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A proposito del bubble act e della south sea bubble
Abstract: The paper briefly traces the events related to the passing of the Bubble Act by the English Parliament in 1720 and the subsequent financial crisis called “South Sea Bubble”, focusing in particular on the temporal and causal relationships identified by recent historians between the two events.
Sommario: 1. Introduzione. – 2. La South Sea Company. – 3. Il Bubble Act. – 4. Lo scoppio della bolla. – 5. Conclusioni.
Keywords: Commercial Law — History — Chartered Companies — Financial Crashes — Bubble Act — South Sea Company.
Evolution of private law in the global market of the 21st century
Abstract: The evolution of private law in 21st Century has been affected by the globalization of economic and financial markets. The rules issued by the monopolistic sources of national and international legal orders have been replaced or supplemented by rules autonomously created by the defining rights and obligations of private individuals in relation to their respective positions in the markets. On the other hand, as a reaction, the constitutional value of rights of private individuals as universal civil or human rights has been affirmed. This evolution has made factual analysis and comparative method essential tools for a correct and effective understanding and interpretation of how the basic paradigms of private law, such as contract and corporate personality have evolved. In the area of contractual relations, an attempt to overcome the asymmetrical positions of the parties for the economic and social inequalities caused by the global markets has led to operational solutions enhancing the role of good faith in civil law systems and of reliance in common law systems, whose efficacity in the context of new technologies which are being developed is, however, still to be tested. In the area of corporations and other business organizations, the overwhelming increase of financial globalization has accelerated the pursuit of purely monetary profit in the shortest term as the sole purpose of investments in enterprises and has led to negative results for the economy and societies of different countries and populations worlwide. In order to alter this trend, international and national institutions and many States are advocating the purpose of corporations and economic entities be radically changed making compulsory for them the pursuit of ESG principles. Changes in the global economy caused by the recent dramatic events (pandemia, war) will influence the future evolution of private law, but can not overlook its present results.
Sommario: 1. The global market. – 2. The evolution of private law. – 3. The need for an argumentative and comparative method in the interpretation of private law. – 4. The evolution of the contract paradigm. – 5. The evolution of the corporation paradigm. – 6. A note on prospects of future evolution
Disciplina del contratto e “non - moral goods”
Abstract: Contract law and “non - moral goods” - The fragmentation of contract law is understood as a consequence of the failure of the two notions (autonomy and commutative justice) on which unitary conceptions of the contract are traditionally built. Autonomy is actually an essentially contested concept whose scope depends on the definition of the level of voluntariness that an act should possess in order to be considered an expression of genuine autonomy. The notion of commutative justice does not have an autonomous content independent of the context. What may be considered commutatively right in one society may not appear so in a different society. The paper proposes to search for a unifying point in the pursuit of so-called non - moral goods, understood as goods (community, solidarity, friendship, etc.) contributing to human flourishing but escaping the scope of distributive justice. With reference to contracts, a discussion in terms of non - moral goods should evaluate the contractual system from the point of view of its ability to model the social practice of interacting through mutual promises so that a beneficial participation to that practice able to engender an enrichment of all participants’ personalities, is made possible for everybody.
Sommario: 1. I fattori tradizionalmente unificanti della disciplina dei contratti: autonomia e giustizia commutativa. – 2. L’autonomia contrattuale: un essentially contested concept. – 3. Il conflitto tra diverse concezioni e il declino della capacità unificante del riferimento all’autonomia. – 4. La giustizia commutativa dipende dalla contestualizzazione e il concetto di giustizia commutativa non è in grado di rappresentare un polo astrattamente unificante. – 5. Il diritto dei contratti in una società complessa basata su specializzazione e incentivi. – 6. La frammentazione del sistema e le clausole generali. – 7. Un possibile centro di gravità: disciplina del contratto e “non - moral goods”.
Keywords: Contract law — Fragmentation — Non-moral goods.
Il security token: profili finanziari e prospettive societarie
Abstract: This paper deals with the phenomenon of cryptoassets, with a special focus on security tokens. After a brief overview of the operational aspects of Initial Coin Offerings and Distributed Ledger Technology, the financial nature of transactions involving such tokens is affirmed and, on the basis of this assumption, questions are raised as to whether they can be qualified as financial instruments. The latter part of the work is instead dedicated to the identification of contact points between security tokens and the shares of a joint stock company.
Sommario: 1. Introduzione. – 2. La tecnologia e il procedimento di offerta. – 3. Il cryptoasset. – 4. La natura giuridica del security token. – 5. Security token e fenomeno societario: un connubio possibile? – 6. Conclusioni.
Keywords: Blockchain — Cryptoassets — Distributed Ledger Technology — Initial Coin Offerings — Security Tokens.
