Aspetti processuali del Regolamento n. 1/2003/Ce

The recent reform in European antitrust enforcement is embodied in Regolation n. 1/2003/ Ce and related Communications. Since 2004 when it came into force, some crytical assessments can already be made. The work starts from some technical analysis of the reform, under a procedural perspective, to assess the proceedings’ real impact on parties’ rights and to criticize its limits. Decentralisation has brought about more complicacies, since community procedural systems are not harmonized, neither in their administrative rules, nor in their civil proceedings, which are all involved in the European antitrust network. Therefore, antitrust proceedings end un as being more jurisdictional in their effects than in their guarentees, which is a flaw to be mended by legislators. National laws shoud be harmonized, community law should be clarified and the system should turn more honestly towards a rationalized jurisdiction-cented mechanism. Otherwise, parties defense rights and the overall efficiency are put into doubt. Italy is a good exemple of how many colmlicacies can outburst from national procedures and national decentralised application. An uncertain pattern of judicial control, together with unclear relationships among the institutions to cooperate in the antitrust network can produce more problems than they aim to solve. As to the private enforcement, Regulation n.1 does not even attempt to give precise regulation to this underdeveloped sector. A continual comparison with U.S. system has brought the Commission to become aware both of the risks and of the advanteges of an increased civil antitrust litigation in fronto of national judges. In order to substain a larger development of this parallel and, presently, difficult way of judicial compensation, it is presently ongoing a consultation among states to find suitable incentives to make private enforcement more appealing and effective. The solution to this lack of private litigation is not to be sought in Regulation n. 1 which calls into action national legislators and proceedures to implement further improvements. As a conclusion, Regulation n. 1 is the outpost of an ambitious community design to create an efficient control mechanism over antitrust violations. It focuses on Commission proceedings, powers and sanctions in order to establish deterrence, then it highlights civil litigation perspectives and it involves directly states into antitrust application. It seems that more could be done to technically shape administrative proceedings in a more jurisdictionally oriented form, then to clarify respective roles and coordination mecanisms in order to prevent difficulties easy to forsee. Some of jurisprudential suggestions have been accepted, but much more is left to be done in the future to improve european antitrust enforcement system.

Securitization and Special Purpose Vehicles in an International Setting: a Systemic View

