Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: The Asset Threshold for Cooperative Popular Banks After Capital Markets Reform – This paper examines the amendment to the asset size limit applicable to Italian cooperative popular banks introduced by the Capital Markets Reform Act of 5 March 2024, No. 21, which doubled the statutory threshold from EUR 8 billion to EUR 16 billion in total assets, beyond which such banks are required to resolve upon their transformation into joint-stock companies. Building on the rationale underlying the original introduction of the asset size limit under Decree-Law No. 3 of 2015, the paper explores the reasons for the recent revision and its potential implications for the future of the cooperative popular banking sector, situating the amendment within the broader and ongoing reform of the Italian Financial Act (Legislative Decree No. 58/1998). The paper argues that the revision reflects a shift in regulatory strategy, moving away from forced “demutualization” toward more articulated forms of governance “hybridization”. It ultimately questions whether a partial, rather than complete, process of “companization” can provide a viable long-term solution to the trade-off between sound banking management, capitalization needs, and the preservation of cooperative-specific organizational features.  

Summary: 1. Dal d.l. n. 3/2015 alla Legge Capitali. – 2. Il nuovo limite di attivo delle banche popolari: premesse. – 2.1. (Segue) Possibili ragioni della revisione: l’adeguamento postumo alle misure introdotte dal Decreto Sostegni-bis in tema di “azioni di finanziamento”. – 2.2. (Segue) La possibile incidenza prospettica della prossima normativa europea sulla risoluzione delle banche di medio-piccole dimensioni. – 2.3. (Segue) Il possibile apprezzamento legislativo di talune rinnovate forme di spontanea collaborazione tra le popolari residue. – 3. La forma cooperativa delle popolari ieri, oggi, domani, tra esigenze di sviluppo sostenibile e prospettive di riforma del mercato dei capitali. – 4. Alcune questioni tuttora aperte: la governance. – 5. (Segue) I rapporti col mercato: ha ancora senso l’obbligo di trasformazione? – 6. La banca popolare dalla “de-mutualizzazione” alla “ibridazione”.

Keywords: Cooperative banks — Cooperative law — Financial market law — Cooperative financing — Investor shares — Demutualization — Hybridization.