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Papers by Piergiuseppe Spolaore

Rivista di diritto bancario, 2023

The engagement of central banks with the consequences of climate change has become not only the s... more The engagement of central banks with the consequences of climate change has become not only the subject matter of academic debates, but also a regulatory reality, albeit in very heterogeneous shapes across jurisdictions. Against this backdrop, this paper aims at providing: (i) an up to date and comprehensive review of the relevant literature and (ii) a report of the regulatory and legislative approaches followed by some of the most influential central banks. With respect to (i), the paper initially establishes a shared framework for the addressed issues, presenting the outcomes of previous scientific works in a schematic manner. It then explores both the widely accepted ideas and the predominant viewpoints on the most debated topics. Regarding (ii), the paper proposes a classification of the tools used by central banks worldwide, building on earlier studies. The article looks subsequently at several central banks (the European Central Bank, the US Federal Reserve, the Bank of England, the Bank of Norway, the Bank of Japan, and the People’s Bank of China) and reports which of such tools are respectively implemented, such as climate-related financial risks stress testing and monetary operations.

Giurisprudenza commerciale, 2021

Legislative decree n. 231/2001 regulates the “criminal” liability of corporations, partnerships a... more Legislative decree n. 231/2001 regulates the “criminal” liability of corporations, partnerships and other legal entities, whose consequences entail both disqualifying measures and fines. This paper is focused on the interplays between the latter and the civil liability for the entity’s debts. The article examines first a number of situations in which it is uncertain whether the business entity, due to its peculiar nature, is subject to the aforementioned regulation (para 2); subsequently, it explores the relationships between the criminal fine and the systems of liability (limited vs. unlimited) for the entity’s debts (para 3) as well as the impact on the entities’ financial reporting and on the assets that may be attached by the State, especially when structures of asset partitioning have been put in place (para 4). Finally, the article analyses the legal effects of the imposition of a criminal fine on entities whose overall assets are institutionally compartmentalized (such as asset managers of collective investment schemes: “Sgr” and “Sicav”) and on trustees (para 5).

Banca, borsa, titoli di credito , 2021

Commenting on the judgement rendered by Italian Corte di Cassazione on April 1st 2019 (n. 10498),... more Commenting on the judgement rendered by Italian Corte di Cassazione on April 1st 2019 (n. 10498), the paper deals with the topic of the “avoidance” of trusts as transactions defrauding creditors under Italian law. According to the judgment, creditors may avoid not only the assignment of the assets to the trustee (as deemed by part of the Italian literature), but also the trust deed establishing the trust relationship, if separate from the latter. The article argues that both the arguments and the outcome of the judgment are consistent with the general principles of the Italian property and obligations law, also with specific regard to the rules on the conservation of the debtor’s assets and the actio pauliana. Moreover, such outcome is coherent with the legal settings of the avoidance of trusts as fraudulent conveyances under US and English law. Furthermore, an appraisal of the consequences of said case-law on the asset protection trust is provided for, pointing out that such arrangement is currently capable to effect only a very limited kind of protection, represented by the simple factual existence of an additional step that hinders and delays the fulfilment of the creditors’ claims (i.e., the need to avoid the trust itself).

Cultures Et Foi Cultures and Faith Culturas Y Fe Culture E Fede, 2014

European Company and Financial Law Review, 2020

Between the end of 2013 and the beginning of 2014, a radical reform of Banca d’Italia – the Itali... more Between the end of 2013 and the beginning of 2014, a radical reform of Banca d’Italia – the Italian central bank and banking supervisory authority – was enacted. It was the last chapter of an historical evolution, started in 1893 with its incorporation as a joint-stock-corporation under private law, whose result places the Italian system within the niche of countries that entail the participation of private investors to the ownership and governance of central banks. This article analyzes the relevant Italian regulation also by comparing it with other international experiences. While most of the debate on central banking independence focuses on in- dependence from politics, this article explores another side of the problem, namely the risk of capture by the banking sector and of subsequent conflicts of interests.
Said risk significantly increases when the central bank’s shareholders are private investors which elect some of its governing bodies and receive dividends out of its earnings. Since a central bank carries out monetary operations that generate seigniorage, the distribution of profits out of these earnings is a transfer of public value to the private sector. Such circumstances can create incentives for the owners to influence the central bank’s decisions, also according to the magnitude of the values at stake.

Il testo unico finanziario, 2020

Il fallimento , 2019

La decisione commentata affronta alcuni profili relativi alla definizione del perimetro dell’impr... more La decisione commentata affronta alcuni profili relativi alla definizione del perimetro dell’impresa agricola e, pertanto, dei soggetti imprenditori agricoli esclusi dal fallimento. Nella specie, oltre ad affermare la natura agricola dell’attività florovivaistica, vengono esaminate le conseguenze dell’af- fitto dell’intera azienda agricola nonché i margini entro i quali un’attività (commerciale) può essere considerata agricola per connessione.

Il fallimento , 2019

È soggetta a fallimento l’impresa agricola costituita in forma societaria, quando risulti accert... more È soggetta a fallimento l’impresa agricola costituita in forma societaria, quando risulti accertato in sede di merito l’esercizio in concreto di attività commerciale, in maniera prevalente sull’attività agricola contemplata in via esclusiva dall’oggetto sociale, nonostante la sopravvenuta cessazione dell’attività commerciale al momento del deposito della domanda di fallimento nei suoi confronti.