The Legislative Decree no. 170 of 21 May, 2004, on “Financial collateral arrangements” (hereinafter the “Decree”), has implemented the EU directive 2002/47/EC, the so called “Collateral Directive”. This work is aimed at assessing how the Decree has actually affected the discipline of the “pegno” (literally translated into “pledge”) – namely the sole Italian security collateral on movable goods – as provided for by the Italian Civil Code. The First Chapter provides a description of “state of the art” about the particular ways (known as “anomalie” of the security at issue) the “pegno” is now applied according to the current economical needs. The Second Chapter focuses on the most common and suitable (to the financial and banking practice) security collaterals which are, nowadays, applied by the operators: the “pegno rotativo” (similar to the “floating charge”), the “pegno irregolare” (which, de facto, represents an example of “title transfer collateral arrangement”) and the specific rules which has been provided for by special legislations in order to apply the pegno to the financial instruments, especially to the dematerialised financial instruments. Following, the Third Chapter analyses in depth the Decree in order to identify the derogative provisions to the Italian Civil Code’s rules. In the last chapter (the Forth Chapter) it is stressed the fact that the definition of “financial collateral arrangements” also includes the pegno’s one. In so doing, it has been demonstrated how the Decree has solved many doubts concerning many applicable law aspects of pegno and has actually derogated and “renovated” some Italian Civil Code’s rules on pegno. Such material impact is due to the EU harmonisation policy regarding the financial market and the financial securities.

Il pegno fra codice civile e legislazione speciale: l’impatto della nuova disciplina dei contratti di garanzia finanziaria

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2009

Abstract

The Legislative Decree no. 170 of 21 May, 2004, on “Financial collateral arrangements” (hereinafter the “Decree”), has implemented the EU directive 2002/47/EC, the so called “Collateral Directive”. This work is aimed at assessing how the Decree has actually affected the discipline of the “pegno” (literally translated into “pledge”) – namely the sole Italian security collateral on movable goods – as provided for by the Italian Civil Code. The First Chapter provides a description of “state of the art” about the particular ways (known as “anomalie” of the security at issue) the “pegno” is now applied according to the current economical needs. The Second Chapter focuses on the most common and suitable (to the financial and banking practice) security collaterals which are, nowadays, applied by the operators: the “pegno rotativo” (similar to the “floating charge”), the “pegno irregolare” (which, de facto, represents an example of “title transfer collateral arrangement”) and the specific rules which has been provided for by special legislations in order to apply the pegno to the financial instruments, especially to the dematerialised financial instruments. Following, the Third Chapter analyses in depth the Decree in order to identify the derogative provisions to the Italian Civil Code’s rules. In the last chapter (the Forth Chapter) it is stressed the fact that the definition of “financial collateral arrangements” also includes the pegno’s one. In so doing, it has been demonstrated how the Decree has solved many doubts concerning many applicable law aspects of pegno and has actually derogated and “renovated” some Italian Civil Code’s rules on pegno. Such material impact is due to the EU harmonisation policy regarding the financial market and the financial securities.
Bonfanti, Felice
DE CRISTOFARO, Giovanni
MANFREDINI, Arrigo
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11392/2388669
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