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Summary: 1. Premessa. – 2. Il caso. – 3. La revocatoria individuale del creditore ed il rapporto con il fallimento – 4. L’azione di responsabilità dei creditori sociali: la sua funzione e la qualificazione della natura – 5. (Segue) Sulla natura autonoma o surrogatoria dell’azione – 6. L’azione di responsabilità nelle procedure concorsuali - 7. (Segue) L’interpretazione della Corte d’Appello. – 8. Considerazioni conclusive.
Contratti di garanzia finanziaria e regole del concorso
Abstract: Financial collateral arrangements and the principles of creditors’ concurrence in the context of Insolvency Law – The paper explores the relationship between the rules governing financial collateral arrangements, which are now to be found in the Italian legal system as a result of the implementation of European directives, and the general regulation of insolvency procedures. The paper’s specific aim is to verify whether, and to what extent, in light of a comprehensive interpretation of the current regulations and a correct identification of the interests protected by it, the enhanced protection of the right of the financial collateral taker to realise the collateral securities is to be considered compatible with the principle of the exclusivity of the insolvency assessment of the claims to be satisfied from the assets of the insolvent firm, as regulated by Insolvency Law in order to protect the position of competing creditors.
Summary: 1. Contratti di garanzia finanziaria e disciplina concorsuale nella giurisprudenza recente – 2. Le regole del concorso nelle procedure di insolvenza: concorso formale ed esclusività dell’accertamento concorsuale – 3. segue: concorso sostanziale e divieto di azioni individuali – 4. Realizzazione concorsuale dei crediti assistiti da pegno – 5. I contratti di garanzia finanziaria – 6. L’escussione dei contratti di garanzia finanziaria in pendenza di procedure di insolvenza e la deroga (parziale) ai principi del concorso.
Keywords: Financial collateral arrangements — Credit enforcement — Insolvency Law — Creditors’ concurrence — Proof of claim.
Abstract: Copyright and related rights: from photography to artificial intelligence. issues of the past, questions of the future – The paper deals with the evolution of copyright and related rights from the entry into force of the 1941 law to the present day. The paper highlights highlighting the adaptation of the rules to technological innovation, especially those of photography and artificial intelligence, which are both characterised by the relationship between man and machine.
Summary: 1. Premesse di metodo. – 2. Il periodo della legittimazione scientifica dei diritti di proprietà intellettuale. – 3. Il periodo della rilevanza funzionale dei diritti di proprietà intellettuale. – 4. L’era digitale dei diritti di proprietà intellettuale. – 5. L’avvento dell’intelligenza artificiale.
Keywords: Copyright and related rights — protected works — photographic works — artificial intelligence.
Il fondo rischi per liti in corso nel bilancio di esercizio
Abstract: The provision for pending litigation in the annual financial statements – The work focuses first on the general regulation of the “fund for risks”, the purpose of which is to provide accounting evidence of liabilities of a certain nature, the existence of which is certain or probable, but the amount or timing of which could not be determined at the end of the financial year. The study then discusses the function of these funds in respect of ongoing litigation, taking into account the relative duties of the management body, which is required to act in accordance with the principle of prudence.
Summary: 1. Le previsioni normative. – 2. I principi contabili. – 2.1. An. – 2.2. Quantum. – 3. Il ruolo degli amministratori. – 4. Il principio di prudenza e la liberazione dei fondi.
Keywords: Accounting — Annual balance sheet — provision and funds for risks — Pending litigation — Directors’ duties.
Abstract: Right to operating profits and right to stock dividends in the thought of Alfredo De Gregorio: reflections about “The financial statements of anonymous companies in their legal discipline” – A re-reading of De Gregorio’s work is proposed (published in 1938), which represented a landmark in terms of legal reflections on the financial statements of anonymous companies in the validity of the Commercial Code. In particular, the issue of the right to profit and the right to profit is addressed, verifying how the solutions proposed by the Author have been implemented by the legislator, by the doctrine and by subsequent jurisprudence.
Summary: 1. Il perché di una rilettura dell’opera di De Gregorio – 2. Il codice di commercio del 1882 e le regole sul bilancio – 3. La funzione delle regole sul bilancio – 4. Bilancio e assemblea – 5. Gli organi societari ed il bilancio – 6. La delibera assembleare come “atto di disposizione del patrimonio” – 7. La tesi di C. Vivante su utili e dividendi – 8. Vighi ed i diritti dell’azionista – 9. Categorie giuridiche e posizione del socio – 10. Gli effetti della mancata distribuzione del dividendo da parte dell’assemblea – 11. Il “diritto all’utile” come elemento essenziale del contratto di società – 12. Buona fede e limiti dell’assemblea – 13. Conclusioni: la necessità di un’interpretazione oggettiva delle determinazioni assembleari.
Keywords: Law History — Financial Statements — Operating profit — Stock dividends.