The present work tries to display a comprehensive and comparative study of the different legal and regulatory problems involved in international securitization transactions. First, an introduction to securitization is provided, with the basic elements of the transaction, followed by the different varieties of it, including dynamic securitization and synthetic securitization structures. Together with this introduction to the intricacies of the structure, a insight into the influence of securitization in the financial and economic crisis of 2007-2009 is provided too; as well as an overview of the process of regulatory competition and cooperation that constitutes the framework for the international aspects of securitization. The next Chapter focuses on the aspects that constitute the foundations of structured finance: the inception of the vehicle, and the transfer of risks associated to the securitized assets, with particular emphasis on the validity of those elements, and how a securitization transaction could be threatened at its root. In this sense, special importance is given to the validity of the trust as an instrument of finance, to the assignment of future receivables or receivables in block, and to the importance of formalities for the validity of corporations, trusts, assignments, etc., and the interaction of such formalities contained in general corporate, trust and assignment law with those contemplated under specific securitization regulations. Then, the next Chapter (III) focuses on creditor protection aspects. As such, we provide some insights on the debate on the capital structure of the firm, and its inadequacy to assess the financial soundness problems inherent to securitization. Then, we proceed to analyze the importance of rules on creditor protection in the context of securitization. The corollary is in the rules in case of insolvency. In this sense, we divide the cases where a party involved in the transaction goes bankrupt, from those where the transaction itself collapses. Finally, we focus on the scenario where a substance over form analysis may compromise some of the elements of the structure (notably the limited liability of the sponsor, and/or the transfer of assets) by means of veil piercing, substantive consolidation, or recharacterization theories. Once these elements have been covered, the next Chapters focus on the regulatory aspects involved in the transaction. Chapter IV is more referred to “market” regulations, i.e. those concerned with information disclosure and other rules (appointment of the indenture trustee, and elaboration of a rating by a rating agency) concerning the offering of asset-backed securities to the public. Chapter V, on the other hand, focuses on “prudential” regulation of the entity entrusted with securitizing assets (the so-called Special Purpose vehicle), and other entities involved in the process. Regarding the SPV, a reference is made to licensing requirements, restriction of activities and governance structures to prevent abuses. Regarding the sponsor of the transaction, a focus is made on provisions on sound originating practices, and the servicing function. Finally, we study accounting and banking regulations, including the Basel I and Basel II Frameworks, which determine the consolidation of the SPV, and the de-recognition of the securitized asset from the originating company’s balance-sheet, as well as the posterior treatment of those assets, in particular by banks. Chapters VI-IX are concerned with liability matters. Chapter VI is an introduction to the different sources of liability. Chapter VII focuses on the liability by the SPV and its management for the information supplied to investors, the management of the asset pool, and the breach of loyalty (or fiduciary) duties. Chapter VIII rather refers to the liability of the originator as a result of such information and statements, but also as a result of inadequate and reckless originating or servicing practices. Chapter IX finally focuses on third parties entrusted with the soundness of the transaction towards the market, the so-called gatekeepers. In this respect, we make special emphasis on the liability of indenture trustees, underwriters and rating agencies. Chapters X and XI focus on the international aspects of securitization. Chapter X contains a conflicts of laws analysis of the different aspects of structured finance. In this respect, a study is made of the laws applicable to the vehicle, to the transfer of risks (either by assignment or by means of derivatives contracts), to liability issues; and a study is also made of the competent jurisdiction (and applicable law) in bankruptcy cases; as well as in cases where a substance-over-form is performed. Then, special attention is also devoted to the role of financial and securities regulations; as well as to their territorial limits, and extraterritoriality problems involved. Chapter XI supplements the prior Chapter, for it analyzes the limits to the States’ exercise of regulatory power by the personal and “market” freedoms included in the US Constitution or the EU Treaties. A reference is also made to the (still insufficient) rules from the WTO Framework, and their significance to the States’ recognition and regulation of securitization transactions.

Annullamento dell'aggiudicazione e inefficacia del contratto

Lo studio si occupa del tema della nullità dell’atto amministrativo nell’ambito della attività negoziale della p.a.. L’obiettivo è quello di analizzare gli effetti sul contratto di appalto, a seguito dell’annullamento degli atti di gara, alla luce dei recenti interventi legislativi e giurisprudenziali. L’indagine investe anche questioni di giurisdizione e di legittimazione ad agire La tesi è articolata in tre capitoli. Nel primo capitolo “Annullamento della aggiudicazione e sorte del contratto nell’iter ricostruttivo dell’istituto si analizzano le conseguenze dell’annullamento degli atti di gara sul contratto e si riflette sui profili del riparto di giurisdizione tra GA e GO e della qualificazione dei vizi. Si analizza, inoltre, il rapporto tra autotutela, legittimo affidamento e responsabilità della p.a., alla luce della funzione dei principi generali dell’ordinamento, costituendo, questi, sia limite, sia contenuto della funzione amministrativa espressa come potere di autotutela e delineando essi lo spazio entro cui il giudice deve agire. Il secondo capitolo analizza le “Prospettive di sviluppo recenti ed interventi chiarificatori”, alla luce del recente decreto legislativo n. 53/2010, della cd. Direttiva ricorsi (n. 2007/66/CE) e delle norme relative al nuovo processo amministrativo, recentemente introdotte, (artt. da 122 a 125 del d. lgs. n. 104/2010) concentra l’attenzione sul profilo della individuazione dei parametri che il giudice può utilizzare per statuire della sorte del contratto. Nel terzo capitolo “Diritto pubblico e Diritto privato nei contratti della Pubblica Amministrazione”. si focalizza l’attenzione sul rapporto tra istituti del diritto amministrativo istituti del diritto privato: quanto più l’attività negoziale risulta attratta nella sfera del potere pubblicistico, tanto più il contratto non godrà di autonomia rispetto al provvedimento. La reciproca dipendenza implica che la sorte dell’atto incida irrimediabilmente anche sul contratto. Nell’ultimo paragrafo dell’ultimo capitolo si propongono alcune conclusioni.

