La vigilanza nei sistemi finanziari in Europa. Analisi comparativa

This work analyses the distinctive features of the independent Authorities, Institutions delegated to protect the fundamental interests of the community in the “sensible” fields of the economic and social life. After a brief description of regulation’s structure in Italian financial system and in some of the most important European countries (where we can find both independent Authorities or Agencies included in the administrative structure of the State), the work dwells upon some proposals about a reorganization of Italian system of surveillance and that represent a more efficient answer to the integration and globalisation of finance.

Il presente lavoro intende analizzare gli aspetti peculiari delle Authorities, ovvero di quegli Organi deputati alla protezione degli interessi fondamentali della collettività nei settori c.d. “sensibili” della vita economica e sociale. In questa ottica, dopo aver esaminato gli apparati di vigilanza del sistema finanziario italiano e di alcuni contesti europei più rilevanti – laddove si ritrovano tanto Authorities, quanto Agencies inserite nell’apparato amministrativo –, si procede all’individuazione di alcune ipotesi di riordino che potrebbero interessare, di qui a breve, il nostro contesto nazionale di regolamentazione e che consentirebbero di rispondere, in maniera più efficiente, all’integrazione ed alla globalizzazione della finanza, che sempre più prescinde dalla tradizionale distinzione tra settore bancario, mobiliare ed assicurativo. The aim of this paper is to analyse the distinctive features of the independent Authorities, Institutions delegated to protect the fundamental interests of the community in the “sensible” fields of the economic and social life. In this framework, after a brief description of the regulation’s structure in Italian financial system and in some of the most important European countries – where we can find either independent Authorities or Agencies included in the administrative structure of the State –, the Authors dwell upon some proposals about a next reorganization that, in a short time, could regard Italian system of surveillance and that will represent a more efficient answer to the integration and globalisation of finance that leaves out of consideration about traditional distinction among banking, securities and insurance system.