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The Licensing Rules in MiCA
In: Fintech Regulation and the Licensing Principle, Edited by Dário Moura Vicente Diogo Pereira Duarte Catarina Granadeiro, Centro de Investigaçao de direito privado, European Banking Institute, Frankfurt, 2023
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Retail Investment Strategy. How to Boost Retail Investors' Participation in Financial Markets
In: Committee on Economic and Monetary Affairs, Policy Department for Economic, Scientific and Quality of Life Policies, European Parliament, Luxembourg, 2023
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An Overview of the Markets in Crypto-Assets Regulation (MiCAR)
In: European Banking Institute Working Paper Series no. 158
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Capital Markets Legislation and Emission Allowances: A Fruitful Marriage?
In: An edited version of this paper will be published on The Cambridge Handbook of EU Sustainable Finance: Regulation, Supervision and Governance (ed. K. Alexander, M. Gargantini, M. Siri) - Forthcoming
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Credit Funds Regulation in the EU and the Debate on NPLS and AMCS: The Need for Further Harmonization
In: European company and financial law review: ECFR, Volume 19, Issue 1, p. 40-75
ISSN: 1613-2556
In the current EU legislative framework for investment funds – UCITS Directive and AIFMD – credit funds have rightly been singled out as something quite unique. In fact, they stand at the crossroads of capital markets' and credit institutions' regulations, playing a role of both an investor in a particular asset class, and of a credit facility provider. They may also effectively perform other functions, such as those of securitization vehicles, or comparable to Asset Management Companies ("AMCs") for the management and processing of non-performing loans. They are, therefore, hybrid creatures, difficult to regulate and, sometimes, to understand. This is due not only to the absence of any specific product regulation in the context of the AIFMD, but also to the uncertainties surrounding the notion of "credit" and "credit granting" in EU law. Within the EU, legislation on credit funds developed, until now, in a haphazard manner. Absent a clear reference scheme, the result is unsatisfactory, and far from being able to integrate EU Markets in this respect. Further, more robust harmonization is therefore needed in this area, now more than ever in the context of the debate on the effects of the pandemic and the management of NPLs. The paper aims to provide sufficient evidence to support these assumptions, also taking into account the lively debate on the role of Asset Management Companies and the development of an efficient secondary market for loans in the EU.
Cannons over the EU legal order: The decision of the BVerfG (5 May 2020) in the Weiss case
In: Maastricht journal of European and comparative law: MJ, Volume 28, Issue 1, p. 123-142
ISSN: 2399-5548
The Weiss affair, culminating in the BVerfG ruling of 5 May 2020 ( Weiss II), marks a break-up point in the long-standing dialogue between the BVerfG and the CJEU. The judges in Karlsruhe refused to follow the decision rendered by the CJEU in a preliminary ruling ( Weiss I) and ordered EU institutions to provide further clarifications on the proportionality assessment of the Public Sector Purchase Programme. This paper claims that the principles applied by the BVerfG in Weiss I are quite similar to those employed in the Gauweiler and Landeskreditbank-Banking Union cases. Considering that background, it will be argued that the construction of the principles employed by the BVerfG for the judicial review of EU acts did not undergo dramatic changes over time. The different outcome of Weiss II is due to the fact that, according to the BVerfG, insufficient elements of explanation and justification were provided by the ECB and the CJEU. Therefore, the central problem of Weiss II ends up being a procedural question of allegedly insufficient statements of reasons. From Gauweiler to Weiss II, one also sees the development of the standards for the judicial review of the ECB's decisions, in the fields of both monetary policy and banking supervision.
The Remains of the Day: EU Financial Agencies, Soft Law and the Relics of Meroni
In: European Banking Institute Working Paper Series 2021 - no. 106, 2021.
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Credit Funds Regulation in the EU and the Debate on NPLs and AMCs
In: Bocconi Legal Studies Research Paper No, 3857841
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'The Best of All Possible Worlds'? The Access of SMEs to Trading Venues: Freedom, Conditioning and Gold-plating
In: European Banking Institute Working Paper Series 2021 - no. 96
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Developing Judicial Dialogue Between EU Courts: The Role of EU Banking Legislation
In: San Diego International Law Journal, July 2021
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Speak, If You Can: What Are You? An Alternative Approach to the Qualification of Tokens and Initial Coin Offerings
In: European company and financial law review: ECFR, Volume 17, Issue 2, p. 129-154
ISSN: 1613-2556
At the Early Dawn of the Modern Regulation of Financial Markets. The Villainy of Stock-Jobbers (1701) and The Anatomy of Exchange Alley (1719) by Daniel Defoe
In: Bocconi Legal Studies Research Paper No. 3633103
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Working paper
Madamina, Il Catalogo E' Questo…'. the Duty to Disclose Inside Information and the Proper Organization of the Company: The Market Abuse Regulation ('MAR') and Italian Company Law
In: Bocconi Legal Studies Research Paper
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Working paper