La regolazione pubblica dei mercati finanziari: profili istituzionali

The paper aims to describe the fundamental elements of the public regulation of financial markets’ evolution in Europe, from an institutional perspective. Starting from the analysis of changes that concerned some peculiar paradigms of domestic administrative law and the role of the State in the economy, chapter I deals with the evolutive direction of public intervention in this peculiar sector and the rise of a new approach in the public markets regulation, under a diachronic point of view. While chapter II examines the means of regulation and supervisory terms and the manner in which public authorities regulate financial industry, with particular reference to non-binding measures (soft law), and ensure broader participation of stakeholders to rules making process, chapters III and IV describe, by a structural and functional perspective and throught the analisys of ineherent laws, the morphology of national and european regulatory authorities on securities and financial markets (Consob and ESMA) and their powers, tasks and purposes. Finally, in the last chapter considerations are exposed on the kind of interests protected and on the nature of power that regulatory authorities exercise in this sector; moreover, some thoughts are developed on the ESMA’s institutional framework and upon the tendency of its reform in action.