Brusegan, Carlotta
L'Abuso di informazioni privilegiate: dalle tradizionali problematiche alle nuove prospettive comunitarie [Tesi di dottorato]

The present research looks at the study and the analysis of the criminal offence of Insider trading. First of all, an outline of the essential issues that lie at the basis of the current Italian regulation is presented, with particular attention to the evolution in legislation and case law of Insider trading in the U.S.. The analysis reviews the most significant steps of such genesis, highlighting any possible connection with the rules currently in force in Italy. Subsequently, the exegesis of the Italian legislation is briefly presented, starting with the basics of European Union law (starting from Directive 89/592/EEC until the most recent Law 62/2005). Then, the present investigation deals with the theories developed in relation to the ratio of the repressive prohibition and to the interest protected by the captioned rule, outlining the various positions resulting from the doctrine and the relationship of the relevant regulation with the s.c. corporate transparency. The investigation continues with the study of what constitutes inside information (Article 181 t.u.f.), focusing on the precise nature of the information and on the price sensitivity. Against this background, the author reaches the core of her research, namely the analysis of the criminal offence of Insider Trading (Articles 184 and 187 bis t.u.f.), highlighting the relevant outstanding issues. Thus, the investigation comes to the comparison with the new administrative offence of Insider trading introduced by Law 62/2005, focusing on the decriminalization of the action of the so-called secondary Insiders. Additionally, the (dual) role of Consob in criminal and administrative proceedings of Insider trading is briefly mentioned. The analysis focuses, in the end, on the new European requirements for reforming the law with a comprehensive view, by way of mentioning, inter alia, a recent intervention of the Court of Justice of the European Union and two measures developed at the end of 2011 by the European Commission (a Proposal for a Directive and a Proposal for a Regulation). The underlying intent of these measures is to dictate the minimum rules of discipline of the phenomenon in the criminal law and to standardize the rules of the Member States of the EU. In conclusion, the author gives an assessment of the current legislation on the basis of its effectiveness and systematic consistency.

In relazione con
IUS/17 - Diritto penale

Tesi di dottorato. | Lingua: | Paese: | BID: TD16053804