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Brevi riflessioni sul rapporto tra precedente giurisprudenziale e funzione “paragiudiziale” dell’autorità amministrativa nella disciplina dei mercati finanziari

Andrea Minto    Universiteit Utrecht    

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abstract

Financial markets are a reality in continuous becoming. Faced with this mobility scenario, the financial legal order reacts in a peculiar way, reviewing roles and weights of the functions exercised by the legislature, by the administrative Authority (Consob) and by the judicial intervention. In this articulated context, we must ask about the role of the precedent law cases. In fact, Consob has not only a regulatory function but also plays an interpretation rule similar to that exercised by the judge. In this way, Consob is more responsive to change and therefore is able to provide a more prompt and adequate response to interpretation than can be done, in certain cases, by the court, especially through the regulatory instrument of soft law.

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