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Erschienen in:
2015 | OriginalPaper | Buchkapitel
The Peculiar Administrative Sanctioning System for the Italian Financial Markets
verfasst von : Elisabetta Bani
Erschienen in: Italian Banking and Financial Law
Verlag: Palgrave Macmillan UK
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Sanctions are an essential element to ensure the effectiveness of the legal system1 as they are second level legal precepts aimed to promote adherence to primary legal precepts (those that define the conduct) through the provision of negative consequences for the offender; therefore, they have the purposes of prevention and repression of illegal behaviours. The recent financial crisis has led to reflection on a few aspects of the financial markets regulation including the adequacy of the regulatory framework of sanctions. Historically, there is a natural trend to tighten sanction regimes as a result of exceptional events, since the South Sea Bubble (terrorism, environmental alarms, financial scandals).2