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

Type Journal Article - European Business Organization Law Review
Title Against All Odds: Investor Protection in Italy and the Role of Courts
Author(s)
Volume 13
Issue 01
Publication (Day/Month/Year) 2012
Page numbers 31-44
URL https://publicatt.unicatt.it/handle/10807/33768
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.

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