Sommario:
1. Introduzione.
2. Dallo Stato gestore al controllo degli assetti.
3. Finalità e strumenti del controllo degli assetti.
3.1. Analisi antitrust.
3.2. Comunicazioni e pluralismo informativo.
3.3. Energia elettrica e gas.
3.4. Vigilanza sul sistema finanziario.
3.5. Controllo degli assetti e interazione fra autorità.
4. Vuoti informativi e verità nascoste: le lezioni dei casi pratici.
4.1. Difformità riscontrate nel controllo degli assetti.
4.2. Il lato oscuro degli assetti.
5. I problemi aperti: come migliorare il controllo degli assetti?
5.1. Semplificare le catene di controllo.
5.2. Perfezionare gli obblighi informativi.
5.3. Intensificare la collaborazione tra autorità.
5.4. Potenziare degli accessi ispettivi.
6. Una disciplina comune per il controllo degli assetti?
7. Dal controllo degli assetti alla regolazione.
Abstract:
The Efforts of the Regulatory State: Effectiveness and Failures of State Supervision over Companies’ Ownership Structures
The role of the State in economy has evolved over the past decades: it is decreasingly a service provider and increasingly a regulator. Newly established authorities now supervise the markets; not only do regulators inhibit unlawful practices, but they also remove the incentives to attempt these by controlling mergers and prohibiting transactions that could jeopardise the allocated objectives.
However, merger control is not always reliable, as the assessment begins with the
analysis of the data provided by market players and the reality can often be different
from what it appears to be. In order to compensate for the information gap and to increase the accuracy of the data at the disposal of supervisory authorities, it would be advisable to amend the relevant regulations and to intensify controls in situ.
Finally, it is worth noting that every sector has its own merger regulations. Despite this legal fragmentation, the similarities in existing regulations would suggest
treating them as different species within the same legal instrument, requiring a common legal framework. A similar approach could also be adopted for other aspects of regulation.