Codice di autodisciplina - 2015
Related Working Papers in News and Codes
Featured Working Paper
Institutional Investor Stewardship in Italian Corporate Governance
In spite of the highly concentrated ownership of listed companies, Italy is one of the countries in which institutional investors are on the rise and are playing an increasingly active role in the governance of their investee companies. Against...Read more
Some Reflections on the Self-insider and the Market Abuse Regulation – The Self-insider as a Monopoly-Square Insider
This article deals with the self-insider, i.e. the possible creation of the inside information by a person and its (abusive) exploitation. It describes the situation in Italy and Germany and then provides a taxonomy of the several cases of...Read more
Bolstering Family Control: Evidence from Loyalty Shares
We study the introduction of a new control-enhancing mechanism in Italy, a country characterized by family-controlled firms and growing shareholders’ protection by institutional investors. Since 2014, Italian firms have been able to adopt loyalty...Read more
Enforcing Rules on Related Party Transactions in Italy: One Securities Regulator’s Challenge
In the wake of the corporate scandals of the early 2000s, Italian policymakers tackled tunnelling via related party transactions (RPTs) by enacting a three-layer regime: a statute setting the goals of a regulation (transparency, and substantial...Read more
Market Soundings: The Interaction between Securities Regulation and Company Law in the United Kingdom and Italy
Before deciding on operations involving share issuance or sale, companies or shareholders may seek to disclose information to selected investors, in order to gauge their opinion on the envisaged market operation. Such ‘market soundings’ risk...Read more