(Finance) – The Senate ha The DDL of delegation to the Government approved at first reading which extends by an additional 12 months (bringing them to 24) the term within which to issue the legislative decrees on capital market provided for by the delegation law approved in March 2024. There were 82 favorable votes, those against 52, while there was no abstention.
Going into detail, it is the delegation to the government for the organic reform and the reorganization of the sanctioning system and of all the sanctioning procedures gained by the consolidated text referred to in Legislative Decree no. 58 of 1998 (Consolidated text of the provisions on financial intermediation), as well as further provisions on financial matters. The text, in the light of the full -bodied changes introduced, consists of 5 articles. The Commission has expanded the delegation by including adjustments to EU regulations on instant transfers, guaranteeing protections against the risks of scams, the strengthening of the register of financial consultants and the protection of the specificity of the Italian banking system. The majority has chosen to postpone the comparison with the operators to the implementation phase.
“This law bears important provisions for the modernization of the legal system of the capital markets, with simplification objectives, support for the most dynamic companies and regulatory innovations on corporate government in order to protect the savings more – said the speaker Massimo Garavaglia (Lega) – the delegation on TUF therefore constitutes an essential piece of the reform of the economy. It reaches more than thirty years after the adoption of the consolidated text that now shows the need to reorganize the entire subject, also taking into account the enormous transformations of industry from the nineties of the last century to date as regards the operating subjects, the tools and financial products, places and exchange systems, the role and perimeter of the supervisory authority “.
“From a political -procedural point of view – said Garavaglia in another step – the majority then wanted to postpone the subsequent phase of the examination of the delegated rules comparison with the interested parties, operators and associations of category, which the opposition would have liked to conduct in recent weeks. However, it is a matter of hitting the common goal of extending the deadline for the exercise of the delegation before its deadline in March “.
The DDL also contains one new delegation to the government concerning the revision of the sanctioning system In the matter that, in the opinion of the oppositions, does not precisely indicate the delegation criteria, which is why the oppositions voted against.
“This provision does not represent only a technical question, but reports a political aspect: All these months were not enough to give full implementation to the provisions in the delegation law of a year ago – said the senator Alberto Losacco (Pd) – a law that was created to give a regulatory frame to the addresses and lines traced with the green book of 2022, to allow our productive fabric to increase its competitiveness “https://www.Finance.it/detaglionews/249_2025-02 -11_TLB/. “It is surprising that after a year, on a delegation with such a high strategic dimension for growth, competitiveness and economic modernization, the government comes to ask for further time, as if to remember that economic policy is not the Core business of this executive – he added – likewise, with the provision the shirts of the delegation are expanded, adding the organic reform and reorganization of the Tuf sanction system. It is a delicate and complex matter, which cannot be entrusted in full to the executive, among other things on a perimeter and with objectives, such as those defined in the text, too wide and random “.
“If it hadn’t already liked the delegation in white written in 2024, Even less we could like the delegation that was requested for a further yearplus a year and a half for the implementing decrees, foreseen in the text in question, even more so because, in addition to the delegation on the specific subject, there was also the one on the sanctions – he said Dafne Musolino (Italy Viva) – We have not been able to work for a year and we take another year to do something more on a particularly complex matter, both in the physiological discipline, and – and more – when it comes to the reorganization of the sanction system “.
“A delegation that provides for too many spaces, in contrast with the principle according to which the legislative delegation must contain defined and homogeneous objects and indicate clear and precise principles and guidelines for shareholders, for people and savers – he said Tino Magni (Misto-Avs) – in the absence of these elements and in the indeterminacy left to the arbitrariness of the government, it is incurred in the risk that organized lobbies or groups may intervene that they thug interests at all consistent with the protection of the general interest. In this sense, it would have been appropriate to provide for public consultation on the draft legislative decree, in order to prevent the maximum choices too conditioned by particular interests “.
“Probably he was wrong in the fact that he was convinced he could do it In twelve months – he admitted Giorgio Salvitti (CD’I-UDC-NM) – In the operation that is however given to the work of the government it is good, in my opinion, to give the possibility of writing more correct and more right rules in support of what is the financial activity on our territory especially as regards the activities of capital for the growth of the real economic network of our country “.
Mario Turco (M5S) He spoke of “One race against the time we consider unjustified, considered the time that the same government has already lost. Over a year without approving any implementing decree provided for by the previous delegation law and now the implementation of the provision in question is referred by another two years: a real game for doubling. The lost time and what will be lost demonstrate once again the total inability of the government and the majority to provide answers above all to a crisis in the real estate market which is too evident; Yet from the majority we heard a short time ago that the bag has grown and that it distributed dividends. In the meantime, it has been hidden that the bag has lost many companies that have gone away, on other markets. The government also gropes in the dark on this issue “.
“I think and I hope in the serious work that the government is doing through the Commission, through future auditions in which we will hear all the stakeholders and the important parts to reform the consolidated text of the provisions on financial intermediation (TUF), which does not Reform every three years – he said Fausto Orsomarso (Brothers of Italy) – We hope it is an epochal reformwhich, however, must always be adequate at the time, also thinking about Fintech and so on. This is the spirit with which I believe the government has done a serious job; I also think that from some tones of the colleagues of the minority there is space in order not to be disunited on this, to underline the value of this Italy “.