Profili critici in materia di transnational group action

La presente tesi di dottorato ha ad oggetto l’analisi dei profili critici emersi nella prassi in relazione alle transnational damages group actions. All’interno di tale esteso ambito di ricerca, senza pretese di esaustività, si affronteranno determinati aspetti, tenendo in considerazione quanto accaduto negli ordinamenti che, sebbene in modo assai limitato, hanno già conosciuto tali problematiche. A seguito di una prima parte meramente introduttiva, nel secondo capitolo, si inquadreranno brevemente gli strumenti di tutela collettiva risarcitoria, indicando in che cosa consistano, a quali esigenze rispondano e quale origine abbiano; si indicheranno altresì i criteri distintivi e di classificazione che maggiormente possono rilevare nell’ottica di una cross border litigation. Nel terzo capitolo si analizzerà in termini essenziali la disciplina delle azioni collettive di alcuni Paesi, al fine di porre le basi necessarie per comprendere in quale contesto normativo si pongano le problematiche inerenti alle multi-jurisdictional collective redress actions. Nel quarto capitolo, si prenderà in considerazione la dimensione transnazionale delle azioni collettive, tenendo presenti le categorie e le regole affermatesi nel diritto internazionale privato e processuale e, soprattutto, quelle esistenti nell’ordinamento italiano e comunitario. Si individueranno poi gli obiettivi prioritari che si deve porre il giudice richiesto di giudicare sull’azione collettiva nella necessità di rendere una pronuncia o approvare una transazione che, da un lato, sia riconosciuta ed eseguita nei Paesi in cui dovrà essere riconosciuta ed eseguita e che, dall’altro lato, in ipotesi di opt out procedure, precluda ai soggetti che la pronuncia o la transazione dovrebbe vincolare successive azioni individuali e/o collettive in altri Paesi. Nel quinto capitolo, alla luce dei dati indicati nel terzo capitolo e delle considerazioni effettuate nel quarto capitolo, si analizzeranno alcuni dei profili critici posti dalla dimensione transnazionale delle azioni collettive; a tal fine, la trattazione verrà suddivisa in diversi punti che, pur essendo necessariamente connessi tra loro, nella loro individualità riescano ad evidenziare l’importanza e la centralità di determinate questioni. Peraltro, nell’intento di rispondere in modo adeguato alle problematiche analizzate, si indicheranno alcune delle soluzioni sperimentate dalla pratica giudiziaria o proposte dalla recente letteratura sul tema. Seguirà, infine, un ultimo capitolo contenente le osservazioni conclusive sugli esiti del lavoro.

Civil Liability as an Enforcement Tool of Securities Underwriter Gatekeeping Duty

This book is dedicated to the Law and Economics analysis of civil liability of securities underwriters for the damage caused by material misstatements of corporate information by securities issuers. It seeks to answer a series of important questions. Who the are underwriters and what is their main role in the securities offering? Why there is a need for legal intervention in the underwriting market? What is so special about civil liability as an enforcement tool? How is civil liability used in a real world and does it really reach its goals? Finally, is there a need for a change and, if so, by what means?

Committed to reform? Pragmatic antitrust enforcement in electricity markets

This thesis is a collection of essays about the instrumental use of commitment decisions to facilitate the completion of the European internal electricity market. European policy can shape markets in many ways, two most evident being regulation and competition enforcement. The interplay between these two instruments attracts a lot of scholarly attention. One of the major concerns in the competition vs. regulation debate is the instrumental use of competition rules. It has been observed that competition enforcement is triggered not only as a response to an anticompetitive harm occurring in the market, but that it sometimes becomes a powerful tool in the European Commission’s hands to pursue regulatory goals. This thesis looks for examples of such instrumentalisation in the context of electricity markets and finds that the Commission is very pragmatic in using all the possible instruments it has at hand to push forward its project of creating the internal electricity market. This includes regulation, competition enforcement and all sorts of political pressure. To the extent that commitment decisions accelerate sector-specific regulation and overcome political deadlocks, they contribute to the Commission’s energy policy goals. However, instrumentalisation of competition rules comes at a certain cost to competition policy, energy policy and, most importantly, to electricity markets themselves. Markets might be negatively affected either indirectly, by application of sector-specific regulation or competition policy building on previous commitment decisions, or directly, through the implementation of inadequate commitments in individual cases. Concluding, commitment decisions generally contributed to achieving the policy objectives of the internal electricity market, but their use for that purpose does not come without cost. Given that this cost is ultimately borne by the internal electricity market, the Commission should take a more balanced approach to the instrumental use of commitment decisions so that it does not do more harm than good.