La tutela dei consumatori nel mercato finanziario delle cripto-attività
Abstract: Consumer protection in the financial market of crypto-assets – The protection of consumers and users of payment tokens is the subject of a plurality of European disciplines. There is a need to understand whether and how these disciplines can be coordinated with each other. This article analyses the disciplines contained in the: (i) Directive 2011/83/EU of the European Parliament and of the Council of 25 October 2011 on consumer rights; (ii) Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002 concerning the distance marketing of consumer financial services which will remain in force until 18 June 2026; (iii) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market and (iv) EU Regulation 2023/1114 of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (MiCAR). I believe that previous Directives and MiCAR are partly overlapping and partly complementary. In MiCAR the European legislator has deliberately followed, with regard to information obligations, the approach of the directives we have dealt with here.Compliance with MiCAR, therefore, determines, with reference to the profile of disclosure and form obligations, compliance also with the directives set up to protect (also) the consumer. At present, withdrawal remains governed by the consumer directives.
Summary: 1. I consumatori e i servizi finanziari digitali. – 2. Sulla non applicabilità al mercato finanziario della Direttiva 2011/83/UE del Parlamento europeo e del Consiglio del 25 ottobre 2011, sui diritti dei consumatori. – 3. Sull’applicabilità agli strumenti finanziari tokenizzati della Direttiva 2002/65/CE, del 23 settembre 2002, sulla commercializzazione a distanza di servizi finanziari. – 4. Le deroghe alla Direttiva 2002/65/CE introdotte dalla Direttiva 2015/2366/UE del 25 novembre 2015, relativa ai servizi di pagamento nel mercato interno. – 5. Il coordinamento delle discipline consumeristiche con il nuovo Regolamento UE 2023/1114 del 31 maggio 2023, relativo ai mercati delle cripto-attività.
Keywords: Consumer protection — Distance marketing of financial services — Cryptocurrency — E-money tokens — Asset-referenced tokens — Crypto-assets — Right of withdrawal — White Paper — Retail-holder.
Oltre lo scambio istantaneo. appunti sul contratto di durata e sul contratto relazionale
Abstract: Beyond the discrete exchange: contratto di durata and relational contract – Italian contract law and remedies have traditionally been shaped by the concept of contracts as discrete exchanges. In recent years, however, scholarly interest in long-term contracts has grown significantly, fueled by debates on business contracts and the impact of recent extraordinary events, such as pandemics and inflation, which have threatened the continuity of many contractual relationships. Against this background, this essay clarifies the differences between the notions of contratto di durata and relational contract – two concepts often conflated in Italian literature on long-term contracts. Drawing on doctrinal studies, sociology of law and law and economics, the essay explores the origins, defining features, and primary functions of these two notions, arguing that they embody distinct conceptual frameworks that should not be used interchangeably. Finally, it evaluates the relevance of these concepts to the academic debate on remedies for changes in circumstances during contract performance.
Summary: 1. Introduzione. – 2. La categoria del contratto di durata: la sistemazione di Oppo. – 3. Segue. Il suo accoglimento nella dottrina successiva. - 4. Le critiche più recenti. – 5. I bersagli della teoria relazionale. Il diritto contrattuale classico e il paradigma dello scambio discreto. – 6. La teoria del contratto relazionale in prospettiva sociologica: l’analisi di Macneil. – 7. La teoria del contratto relazionale in prospettiva economica: incompletezza, investimenti specifici e opportunismo contrattuale. – 8. Conclusioni sull’uso delle nozioni di contratto di durata e di contratto relazionale, con particolare riferimento al tema delle sopravvenienze e della conservazione del contratto.
Keywords: discrete exchange — long-term contract — relational contract — sociology of law — law and economics — remedies for changes in circumstances.
La revoca della proposta e dell’accettazione nelle operazioni di mercato
Abstract: The withdrawal of proposal and acceptance in the market transactions – The public takeover bids are an example of public offer (article 1336 of the Italian civil code): however, it’s subjects to certain rules laid down in the Consolidated Law on Finance and relevant Issuers’ Regulation adopted by CONSOB. It becomes irrevocable after the filing of the relevant offer document. The decision of the bidder not to launch the tender offer after the relevant public announcing is not itself a (forbidden) withdrawal of the proposal. The regulation reserves a sort of preferential treatment to security holders: under certain conditions, they can revoke their initial decision to subscribe or accept the public offer.
Summary: 1. La proposta contrattuale dopo la trattativa e senza trattativa. – 2. La revoca della proposta: struttura della fattispecie e interessi. – 3. L’irrevocabilità della proposta contrattuale nel procedimento di offerta pubblica: dies a quo. – 4. Irrilevanza del nulla osta alla pubblicazione. – 5. Irrilevanza della data di pubblicazione: funzione della pubblicazione e profili attuativi. – 6. Tutele, profili sanzionatori e di responsabilità (anche penale). – 7. La revoca dopo la presentazione del documento di offerta. – 8. La revoca dell’adesione. – 8. La riapertura del periodo di adesione. – 9. Interessi: dimensione “di mercato” e dimensione “contrattuale”.
Keywords: Financial market — Takeover bids.
