Abstract
In the early 2010s , the Italian discipline of payment services has, under the influence of EU legislation, undergone fundamental changes concerning both the persons enabled to provide such services and the activity itself.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Notes
Art. 11 Directive 2009/110/EC. In Italy, the redemption is disciplined by the combined provisions of Art. 114-ter and Art. 126-novies TUB. The rationale for the redeemability is explained by G Gimigliano, Art. 114-bis-114-quinquies , in M Porzio et al. (eds), Testo unico bancario. Commentario (2010), Milano Giuffrè ed., 898–899.
S Mezzacapo, Art.114-bis, in F Capriglione (ed.), Commentario al testo unico delle leggi in materia bancaria e creditizia (2012), Padova Cedam ed., vol 3, 1530.
M Porzio, Art. 11, in F Belli et al. (eds), Testo unico delle leggi in materia bancaria e creditizia (2003), Bologna Zanichelli ed., vol 1, 206.
These are the payment services referred to in points 4, 5 or 7 of Art. 1, para. 1, letter b, Legislative Decree no. 11/2010. Their common feature, as noted in the literature, is given by their amenability to the fulfilment of the obligations arising from commercial transactions, which would be made more rapid and efficient (G Giambelluca, Art. 114-octies, in F Capriglione (ed.), Commentario al testo unico delle leggi in materia bancaria e creditizia (2012), Padova Cedam ed., vol 3, 1577–1578).
R Costi, L’ordinamento bancario (2012), Bologna Il Mulino ed., 334.
Recall that the payment system is considered regular when it is able to ensure finality in payments: C Costa and A Pappalardo, Art. 146 , in C Costa (ed), Commento al Testo unico delle leggi in materia bancaria e creditizia (2013), Torino Giappichelli ed., vol 2, 1760.
S Moneti and M Sepe, Art. 114 - novies , in F Capriglione (ed.), Commentario al testo unico delle leggi in materia bancaria e creditizia (2012), Padova Cedam ed., vol 3, 1590.
G Gimigliano, Art. 114-sexies-114-undecies , in M Porzio et al. (eds), Testo unico bancario. Commentario (2010), Milano Giuffrè ed., 927.
See Section B, para. 2. If interpreted restrictively, this prohibition might even prevent the PI from executing a payment transaction in the interest of a client by using the funds delivered by the same client for a different payment transaction (V Santoro, Art. 114-duodecies , in M Mancini et al., La nuova disciplina dei servizi di pagamento (2011), Torino Giappichelli ed., 470).
As observed in the literature, therefore, the asset destination produces a two-tier separation: the first with the general assets of the intermediary, the second with the funds of the clients, being necessary in any case to comply with the principle referred to in Art. 114-duodecies TUB (as recalled also by the provision at issue). V Santoro, Art. 114-terdecies , in M Porzio et al. (eds), Testo unico bancario. Commentario (2010), Milano Giuffrè ed., 937.
Editor information
Editors and Affiliations
Copyright information
© 2015 Francesco Ciraolo
About this chapter
Cite this chapter
Ciraolo, F. (2015). Electronic Money Institutions and Payment Institutions. In: Siclari, D. (eds) Italian Banking and Financial Law. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, London. https://doi.org/10.1057/9781137507563_4
Download citation
DOI: https://doi.org/10.1057/9781137507563_4
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-70124-7
Online ISBN: 978-1-137-50756-3
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)