Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: Fundamental business transactions and sharholeders’ rights - The article deals with the problematic relationship, in the società per azioni, between the principle of efficiency in the management of the company and the protection of shareholders’ interests regarding fundamental business transactions. In this regard, the work identifies two alternative models for the protection of the shareholders’, focused respectively on directors’ duty and liability or on shareholders’ rights, the breach of which entitles to claim for invalidity of Board’s resolutions under Section 2388, paragraph 4, of Civil Code. This second model is deemed preferable not only with a view to the effectiveness of protection, but also because of its systematic consistency with the principle of the exclusive competence of the directors in the management of the company.  

Sommario: 1. Il problema delle operazioni di “interesse primordiale”. – 2. I modelli di tutela degli azionisti. – 3. Il paradigma del caso Holzmüller. Protezione giurisprudenziale delle minoranze ed efficienza della gestione. – 4. La tutela partecipativa come dovere degli amministratori. – 5. La tutela partecipativa come diritto degli azionisti. – 6. Operazioni di “interesse primordiale” e tutela risarcitoria.  

Keywords: fundamental business transactions — exclusive responsibility of directors per the management of the company — shareholders’ participation rights — invalidity of board’s resolutions.

Abstract: Green Bonds: Issues and Perspectives - The European Regulation No. 2631/2023 has introduced a detailed regulation of the information due to the market from companies issuing bonds with a “green” label. Essential feature of this type of bond, which has been experiencing a widespread presence on the market for several years by now, is the allocation of the proceeds to the financing of activities aligned with the Taxonomy Regulation (EU) No. 852/2020. This Article addresses some of the main issues raised by the new regulation. In doing so, it emphasizes the paramount importance of a conceptual shift: from the paradigm of the «reasonable» investor, who is interested only in increasing the return on investment, to the paradigm of the «responsible» investor, who is willing to sacrifice her welfare maximization if that serves ESG objectives. This shift has significant policy implications, both in terms of relevance of the information to be disclosed in the prospectus and in terms of legal remedies for the investor in the event that such information is incomplete or deceptive.  

Sommario: 1. Premessa. – 2. La fattispecie. – 3. La disciplina: la trasparenza informativa. – 4. (Segue): la responsabilità da prospetto “verde”.  

Keywords: Company Law — Listed Company — Bonds — ESG Factors.

Abstract: The certainty of rules in business law – The essay addresses the topic of the relevance profiles of the problem of regulatory certainty in business law, taking into account the peculiarities of this law field. After having noted the non-strict relevance to the regulation of market relations of the requirements traditionally placed at the basis of the principle of legal certainty, the A. highlights the special need, in the same context, for the certainty of private rules, recalling its manifestation on historical and modern levels. Finally, the essay concludes by noting the importance of a modern strengthening of the principle of certainty, as specified, both in relation to the integration – from a legal or social source – of the contents of the acts of autonomy, and with regard to their interpretation.  

Sommario: 1. Premessa. – 2. Le tradizionali istanze di certezza e il diritto commerciale. – 3. Le codificazioni e l’urto col mercato. – 4. Certezza del diritto e norma organizzativa. – 5.1. Certezza della sanzione e certezza dell’imputazione. – 5.2. Certezza delle regole di mercato e formalismo negoziale. – 5.3. La certezza delle regole di esercizio della libertà di impresa. – 6. Il confronto astratto-concreto e il problema della certezza del principio applicabile

Keywords: Legal certainty — Business law — Legal positivism and values — Organizational rules — Formalism in legal transactions — Business freedom — Certainty of values — Legal interpretation.

