Norme d’emergenza sui mercati finanziari e stato d’eccezione “conservativo”

The essay aims to verify, in relation to emergency laws and measures adopted to oppose financial markets crisis, whether those laws and measures can be reconnected to a theoretical construct of “conservative state of exception” applied to regulation of economic relations, taking into account their exceptional and derogatory character compared to Constitution and current legal order general rules. For this purpose, we examine some emergency laws and measures adopted in Italy and in EU, like ex lege provision on Italian hedge funds preventing the withdrawal from the fund during a redemption period; fair value accounting principle suspension; prohibition of “naked” short selling, that involves the sale of an asset that isn’t owned by the seller and isn’t borrowed to cover the position while it is held.