L’intelligenza artificiale tra esigenze di tutela e processi di digital innovation
Abstract: Artificial intelligence between protection needs and digital innovation processes – Artificial intelligence pushed corporations to face the challenges of modernity. The rapid growth of digitization processes induced the legal system to search for tools capable of managing and interdicting risks by compressing the drifts produced by the new corporate social responsibilities. The essay proposes to analyze the contribution of technology in the organizational structure of corporations exploring the reflections of artificial intelligence on traditional civil liability regimes.
Sommario: 1. Diritto della tecnica e intelligenza artificiale. – 2. Interrelazioni tra mercato e intelligenza artificiale. – 3. Responsabilità per danni causati dalle nuove tecnologie. – 4.(segue) Il fenomeno delle ‘driverless cars’. – 5. Responsabilità sociale d’impresa e intelligenza artificiale.
Keywords: Artificial intelligence — software — corporate social responsibility — consumer — driverless cars — governance — product — market — robot.
La crisi dei gruppi di imprese tra composizione negoziata e codice della crisi
Abstract: The crisis of companies’ groups between negotiated settlement and the Crisis Code – The essay examines the discipline of the negotiated settlement relating group of companies’ restructuring. The analysis is conducted in the light, on the one hand, of the more general function of the negotiated settlement (“composizione negoziata”) and, on the other, of the possible outcomes of the unitary negotiation envisaged by the new regulation of group preventive restructuring frameworks introduced by the Italian Crisis Code.
Sommario: 1. Premessa. – 2. Le ragioni della composizione negoziata di gruppo. – 3. Il presupposto oggettivo della composizione negoziata di gruppo. – 4. Il presupposto soggettivo. – 5. L’istanza unitaria di nomina dell’esperto e di concessione delle misure protettive. – 6. Segue. Holding e società con maggiore esposizione: coordinamento dei due criteri. – 7. La conduzione unitaria delle trattative ab initio. – 8. Segue. La riunione successiva. – 9. Il coinvolgimento delle società in bonis. – 10. I finanziamenti infragruppo in corso di composizione negoziata. – 11. Gli esiti della composizione negoziata nei gruppi di imprese: possibili approdi unitari. – 12. Segue. Soluzioni unitarie, approdi separati e derive liquidatorie. – 13. Concordato semplificato liquidatorio di gruppo e doveri dei creditori.
Keywords: Groups of companies — Negotiated settlement — Group unitary negotiation — Intra-group financing — Restructuring frameworks.
Abstract: “Omnibus” sureties and nullity of derogation clauses: between market efficiency and system stability – Starting from the recent decision of the Joined Chambers of Italian Court of Cassation, the essay deals with the issue of the validity of the “derogation clauses” embodied in the “omnibus” surety bonds, which reproduces the ABI scheme. In particular, the essay deals with the issue of the applicable remedial structure, outlining how, because of the infringement of competition rules, the solution of partial nullity is the most consistent with the plan of interests protected, which involves the bank’s activity efficiency in the perspective of market conformation.
Sommario: 1. Una premessa di metodo: coordinate di base per la lettura del dibattito. – 2. Effetto anticoncorrenziale e tutela del cliente in funzione oggettiva. – 2.1. Segue. Serialità e strumentalità restrittiva delle clausole inefficienti. – 3. La tutela individuale e le regole di protezione: il caso della clausola in deroga. – 3.1. Vessatorietà della clausola e riequilibrio del rapporto. – 4. Il dictum delle sezioni unite del 30 dicembre 2021, n. 41994 nel variegato quadro giurisprudenziale e dottrinale. – 5. L’effetto della serialità e strumentalità restrittiva quale vizio (esogeno) del contratto di garanzia. – 6. Segue. I rimedi come tecniche di controllo del mercato: inalienability rules vs. liability rules. – 7. Conservazione del contratto e “sana e prudente gestione” dell’impresa bancaria.
Keywords: Banking law — “Omnibus sureties” — Competition — Remedies — Partial nullity — Market regulation.
