LA REVISIONE DEL QUADRO NORMATIVO IN MATERIA DI ASSETTI PROPRIETARI DI BANCHE E ALTRI INTERMEDIARI VIGILATI. ALCUNE RIFLESSIONI SULLE NOVITÀ IN MATERIA DI PARTECIPAZIONI INDIRETTE E AZIONE DI CONCERTO

The new Banca d’Italia regulation on shareholdings in banks and other supervised entities recently aligned the national provisions on qualifying holdings with the European framework, namely the applicable ESAs Guidelines and the relevant SSM policies. The study focuses on the main innovations introduced by such regulatory change, with a focus on the introduction of the multiplication criterion as a method for the calculation of indirect holdings, as well as on the characteristics and the effects of the new provisions on persons acting in concert. In addition, the study sheds light on the main applicative implications of the new provisions as well as on the interpretative questions which still remain open.