Il Pegno nel sistema delle garanzie: un'analisi di diritto interno e comparato

The complexity of the challenges and problems imposed by the globalization process clearly emerges in the regulation of industrial and financial markets. This is due to the fact that national laws frequently adopt different solutions when facing the same legal issue, often with a lack of international coordination.The implementation of the Directive 2002/47/EC by the European legislator introduced a new instrument to uniformly discipline financial collateral arrangements. This forced the national legislators (and in particular the continental ones) to rethink several of the legal institutions traditionally proposed within the national laws. Specifically, we refer here to institutions such as the ban of the agreement of forfeiture and the pledge as a tool for the dispossession of the debtor. These are examples of legal institutions which are well-established in the tradition of the Roman Law and currently under revision in the contemporary commercial practice.Within such a context, we can nonetheless highlight that the governance of global economics and finance requires a high degree of permeability of national systems with respect to foreign solutions. Therefore, even from a comparative point of view, the investigation aims to evaluate:a) whether the Italian legal system is providing adequate support to the financial and economic agents;b) the extent to which traditional legal institution may survive in such a global environment.