ILSU Working Paper No. 2008-07/IT by VALENTINA MISCIA The present work aims to provide an overview on the regulation of covered bonds which is in force in some European countries (Germany, France and Spain), and then to deeply analyze the recently-enacted Italian regulation. After a brief introduction on what covered bonds are, an insight into [...]

ILSU Working Paper No. 2008-04/IT by JACOPO BUSNACH RAVENNA The following paper illustrates how the Market Abuse Directive 2003/6/EC has backed up previous legislation by contemplating a new form of outlawed behaviour which an outsider may carry out by exploiting her informative advantage. After a general analysis of the features of such conduct, relevant for [...]

ILSU Working Paper No. 2008-02/IT by FEDERICO LONGOBARDI After discussing in general terms the value of information in financial markets, the present paper analyses conduct rules under article 21(b) of Italian decree 58/1998 and articles 26, 28 and 29 of Italian financial intermediaries regulation (containing the so-called “know your customer rule”, “know your merchandise rule”, [...]