Sanctions and public enforcement of insider trading laws in Europe

The recent financial crisis triggered an increasing demand for financial regulation to counteract the potential negative economic effects of the evermore complex operations and instruments available on financial markets. As a result, insider trading regulation counts amongst the relatively recent but particularly active regulation battles in Europe and overseas. Claims for more transparency and equitable securities markets proliferate, ranging from concerns about investor protection to global market stability. The internationalization of the world’s securities market has challenged traditional notions of regulation and enforcement. Considering that insider trading is currently forbidden all over Europe, this study follows a law and economics approach in identifying how this prohibition should be enforced. More precisely, the study investigates first whether criminal law is necessary under all circumstances to enforce insider trading; second, if it should be introduced at EU level. This study provides evidence of law and economics theoretical logic underlying the legal mechanisms that guide sanctioning and public enforcement of the insider trading prohibition by identifying optimal forms, natures and types of sanctions that effectively induce insider trading deterrence. The analysis further aims to reveal the economic rationality that drives the potential need for harmonization of criminal enforcement of insider trading laws within the European environment by proceeding to a comparative analysis of the current legislations of height selected Member States. This work also assesses the European Union’s most recent initiative through a critical analysis of the proposal for a Directive on criminal sanctions for Market Abuse. Based on the conclusions drawn from its close analysis, the study takes on the challenge of analyzing whether or not the actual European public enforcement of the laws prohibiting insider trading is coherent with the theoretical law and economics recommendations, and how these enforcement practices could be improved.

Evaluating non-price effects of regulatory and competition enforcement interventions

This thesis provides an ex-post evaluation of the effects of regulatory and competition policy enforcement interventions on non-price dimensions of competition. Chapter 1 examines the effects of a merger between two large Dutch supermarket chains on the variety and composition of product assortment. Chapter 2 and Chapter 3 investigate, both theoretically and empirically, the effects of access regulation in fixed telecoms markets on incentives to invest in superior infrastructure technologies. Non-price effects, together with price effects, are crucial to shed light on the extent of competition in a market and assess the effectiveness of regulatory and competition authorities' interventions. When evaluating non-price effects, however, it is harder to draw conclusions on the overall impact on consumers' welfare.

Lives apart? Experiences of transnational motherhood by Georgian labour migrants to Italy and their children

International labour migration processes of the last decades saw increasing numbers of solo female migrants employed in the developed countries. Many of these women were mothers who left their children in the sending countries and thus gave rise to a controversial phenomenon of transnational motherhood. The present thesis is based on the first empirical study of intergenerational narratives of mothers, Georgian labour migrants to Italy, and their children, left behind in Georgia. Mothers’ international labour migration is a challenge to the traditional ideology of motherhood. Although unconsciously migrant mothers often adhere to “alternative”, “rational”, future-oriented model(s) of parenting, they continue to live their experiences in the framework of traditional understandings of motherhood, which appears to be unequipped to “frame” transnational motherhood as, from its point of view, mothers’ choice to leave their children is reprehensible, yet transnational mothers’ physical absence is not an equivalent of “leaving” their children. Informants’ narratives strongly suggest that long periods of physical separation did not jeopardize bonds between mothers and children in transnational families. While informants’ selection bias is probable, the mother-child bond was not “broken” and the very essence of motherhood remained intact. Many forms of mothers’ and children’s online co-presence were documented during the interviews. Interviews also prove that the Internet cannot be considered a solution to the problem of family separation, experienced painfully by both mothers and children: it may reduce the pain caused by separation, but cannot be a substitute for mothers’ physical absence from their families. Despite the pain caused by separation, mothers’ emigration appeared to be the right decision made for the good of the family. Interviewed mothers almost univocally reported readiness to “keep going on”, and continue working in emigration to help their children until physically able to do so, because, as they put it, “motherhood never ends”.