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The purpose of this paper is to describe the Bank of Italy's new comprehensive regulatory framework containing guidelines on the organization and corporate governance of banks.

The paper describes the structure of the regulatory framework and the content of the rules, including rules on a bank's choice of board model, a bank's corporate governance project representing bylaws and internal organization, tasks and powers of governing bodies, composition of governing bodies, compensation and incentive mechanisms, and information flows.

The paper reveals that the new rules are in line with recent prudential measures that assign a central role to corporate organization and require banks to establish appropriate corporate governance arrangements and efficient management and control mechanisms aimed to support the risks to which they are exposed. The new regulatory framework also pivots on the principles set forth by Basel Committee's guidance on corporate governance for banking organizations.

The paper provides a useful introduction to new Italian organization and corporate governance guidelines for banks by an experienced banking and securities lawyer.

This paper seeks to analyze the impact on companies' governance of corporate ownership interests hidden through cash‐settled equity derivatives.

The paper outlines the definition and use of cash‐settled derivatives and describes the recent proposal of the Italian financial regulator to extend disclosure obligations of significant shareholdings to positions held through cash‐settled derivatives.

Given the structure of Italian companies and the proven risk of evasion through cash‐settled derivatives, it should be advisable to extend the concept of a major shareholding for mandatory bid purposes to this kind of instrument. Moreover, recent cases have shown that the lack of a common worldwide disclosure regime for cash‐settled derivatives could result in misleading information and in turn in a lack of confidence by investors and an increase in the costs of raising capital.

The disclosure regime to be implemented should neither completely ignore cash‐settled equity derivatives nor impose excessive duties that may increase the costs of compliance. It should be empirical and concrete. Ownership disclosure is intended to improve corporate governance by enabling minority shareholders to monitor the abuse of control.

This paper provides practical guidance from an experienced Italian securities lawyer. It explains and supports the Italian regulator's proposal to identify cases in which holdings of derivatives trigger mandatory bid obligation.

The purpose of this paper is to analyze the compatibility of Islamic banking with the Italian banking system, to report what Italian legislators are currently doing to accommodate Islamic finance in the Italian banking system, and to explore solutions to the obstacles that have been identified.

The paper provides background on the Italian banking system as it works within the European Union (EU); shows some analogies between ethical and Islamic banking; traces the development of Islamic finance; explains the principles of Islamic finance and their impact on common transactions; describes the development of the Islamic finance industry; and analyzes the compatibility of Islamic finance with the Italian banking system.

Although Italy offers a fertile and flexible legal environment, dedicated banking laws and regulations and, consequently, Islamic banks have not yet been established in Italy. Further research is needed on how to reconcile Islamic banking with EU regulations and the Italian banking system.

The paper presents practical analysis from an experienced Italian financial services lawyer.

The purpose of this paper is to analyze the application of the rules governing the control system in the banking sector, particularly with respect to the impact of Legislative Decree No. 231 of June 8, 2001.

The paper describes the contents of Legislative Decree 231/2001 and regulations issued by Italian financial regulators; it describes the solutions offered by ABI (the Italian Banking Association) guidelines in order to organize the internal control system of banks; it also outlines recent developments in case law as to the organizational models adopted by companies and describes the outcome of empirical surveys carried out on the matter.

Italian banking companies adequately comply with legislative requirements set forth on prevention of corporate crimes and companies liability; for the first time a recent decision assessed the adequacy of the organization model adopted by a listed company.

The paper provides certain empirical data to help the reader understand the impact of the above said Legislative Decree on the internal control system and adoption of the organizational models by Italian companies, including banks.

This paper provides suggestions with reference to the implementation by banks and banking groups of organizational models and their contents.

This paper sets out to describe the Bank of Italy's implementation regulation on hedge funds pursuant to Law Decree No. 185 of November 9, 2008, the so‐called Anti‐Crisis Decree aimed at stabilizing the Italian economy during the current financial turmoil.

The paper defines the criteria for hedge funds, actually known as “speculative funds,” under Italian law; explains provisions under Law Decree No. 185 for a hedge fund to respond to redemption requests, sell assets if necessary, and create side‐pockets if necessary. It defines side‐pockets as closed‐end funds and describes their purpose, operation, and set‐up procedures. The paper also explains the criteria for defining assets as illiquid and transferring them to side pockets. It also discusses approval procedures for amendments to hedge fund rules and the implications of the new regulation.

The Anti‐Crisis Decree and the Bank of Italy's implementation regulation are among measures to ensure transparency, the orderly conduct of trading, and the protection of investors; their ultimate impact is uncertain.

The paper provides a concise summary of hedge fund regulations by an attorney with experience in the Italian financial markets.