Codice di autodisciplina - 2015
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Bolstering Family Control: Evidence from Loyalty Shares
In order to favor shareholder investment over a longer time horizon, Italy introduced loyalty shares in late 2014, which allow double voting rights after a two-year continuous holding period. Italian listed firms which adopted loyalty shares (...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
Do Market Abuse Rules Violate Human Rights? The Grande Stevens v. Italy Case
The 2014 decision of the European Court of Human Rights in the case ?Grande Stevens
and Others v. Italy? raises numerous complex issues concerning the regulation of market abuses in Italy, Europe, and also in other systems. The broad...Read more
Regulation and self-regulation of related party transactions in Italy: An empirical analysis
This paper assesses how Italian companies have implemented the regulation on related party transactions enacted by Consob in 2010. Companies have been given some degree of freedom in devising their internal codes: they may ?opt-up? or ?opt-down?...Read more