The logical path traced by court decisions confirms the principle that the return obligation arises only when the revocation court decision becomes final.Therefore a provisional enforcement, after the first instance ruling, is not conceivable

The establishment of the Consumer Financial Protection Bureau is part of the Us financial system reform project and has been strongly supported by the Obama administration to streamline the existing rules and to realize consumer financial education and protection after the crisis. It testifies,...

The conclusions of the Vickers Report, broadly accepted by the Uk government, put the country on the forefront of the reform movement affecting banking supervision. The traditional British light regulatory touch, this time, has given way to a decisive crackdown, mainly due to the effects of the...

In the complex regulatory system concerning anti-money laundering, which is still evolving with the proposal of the Fourth Directive, banks are required to play an active role to protect the legal economy. Thanks to rigorous procedures ensuring a better knowledge of the customer and assessing...

The proposal for a Fourth Anti-money laundering directive contains overly detailed measures which are justified by the complexity of the matter. However they could be excessively binding when implemented by national legislations, introducing further burdens on intermediaries

The proposal for a Fourth Anti-money laundering directive contains overly detailed measures which are justified by the complexity of the matter. However they could be excessively binding when implemented by national legislations, introducing further burdens on intermediaries

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...

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 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...

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...