TY - JOUR
T1 - Against All Odds: Investor Protection in Italy and the Role of Courts
AU - Perrone, Andrea
PY - 2012
Y1 - 2012
N2 - The dualism between private and public enforcement of investor-related rights and its influence on the development of capital markets has drawn the attention by much of 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.
AB - The dualism between private and public enforcement of investor-related rights and its influence on the development of capital markets has drawn the attention by much of 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.
KW - Parmalat Cirio Argentina default
KW - investment services provider
KW - investor protection
KW - private enforcement
KW - protective gatekeeping
KW - public enforcement
KW - securities regulation
KW - thirdparty enforcement strategy
KW - Parmalat Cirio Argentina default
KW - investment services provider
KW - investor protection
KW - private enforcement
KW - protective gatekeeping
KW - public enforcement
KW - securities regulation
KW - thirdparty enforcement strategy
UR - http://hdl.handle.net/10807/33768
U2 - 10.1017/S156675291200002X
DO - 10.1017/S156675291200002X
M3 - Article
SN - 1566-7529
SP - 31
EP - 44
JO - European Business Organization Law Review
JF - European Business Organization Law Review
ER -