The solutions of the financial crisis in Europe must necessarily involve the support to banks by governments and the coordinated action among supervisory authorities. But an important role can be played by a stronger cooperation between a small number of European countries who have common...

The financial crisis shows the limits of a fragmented surveillance scheme and points out the need of new architectures characterized by simplicity, applicability of rules, lower costs of compliance, lower conflicts of interests, absence of regulatory arbitrage and universality. For this purpose,...

The commitment to strengthen retail investor protection and to raise the transparency of markets and financial products are strong objectives of recent Eu action aimed to review the MiFid, the Ucits, the Prospectus Directives. Improving investor protection has become a priority following...

The global dimension of the current financial crisis and the speed of contagion make necessary a new national and international regulatory framework. New rules to overcome recent failures must not be disruptive, stopping financial innovation necessary to increase the spectrum of financial and...

After the crisis, it is necessary to promote in organizations a compliance cuIture in order to guide management behaviours. But also the choice of the supervision style by the Banking Union will be crucial in order to properly and effectively orient the relations between supervisors and...

In Italy the use of bond covenants is restrained by the predominance of SMEs, the significant role of relationship banking, the high costs related to public placements, the lack of investors‘ financial culture, the low amount of loans normally requested by each firm and the lack of liquidity...

This paper aims to stress the importance of market liquidity for the stability of the financial system, emphasizing the pivotal role played by liquidity risk in the development of the current financial crisis, pointing out the flaws of regulation and supervision and stressing the need for their...

The definition of an internal process to prevent and manage reputational crises is a priority for banks.The Compliance Function can offer a tangible contribution to implement an effective crisis management process.The definition of a contingency plan, of a team of crisis management and of lines...

Which are the functions of a compensation system? How it can be used by a company or a bank as an instrument of human resources management? Which are the relations between remuneration systems and bank performances? Only the answer to these questions can help to redefine and project the...

The Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States was released on January 27th 2011.The strong political differences within the Commission prevented the draft of a shared report. In addition to the majority report, two dissenting...