Ipso facto clause e stay nella ristrutturazione dei gruppi in crisi
Abstract: Ipso facto clause and stay in the restructuring of groups of companies in crisis – The paper focuses on the issue of adapting rules set for single undertaking – particularly those concerning the prohibition of ipso facto clauses and the stay – to the insolvency of companies groups. This is a topic that, despite the recent reform of Italian insolvency law, including specific rules on the crisis of groups, seems to be only touched upon in the Italian Crisis and Insolvency Code. This issue raises a pivotal question within the legal system, as it requires addressing and resolving the potential axiological conflict between two fundamental values – and the interests underlying them – of modern legal systems: on the one hand, contractual autonomy, and on the other, the more recent concept (in terms of its incorporation into positive law) of the unified restructuring of a group in crisis.
Summary: 1. Premessa – 2. Profili di specialità della crisi del gruppo: i cross-entity arrangements – 3. Il divieto di ipso facto clauses – 4. Segue – 5. L’applicabilità del divieto di ipso facto clauses nel gruppo: l’ordinamento italiano – 6. Lo stay nel contesto del gruppo – 7. Segue: il trade off fra l’istanza della ristrutturazione unitaria del gruppo e la tutela del diritto di credito
Keywords: Insolvency Law — Contractual autonomy — Restructuring procedure — Companies group — Ipso facto clauses.
Blockchain e contabilità di impresa
Abstract: Blockchain and accounting – This paper analyzes the application of blockchain technology in the business accounting system. This study allows to examine the regulatory profiles of blockchain-based accounting records in accordance with the legal framework and general clauses of accounting law. Finally, the paper aims to clarify the actual potential, and show the limitations, of blockchain technology to reformulate a more modern definition of business accounting.
Summary: 1. Premessa. Il diritto contabile nell’era della tecnologia blockchain. – 2. Blockchain pubblica e limiti alla tenuta della contabilità d’impresa. – 3. Blockchain privata come nuovo sistema informatico di rilevazione contabile? – 4. Scritture contabili blockchain based e regolazione. In particolare sull’art. 2215-bis c.c. – 4.1. Segue… e sui principi generali del diritto contabile. – 5. Conclusioni.
Keywords: Blockchain — Innovation — Digital Age — Accounting records — Accounting principles.
Il collegio sindacale nelle società a controllo pubblico
Abstract: The board of statutory auditors of the state-owned companies – The article analyzes some problematic areas of the regulation of the board of statutory auditors (“collegio sindacale”) of state-owned companies – relating both to the appointment, composition and duration, and to the supervisory function over compliance with the law, the corporate bylaws and the principles of correct administration – on the assumption that these aspects are all connected to the efficient functioning of the board of auditors, especially due to the role of absolute centrality it should assume in this type of company.
Summary: 1. Introduzione. – 2. La nomina del sindaco unico e/o del revisore legale nelle s.r.l. a controllo pubblico. – 3. Le quote di genere nell’organo di controllo delle società a controllo pubblico non quotate. – 4. La mancata nomina dei componenti dell’organo di controllo nelle società in house providing e i dubbi interpretativi sul regime di prorogatio. – 5. La funzione di vigilanza sulla condotta di amministratori e soci spettante all’organo di controllo interno. 5.1. – La funzione di vigilanza sulla condotta dell’ente pubblico esercente il controllo analogo nelle società in house providing.- 6. Il controllo del collegio sindacale sugli assetti organizzativi adeguati.
Keywords: Joint stock companies — Publicly held companies — Board of auditors.
Profili giuridici dell’e-money token (emt)
Abstract: Legal aspect of e-money tokens – E-money tokens are a substitute for legal tender coins and banknotes and serve the function of payment instruments. They are completely similar to the e-money regulated by the European Directive 2009/110/EC of the Parliament and of the Council of September 16, 2009 (so-called EMD2).The MiCA regulation expressly states that e-money tokens are equated with electronic money and provides that Titles II and III of the EMD2, i.e., the provisions of the Electronic Money Directive governing the conditions for the commencement, operation and prudential supervision of the business of electronic money institutions, as well as those governing the issuance and redeemability of electronic money, respectively, apply to e-money tokens generally, except as otherwise provided in the MiCA regulation itself. However, notwithstanding the principle of technological neutrality, according to which the same rules apply to the same business involving the same risks, MiCA Regulation regulates e-money tokens with rules that are partly different from the regulatory paradigm of traditional electronic money, although this regulatory difference does not always seem to be necessitated by the need to regulate peculiarities related to the new technological characteristics of the payment instruments in question.
Summary: 1. Caratteristiche e funzioni dello strumento. – 2. La disciplina applicabile agli EMT. – 3. Emissione di token di moneta elettronica: soggetti abilitati. – 4. L’attività di emissione di moneta elettronica, offerta al pubblico, richiesta di ammissione alla negoziazione. – 5. Caratteristiche dell’emissione: token di moneta elettronica significativi. – 6. Obbligo di rimborso. – 6.1. Piano di risanamento e di rimborso. – 7. Divieto di interessi. – 8. White paper: contenuto, pubblicazione, comunicazione. – 9. Comunicazioni di marketing.
Keywords: Electronic money tokens — e-money token — EMT — Significant e-money token — Crypto-assets — Crypto-currency — Asset-referenced tokens — Payment instruments — Electronic money institution — White Paper — Issuance — Redeemability.
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