Abstract: The paper identifies the centrality of enterprise management as the thread that allows to study the main issues relating director’s liability in the light of regulatory changes over the last twenty. The author highlights how the current regulatory framework has outlined a discipline concerning the management of the corporate enterprise, that is analysed under three distinct profiles: (i) the content scope; (ii) the criteria of its implementation; (iii) the subjective ownership of the management of the company. This analysis makes it possible to delve deeper into the main interpretative problems posed by the art. 2476, paragraph 8, c.c. in relation to the liability of shareholders. Then the issue of directors’ duties at the emergence of the crisis is examined in depth. The paper suggests an interpretation that rejects an exclusively conservative view of the powers of directors and instead proposes an interpretation according to wich directors retain intact their management powers, wich they must direct towards a recovery of the company through the crisis regulation tools provided by the law.  

Sommario: 1. La centralità della gestione dell’impresa nella funzione affidata agli amministratori. – 2. Gli ambiti contenutistici della gestione dell’impresa. – 3. La corretta gestione imprenditoriale e il principio di adeguatezza degli assetti. 4. La titolarità soggettiva delle competenze gestorie. – 5. La responsabilità gestoria dei soci nella s.r.l. – 6. La responsabilità dei soci nella fase di liquidazione. – 7. La responsabilità degli amministratori nella gestione della crisi di impresa.

Keywords: directors — directors’ liability — enterprise management — liability of shareholders — crisis.

Abstract: In recent years, the exponential growth of investments in ESG-compliant financial products has led to the development of related services, among which ESG rating/scoring is of central importance. In US financial regulation, ESG profiles are relevant insofar as they have a financial materiality, while in Europe, regulations have been introduced that also require information on the ESG impact of underlying assets. To counteract Greenwashing or Social washing phenomena, the European Union has drawn up a regulatory framework, most recently including, in addition to the Taxonomy Regulation and CSRD, the proposed regulation on ESG rating providers. The proposal is logically inspired by the credit rating regulations in many respects, including prior authorisation, technical and organisational requirements, prohibition of conflicts of interest, and supervision by a public authority. However, in the absence of global harmonisation and especially with the legal system of the USA, where the majority of ESG rating providers are based, it appears problematic to borrow from the credit rating regulations the mechanisms for recognising ESG ratings formed abroad. The alternative therefore appears to be between the dissemination of the European model (the so-called Brussels Effect) and the principles developed by IOSCO and a regulatory Babel, in which ESG rating, instead of providing reliable information, risks confusing investors.  

Sommario: 1. Finanza sostenibile e rating ESG tra libero mercato e prospettive regolatorie. – 2. Il rating ESG nella proposta di regolamento europeo: Giano Bifronte o Camaleonte? – 3. Rating ESG e information materiality nell’approccio statunitense. – 4. Rating ESG e double materiality nell’approccio europeo. – 5. Le raccomandazioni della IOSCO e le iniziative in USA sulla regolazione dei rating ESG. – 6. La regolazione dei rating providers nella proposta di regolamento europeo. a) Il modello della regolazione del credit rating tra similitudini e peculiarità. b) Autorizzazione, requisiti e obblighi informativi dei fornitori di rating ESG e vigilanza dell’ESMA. c) Rating ESG ed intelligenza artificiale. d) La regolazione dei fornitori di rating ESG non europei. – 7. La regolazione globale dei rating ESG: Babele o Brussel effect ?

Keywords: Rating ESG — Financial Materiality / Double Materiality of Information — Greenwashing — Proposal of Regulation — Credit Rating Model — Brussel Effect.

Abstract: Capital Market Problems and Reforms – Solving the problems of companies and investments in the italian capital market required rethinking legislative regulation. This essay discusses some of the newly issued and immediately applicable rules. The result is that these rules are only a test and will therefore be changed with the next reform. My result suggests that, rather than promoting new reforms, freedom of entreprise is the key to solving market problems. The solution to the problems of the capital market is to guarantee the freedom of enterprise rather than new laws.  

Sommario: 1. Prologo. – 2. La delega per la riforma: profili di nullità. – 3. Alcune delle regole d’immediata applicazione. – 4. La lista del consiglio. – 5. La forza delle cose

Keywords: Italian Capital Market Problems — Italian Capital Markets Act — Freedom of Enterprise.