Suchergebnisse

Il saggio esamina il nuovo Reg. (UE) n. 2402/2017, in vigore dal 1° Gennaio 2019, che istituisce un quadro generale per le operazioni di cartolarizzazione e, al tempo stesso, un quadro specifico per le cartolarizzazioni semplici, trasparenti e standardizzate (s.t.s.). Unitamente al Reg. (UE) n. 2401/2017 (in materia di requisiti prudenziali per enti creditizi e imprese di investimento), il Regolamento raccoglie larga parte della disciplina unionale in materia di cartolarizzazioni (Securitisation framework). L'analisi, che prende avvio da una preliminare descrizione dell'architettura essenziale di un'operazione di cartolarizzazione (Cap. 1), muove, in primo luogo, da un'indagine di tipo ricognitivo e funzionale all'individuazione dei fallimenti di mercato e della regolamentazione osservati nel settore dei prodotti cartolarizzati durante la crisi finanziaria 2007-2008 (Cap. 2). A seguire viene ricostruito il dibattito sulle linee di politica legislativa di settore sviluppatosi, a livello internazionale, attraverso i lavori, fra gli altri, dell'International Organization of Securities Commissions (IOSCO) e, a livello europeo, nell'ambito dei lavori sull'Unione dei mercati dei capitali (Cap. 3). Infine, il lavoro si concentra sull'analisi del nuovo Regolamento e, in particolare, sugli obblighi di dovuta diligenza, di mantenimento del rischio e di trasparenza (Cap. 4), nonché sul nuovo quadro normativo delle cartolarizzazioni s.t.s. (Cap. 5), con l'obiettivo di fornire una prima valutazione in ordine ai risultati raggiunti dal Legislatore europeo nell'ambito della reform agenda del mercato dei prodotti cartolarizzati. ; The essay examines the new Regulation (EU) 2017/2402, in force since 1 January 2019, which establishes a general framework for securitisation transactions and, at the same time, a specific framework for simple, transparent and standardised securitisations (s.t.s.). Along with Regulation (EU) 2017/2401 (on prudential requirements for credit institutions and investment firms), the Regulation collects a large part of the Union's securitisation framework (Securitisation framework). The analysis, which starts from a preliminary description of the essential architecture of a securitisation operation (chap. 1), moves, first, an investigation of a reconnaissance and functional type to identify the market failures and regulation observed in the sector of securitised products during the financial crisis 2007-2008 (chap. 2). Following this, the debate on the legislative policy lines of the sector developed at international level through the work of, among others, the International Organization of Securities Commissions (IOSCO) and, at European level, in the context of the work on the Capital Markets Union (chap. 3). Finally, the essay focuses on the analysis of the new Regulation and, in particular, on the obligations of due diligence, maintenance of risk (risk retention rule) and transparency (chap. 4), as well as on the new regulatory framework of securitisations s.t.s. (chap. 5) with the aim of providing an initial assessment of the results achieved by the European legislator in the context of the reform of the market agenda for securitised products.

In the years of the 2008 world financial crisis and of the global protests of the Occupy-Movement, the German author Ingo Schulze writes a novel about the German reunification, in which he tells the story of the 'GDR-rogue' Peter Holtz fighting for a fairer society. In this novel Schulze challenges the question of the democratic quality of the political and economic world order arisen at the historical moment of the Fall of the Berlin Wall. Why does Schulze decide to write just a picaresque novel about the German reunification during the financial crisis after 2007? What is the additional value of this literary elaboration of the historical turning point of 1989? Why does money play such a significant role in this novel? The contribution expounds that Schulze retrospectively and critically retraces in his picaresque novel the way from the 'anti-fascist rampart' of the GDR to the moneycentred financial world of Wall Street. The article illustrates at the same time Schulze's diagnosis according to which during the process of German reunification the West betrayed its own democratic values and against the background of the peaceful revolution in the GDR missed the historical chance to build a fairer future society. ; In the years of the 2008 world financial crisis and of the global protests of the Occupy-Movement, the German author Ingo Schulze writes a novel about the German reunification, in which he tells the story of the 'GDR-rogue' Peter Holtz fighting for a fairer society. In this novel Schulze challenges the question of the democratic quality of the political and economic world order arisen at the historical moment of the Fall of the Berlin Wall. Why does Schulze decide to write just a picaresque novel about the German reunification during the financial crisis after 2007? What is the additional value of this literary elaboration of the historical turning point of 1989? Why does money play such a significant role in this novel? The contribution expounds that Schulze retrospectively and critically retraces in his picaresque novel the way from the 'anti-fascist rampart' of the GDR to the moneycentred financial world of Wall Street. The article illustrates at the same time Schulze's diagnosis according to which during the process of German reunification the West betrayed its own democratic values and against the background of the peaceful revolution in the GDR missed the historical chance to build a fairer future society.

Taxation is what the European Union lacks today. EU is an area of rights without duties or, rather, in which duties (including taxation) exist only vis-à-vis the individual member states to which they belong. European citizenship is therefore halved, because it is indistinguishable from national citizenship and does not express solidaristic belonging to a supranational community. The investigation into the Union's own tax is the means to address broader issues related to the being of the European Union and its citizens and having at their core the transnational declination of solidarity. The economic and financial profile - inextricably linked to the tax and its revenue - transcends into the centrality of the uses, i.e. the goods and services that the Union may be able to provide, and the indispensable overcoming of the national particularisms that this implies.