Abstract: The Access to Insolvency and Pre-Insolvency Proceedings between Claimed Uniformity and Due Differences – The recent Italian reform on corporate crisis and insolvency intends to simplify the procedural rules in the event of a judicial outcome of the debtor’s economic distress, by attempting to introduce a common initial phase for the various insolvency and pre-insolvency proceedings. The Italian enabling law no. 155/2017 has required the Government to introduce a single judicial verification procedure, to which all categories of debtor should be subjected: following this first step, the proceeding should evolve differently, depending on the established conditions (state of crisis or state of insolvency), the chosen methods (agreed or compulsory), and the pursued purposes (business conservation or liquidation), thus going to separately regulate the possible outcomes, in order to subsequently allow the opening of the various proceedings. The new Italian Insolvency Code, introduced by the Italian legislative decree no. 14/2019, implemented the general principles provided by the enabling law regarding the uniformity of the initial phase of the various proceedings in a substantially faithful manner. Moreover, the rules on the uniformity of the initial phase of the various proceedings have not been affected by any of the laws that, tumultuously, were approved in Italy from 2019 to 2022 (unless otherwise, law decree no. 23/2020 converted into law no. 40/2020; enabling law no. 20/2019; legislative decree no. 147/2020; law decree no. 118/2021 converted into law no. 147/2021; law decree no. 152/2021 converted into law no. 233/2021; law decree no. 36/2022 converted into law no. 79/2022 legislative decree no. 83/2022 implementing directive no. 2019/1023/UE). All this confirms the importance of the principle of uniformity, which however appears more properly a yearning than an acquired result: as we can infer from the analysis of Articles 40-43 of the new Italian Insolvency Code, the lawmakers had to deal with the unavoidable needs for differentiation, which ended up introducing elements of fragmentation that risk undermining the objectives that the lawmakers themselves had indicated.
Sommario: 1. Premessa. – 2. Domanda di accesso e regole speciali derivanti dal diverso soggetto istante, debitore o non debitore. – 2.1. Gli adempimenti processuali in caso di domanda presentata dal debitore. – 2.2. Gli adempimenti processuali in caso di domanda presentata dai soggetti diversi dal debitore. – 3. Domanda di accesso e regole speciali derivanti dalla diversa finalità perseguita, liquidatoria o conservativa. – 3.1. La scansione temporale del procedimento di accesso alla procedura di liquidazione giudiziale. – 3.2. L’udienza di trattazione nel procedimento di accesso alla procedura di liquidazione giudiziale. – 4. Domanda di accesso e regole speciali derivanti dalla diversa modalità richiesta, coattiva o concordata. – 4.1. Il soggetto attivo e l’avvio dell’attività istruttoria nel procedimento di accesso alla procedura di liquidazione giudiziale e di concordato preventivo. – 4.2. L’oggetto e le modalità di svolgimento dell’attività istruttoria nel procedimento di accesso alla procedura di liquidazione giudiziale e di concordato preventivo. – 5. Rinuncia alla domanda di accesso e relativi effetti. – 5.1. Effetti della rinuncia alla domanda per il pubblico ministero e per gli intervenuti. – 5.2. Effetti della rinuncia alla domanda dal punto di vista pubblicitario. – 6. Considerazioni conclusive.
Keywords: Insolvency proceeding — Pre-insolvency proceeding — Preventive restructuring frameworks — Application to access — Debt-restructuring agreement — Court-supervised and pre-bankruptcy composition with creditors — Bankruptcy — Post-bankruptcy composition with creditors — Judicial Liquidation — Corporate creditors — Insolvency creditors — Priority creditors — Secured creditors — Unsecured creditors — Debtor — Proceeding’s bodies — Receiver — Creditors’ Committee — Judicial Commissioner — Judicial Liquidator — Public Prosecutor — Individual execution proceeding — Restructuring — Creditors’ protection.
Modelli abi tra clausole anticoncorrenziali e casi di nullità (parziale) delle fideiussioni omnibus
Abstract: ABI models of omnibus guarantees between antitrust law and contract law – The paper analyzes the issue of partial nullity of omnibus guarantees found in ABI models, a matter that has led to the formation of distinct orientations on the subject and the production of a substantial jurisprudential dispute on the validity of bank guarantees reproducing anti-competitive clauses. The analysis focuses on antitrust regulations, analyzes consumer issues, as well as offers an examination of the prevailing doctrinal and jurisprudential reconstructions that have marked the precedents of the Courts of merit and legitimacy and prompted the United Sections of the Supreme Court of Cassation to intervene on December 30th 2021, to bring clarity and conclude the debate on the validity, or otherwise, of such guarantees.
Sommario: 1. Premessa. – 2. Il problema delle fideiussioni omnibus conformi al modello ABI “Condizioni generali di contratto per fideiussioni bancarie”. – 3. Contratti bancari e la tutela del consumatore. – 3.1. Lo status di consumatore (finanziario): una comparazione tra ordinamenti di civil law. – 4. Il modello ABI, presupposto per un confronto giurisprudenziale. – 5. Le argomentazioni della dottrina sui rimedi in favore del consumatore finanziario. – 6. (segue) … sulla natura giuridica della fideiussione omnibus. – 7. L’attesa pronuncia delle Sezioni Unite: riflessioni su Cass., Sez. Un., 30 dicembre 2021 n. 41994.
Keywords: personal guarantees — anti-competitive clauses — antitrust violation.
Sommario: 1. Premessa. – 2. Le questioni pregiudiziali. – 3. La responsabilità della società figlia. – 4. Diritto nazionale e compatibilità con il diritto eurounitario (cenni). – 5. Alcune questioni probatorie.
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