Italy

This report gives an overview of the Italian framework on criminal and administrative sanctions concerning infringements of banking law, after the implementation of CRR and CRD IV. In this regard, the implementation of CRD IV, which took place with Legislative Decree No. 72/2015, has marked a radical change in the Italian sanctioning system regarding bank and other financial institutions, generating a strong discontinuity with respect to the previous regime. As for the criminal law part, in particular, the report outlines the most relevant offences provided by Italian law in the field of banking regulation and supervision (Criminal code, Civil code, Consolidated Banking Law), as well the most critical profiles concerning the protection of procedural and defence rights in the related proceedings. A specific focus is then put on the discussion over the substantial administrative or criminal nature of sanctions in this field, also in light of the European case-law. Other important procedural profiles are lately analysed, concerning the liability of legal entities in the field of banking supervision, the (lack of) specialization in banking investigations at the prosecutorial level and the problems arising with regard to the principle of ne bis in idem.