Principali Accordi Internazionali

Testi dei principali Accordi Internazionali in materia di proprietà industriale disponibili in Italiano e Ingles

A supervisory architecture fit for CMU: Aiming at a moving target? ECMI Commentary No. 55, 9 August 2018

There are certainly many ways to look at the intersection between the Capital Markets Union (CMU) and current review of the European Supervisory Authorities (ESAs). In this commentary, I will briefly elaborate on some of the legal challenges that seem to be working against the adoption of the proposed reforms

Recovery and Resolution of CCPs: Obsessing over regulatory symmetry? ECMI Commentary No. 56, 9 August 2018

We already know quite a lot about the legislative initiatives and supervisory guidance on the recovery and resolution of central counterparties (CCPs). As Steven Maijoor nicely put it, the task of managing the risk of default by CCP can be condensed into three interlinked aspects: “resilience, recovery and resolution”.1 Having all this in mind, I would like to focus in this commentary on the international and institutional dimensions of the current EU proposals for recovery and resolution and then briefly conclude with a question of European institutional design that, to my mind, remains unanswered in the current EMIR 2.2 framework

Finance, Law, and the Courts

This book shows why courts are essential in the law of finance. The legal principles developed in courts’ case law provide finance with a firm legal basis and sufficient elasticity to evolve. This book, through an extensive and comparative analysis of case law in Europe and the United States, analyses how courts have shaped the main concepts and institutions in the law of finance. In public law, the book analyses the justiciability of disputes against public actors, or the role of discretion and mandates of monetary, regulatory, supervisory or crisis management authorities, as well as the rights of financial institutions, and the interpretation of regulatory concepts. In private law, the book analyses judicial creation of securities liability for misstatements, the role of financial contracts, and their enforceability, interpretation, and relationship with mandatory regulations, or the intricacies of property and insolvency issues in a financial context. The book also analyses critically the current state of the resolution of financial disputes in the EU, and suggests some avenues of reform

10 years of Banking Union’s case-law: How did European courts shape supervision and resolution practice in the Banking Union?

The Banking Union makes ten years. It is a story of success. Courts have been crucial for this success. This study explains why, and what should be done to preserve (and improve) their role. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee

Effective Judicial Protection and Cross-Border Financial Disputes in Europe

This volume provides an in-depth analysis of cross-border financial disputes within the European Union, exploring conflict, coordination, and competition among various legal systems. Featuring contributions from experts, the book examines how banking disputes, climate change litigation, and derivative disputes intersect with European, international, and domestic regulations. The book highlights the inconsistencies in court-based outcomes before national courts and effective judicial protection, addressing issues such as the liability of collective investment asset managers and the conflicts between public order and private ordering in derivative contracts. It also delves into the emergence of specialized tribunals and the visible trends in judicial protection for financial disputes

Banking Union's accountability system in practice : a health check-up to Europe's financial heart

The Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM) form the Banking Union, which comprises EU authorities (ECB and SRB) and national authorities (NCAs and NRAs) with vast powers. Although crucial for its legitimacy, the Banking Union"s accountability is flawed, and not for the (stereo)typical reasons: accountability is a visible concept in SSM and SRM regulations, and political, administrative and judicial bodies are knowledgeable, engaged and thorough. Rather, this article posits that the SSM and SRM work very well because the legislature focused on practical details such as information flows, planning and continuity and coordination, while there has been no comparable effort to ensure the functioning of accountability tools. The result is a 'system” characterised by limited access to crucial information, lack of continuity, and uncoordinated functioning. Changing this should not be hard but requires replacing blanket criticism and stereotypical views with greater attention to detail

The current implementation of the Sustainability-related Financial Disclosure Regulation (SFDR)

The Sustainability-Related Financial Disclosures Regulation (SFDR) is the centrepiece of the sustainable finance strategy for funds and other financial products. However, its provisions are too complex, do not work as intended, and interact insufficiently with provisions shaping corporate reporting, indexes, or client preferences. A revised SFRD should include more recognisable product labels or categories, enable and foster transition investments, smoothly interact with corporate reporting, and expand the scope of disclosure obligations. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON)

La tutela giurisdizionale effettiva dei diritti

Sul piano delle public law disputes in materia bancaria e finanziaria, ad un’amministrazione europea che si è venuta a costituire rapidamente con caratteristiche di notevole innovatività e impatto operativo, non ha ancora corrisposto una analoga definizione organica degli strumenti giurisdizionali (in senso lato) di revisione. Quale possa essere la risposta organizzativa più adeguata rispetto a questo stato di cose è tema complesso, che chiama in gioco limiti dei Trattati e scelte di politica del diritto di vertice, a livello europeo. La soluzione a questi dilemmi si giova di un dialogo tra dimensione europea e dimensione nazionale, e trova molteplici spunti in paralleli dilemmi che l’esperienza italiana ha affrontato definendo i confini del sindacato giurisdizionale e della tutela dei diritti rispetto a decisioni amministrative interne in campo economico finanziario. Il volume ha così inteso raccogliere, in un’aggiornata analisi critica di sintesi, lo stato di queste riflessioni e il loro percorso evolutivo