Il giudicato implicito: profili teorici e questioni pratiche

La tesi intende offrire una disamina approfondita dell’istituto del giudicato implicito, di rito e di merito, sotto il duplice profilo dei recenti orientamenti della giurisprudenza di legittimità, da un lato, e dei rilievi critici della dottrina, dall’altro. Il candidato si sofferma, preliminarmente, sulla ratio delle recenti sentenze delle sezioni unite della Cassazione, le quali promuovono un’interpretazione restrittiva e residuale dell’art. 37 c.p.c. alla luce del principio costituzionale della ragionevole durata. Si pone, quindi, il problema del rapporto tra il giudicato implicito sulla giurisdizione e i principi processuali costituzionali, dedicando ampio spazio e rilievo alle riflessioni critiche della dottrina sulla teoria del giudicato implicito. Il candidato passa così all’esame del giudicato implicito sulle questioni preliminari di merito, dopo aver trattato il tema dell’ordine logico-giuridico delle questioni e della struttura della decisione. Nel corso di questa analisi, ravvisa nel principio della ragione più liquida la negazione dell’idea di giudicato implicito, sviluppando così alcune riflessioni critiche sul giudicato di merito implicito. A questo punto, il piano dell’indagine si incentra su un aspetto specifico dell’istituto in esame, particolarmente importante sotto il profilo dei risvolti applicativi: le implicazioni del giudicato implicito in sede di impugnazione. Segue, quindi, la parte conclusiva della tesi dedicata ai profili di criticità del recente orientamento delle sezioni unite, con particolare riguardo all’onere di appello incidentale della parte vittoriosa nel merito. La tesi mette in luce come la struttura degli istituti venga in qualche misura piegata ad esigenze di deflazione, che andrebbero però perseguite con altri e più coerenti strumenti.

Insolvenza transfrontaliera e giurisdizione: l'esperienza del regolamento (CE) n. 1346 del 2000

L’elaborato è strutturato in quattro parti: la prima è dedicata all’inquadramento del background normativo. L’autrice affronta, con un approccio ricostruttivo, i precedenti alla redazione del regolamento e le difficoltà incontrate a causa delle resistenze degli Stati membri. Si sofferma altresì sulle norme UNCITRAL, anch’esse oggetto nel recente periodo, di numerose implementazioni. La seconda parte fotografa il ruolo della Corte di Giustizia nell’interpretazione del regolamento n. 1346/2000 ed individua i concetti fondamentali del regolamento: l’universalità attenuata, il campo di applicazione soggettivo del regolamento, la legge applicabile, il principio dell’automatico riconoscimento delle decisioni e la correlata tematica dell’ordine pubblico, nonché la figura del curatore. Si approfondisce l’attività degli Stati membri nel dotarsi di norme di coordinamento ( esemplare il caso della Spagna e della Germania) sottolineando il silenzio del legislatore italiano che, nonostante le numerose riforme in materia, a tutt’oggi non ha ideato un sistema in grado di coordinare la normativa nazionale con la struttura del regolamento europeo. Nella terza parte l'autrice approfondisce la giurisdizione nel regolamento n. 1346/2000. Si individuano le parole chiave: Comi e dipendenza, i cui significati sono sfumati seguendo le posizioni della Corte di Giustizia, (Leading Case Eurofood sino a Interedil) e si mette in discussione, nel panorama attuale, la tenuta di tali criteri giurisdizionali. Sempre intorno al concetto di Comi, si analizzano: la giurisdizione verso gruppi di imprese disciplina assente nel regolamento, i rapporti tra procedura principale e secondaria , la giurisdizione in materia di azioni connesse e/o correlate (Gourdain vs Nadler/Seagon vs Deko Marty). Il capitolo conclusivo offre una panoramica delle proposte finalizzate ad un’implementazione della struttura del regolamento sull’insolvenza. Numerose, infatti, sono le proposte a livello dottrinale e da parte degli organi comunitari in vista della scadenza del Report della Commissione Europea sulla applicazione del regolamento 1346 del 2000 (art. 46).

