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Against All Odds: Investor Protection in Italy and the Role of Courts

Published online by Cambridge University Press:  26 March 2012

Andrea Perrone  and
Stefano Valente
Andrea Perrone
Affiliation:
Andrea Perrone: Professor of Corporate Law and Securities Regulation, Università Cattolica del Sacro Cuore, Milan, Italy.
Stefano Valente
Affiliation:
Stefano Valente: J.S.D. in Corporate Law, Università Cattolica del Sacro Cuore, Milan, Italy.
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Abstract

The dualism between private and public enforcement of investor-related rights and its influence on the development of capital markets has been the subject of much recent commentary. While opinions differ as regards preference for private or public enforcement, scholarly analysis has so far been focused on the principal-agent relationship between investors and issuers, and has tried to depict the most effective enforcement system from a deterrence perspective. In this article we present some data about the Italian experience of enforcement. Rather than of lawsuits against issuers or gatekeepers, investor protection in Italy is mostly the result of proceedings brought by individuals against investment services providers. Does such a model promote the public goals of securities regulation? Is it efficient? By answering these questions, we aim to show how the Italian experience may contribute to the international debate on the enforcement of securities regulation.

Keywords

investor protectionpublic enforcementprivate enforcementsecurities regulationParmalatCirioArgentina defaultinvestment services providerthirdparty enforcement strategyprotective gatekeeping
Type
Articles
Information
European Business Organization Law Review (EBOR) , Volume 13 , Issue 1 , March 2012 , pp. 31 - 44
Copyright
Copyright © T.M.C. Asser Press and the Authors 2012

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