Sommario: 

1. Le nuove frontiere del project financing pubblico: una premessa. 

2. I Project Bonds e loro modalità di emissione. 

3. Le caratteristiche e i limiti di questo nuovo strumento. 

4. La normativa di riferimento alla luce delle novità apportate dal D.L. n. 83/2012. 

5. Dal Decreto Sviluppo un nuovo impulso alle infrastrutture.

6. I modelli Project Bonds e Social Impact bonds.

7. Vantaggi e limiti dei Project Bonds e dei Social Impact Bonds: l’introduzione dei
Social Project Bonds. 

8. Conclusioni

Abstract: 

The paper contributes to the current debate about the establishment of the Transport Authority in Italy by carrying out a critical analysis of recent legal provisions. In particular, it focuses on the art. 37 of D.L. 201/2011 which defines the main functions of the new established Authority. The aim is to compare the new legislation with the underlining scientific paradigms so as to determine the type of “regulation model” adopted. Subsequently, some conclusions are drawn in order to assess whether such a model turns out to be coherent with the underlining theory. In particular, some critical issues are raised which are capable to determine negative effects in terms of social efficiency.