Birth, Development and Progressive Institutionalization of the Ombudsman in the Russian Legal and Political System

One of the current trends in governance and legal development in Russia is aimed at establishing a modern, efficient and internationally harmonised system of safeguards of human rights and civil liberties. A fairly recent addition to this system has been the institution of ombudsman as a public authority specialised in promoting and protecting human rights and civil liberties. The introduction of this institution as well as its formalisation at the constitutional and legislative levels has been increasingly relevant and important, as it raises the dealings between the state and the individual to a new level. As an independent public institution resolving conflicts between citizens and government authorities, the ombudsman makes steps, within the scope of his jurisdiction, to restitute individual rights, and helps to enhance the reputation of government. The present work describes and assesses the birth, development and institutionalization process of the Ombudsman Office in the Russian Federation, at federal and regional levels, with a particular emphasis on the role of international references and cooperation for institution building. Ombudsmen have done a magnificent job in demonstrating value with the resolution of individual and systemic complaints; subsequent improvements to government; and economic savings by mitigating litigation costs.

Regulating State Aid: Inter-jurisdictional competition, public choice, and corporate governance

Depending on the regulatory regime they are subject to, governments may or may not be allowed to hand out state aid to private firms. The economic justification for state aid can address several issues present in the competition for capital and the competition for transfers from the state. First, there are principal-agent problems involved at several stages. Self-interested politicians might enter state aid deals that are the result of extensive rent-seeking activities of organized interest groups. Thus the institutional design of political systems will have an effect on the propensity of a jurisdiction to award state aid. Secondly, fierce competition for firm locations can lead to over-spending. This effect is stronger if the politicians do not take into account the entirety of the costs created by their participation in the firm location race. Thirdly, state aid deals can be incomplete and not in the interest of the citizens. This applies if there are no sanctions if firms do not meet their obligations from receiving aid, such as creating a certain number of jobs or not relocating again for a certain amount of time. The separation of ownership and control in modern corporations leads to principal-agent problems on the side of the aid recipient as well. Managers might receive personal benefits from subsidies, the use of which is sometimes less monitored than private finance. This can eventually be to the detriment of the shareholders. Overall, it can be concluded that state aid control should also serve the purpose of regulating the contracting between governments and firms. An extended mandate for supervision by the European Commission could include requirements to disincentive the misuse of state aid. The Commission should also focus on the corporate governance regime in place in the jurisdiction that awards the aid as well as in the recipient firm.

The Impact of Cooperation on Defendants' Rights before the ICC: A Contextual Approach

The present study locates the challenges faced by defendants during cooperation proceedings in the context of the unique structural system of the Court, and the inherent tensions and limitations that characterize the ICC’s functioning. The study is divided into two parts. The first part sets out the institutional and jurisdictional context in which cooperation plays out at the ICC. Chapter 2 addresses the ICC dependence on cooperation from an institutional, a political and a normative dimension, showing that compliance with requests for cooperation is ultimately tied to State political willingness and international political pressure; Chapter 3 delves into the connection between cooperation and the complementary jurisdiction of the Court, criticising the ‘positive approach’ to complementarity endorsed by the Prosecutor in order to enhance states cooperation. The second part of the study addresses the impact that cooperation occurring in the above-explained context has on the right to liberty of defendants and on equality of arms. Chapter 4 and 5 analyse the ICC’s law protecting the selected rights, as well as the practice regarding allegations of violations of these rights brought forward by some defendants. It concludes that, so far, the organs of the Court (i.e., the Prosecutor and the judges) have failed to engage with the structural tensions and limitations of the Court with a view of protecting the rights of suspects and accused.