The essay deals with the provision set forth under par. 17 of the New Italian Public Contracts Code by means of which financial services in connection with the issue, sale, purchase or transfer of securities or other financial instruments are excluded from the scope of the code (and the relevant EU Directives). With regard to the extent of such provision, both Consiglio di Stato and ANAC have recently stated that the exemption does not apply in case of indirect investments in securities carried out by National Insurance Funds. As a consequence, it has been gathered that the code fully applies, even in case of such kind of investments. It is worth noting that both the authorities took this position on the basis of the former public contracts code which has been repealed by the New Italian Public Contracts Code. The research highlights the reasons of disagreement with the mentioned position, in order to provide the exemption with a significant scope of effectiveness.
APPALTI DI SERVIZI ESCLUSI NEL NUOVO CODICE DEI CONTRATTI PUBBLICI. SPUNTI DI RIFLESSIONE IN MATERIA DI SERVIZI FINANZIARI RELATIVI ALL'EMISSIONE, ACQUISTO, VENDITA E TRASFERIMENTO DI TITOLI O ALTRI STRUMENTI FINANZIARI
Giliberti B
2017-01-01
Abstract
The essay deals with the provision set forth under par. 17 of the New Italian Public Contracts Code by means of which financial services in connection with the issue, sale, purchase or transfer of securities or other financial instruments are excluded from the scope of the code (and the relevant EU Directives). With regard to the extent of such provision, both Consiglio di Stato and ANAC have recently stated that the exemption does not apply in case of indirect investments in securities carried out by National Insurance Funds. As a consequence, it has been gathered that the code fully applies, even in case of such kind of investments. It is worth noting that both the authorities took this position on the basis of the former public contracts code which has been repealed by the New Italian Public Contracts Code. The research highlights the reasons of disagreement with the mentioned position, in order to provide the exemption with a significant scope of effectiveness.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
