplementary Pension System

Abstract

Since 1993, Italy’s policy makers have favoured the development of funded supplementary pension pillars in order to compensate retrenchment interventions within the public pension system. Introduced upon a voluntary basis, supplementary pillars are fully funded and provide almost exclusively Defined Contribution (DC) pension systems.

Raffaele Capuano

6. Rules Regarding Relations Between Intermediaries and Customers

Abstract

The rules that regulate the relationship between intermediaries and customers are based on transparency and proper conduct. A system based on these, aims mainly at protecting the interest of the customer but also, more generally, the stability of the market. It goes without saying, in fact, that the establishment of a relationship of trust between the contracting parties involved favours the adoption of cautious investment choices and, in this way, helps to ensure stability of economic transactions.¹

Diego Rossano

7. Public Offer

Abstract

The main aim of the legislation on public offer (also known as solicitation) is to have a safeguard of the “unaware savings” that are not necessarily coming from professionals, through the transparency of the proposed transactions.

Paola Fico

8. Public Takeover Bids: The Legal Framework

Abstract

The Italian regulatory framework for listed companies is oriented at the compliance with two principles, both having constitutional relevance: the protection of shareholders (descending from the protection of savings, laid down by Art. 47 of the Italian Constitution) and the efficiency and transparency of the market in corporate control and the capital market (in this respect, the freedom to conduct private businesses, protected by Art. 41 of the Italian Constitution is applied in a broader sense — in the light of the modern reinterpretation of the provision oriented at implementing EU regulatory directives — as the need to create efficient and competitive markets).¹

Gioacchino Amato, Stefano Torregiani

9. Listed Companies

Abstract

Italy introduced a specific regulation for listed companies in its legal system for the first time with Law no. 216 of 7 June 1974, a law which (also) determined the establishment of the Commissione Nazionale per le Società e la Borsa (the Consob), the public authority responsible for regulating the Italian securities markets.¹ These “primordial” rules laid down exclusively the transparency duties of listed companies toward the Consob and the markets.

Simone Alvaro

10. Reinsurance Business

Abstract

Nowadays, it is commonly considered that the reinsurance transfers the risk from an insurer to another party (reinsurer), the primary object being to indemnify the reinsured against loss.¹ Reinsurance can be defined the “insurance of insurance” or the “insurance of insurers”: an insurer buys protection against the costs of the claims it may have to meet under the policies of insurance it has itself issued.² As a result, reinsurers absorb losses that are not retained by primary insurers, and in so doing, they limit the earnings volatility of primary insurers.³ If the function of an insurance firm is to provide protection to the original insured against potential heavy losses, the reinsurer provides similar protection to the insurance company. In this way, reinsurance business plays an important role in the insurance market by providing capacity, creating stability and strengthening finances.⁴

Andrea Miglionico

Backmatter

Titel: Italian Banking and Financial Law
herausgegeben von: Domenico Siclari
Verlag: Palgrave Macmillan UK
Electronic ISBN: 978-1-137-50759-4
Print ISBN: 978-1-349-70126-1
DOI: https://doi.org/10.1057/9781137507594