18 Colum. J. Eur. L. 323 (2012)

Marco Sagliocca, LL.M. candidate, Columbia University School of Law (2012); Ph.D candidate in Market Governance, Courts, and Judicial Review, University of Rome Tor Vergata; J.D.,.LUISS Guido Carli University of Rome (2005).

Participating Financial Instruments have emerged as a key tool by which Italian joint stock companies raise capital. However, the Italian Civil Code under which Participating Financial Instruments are governed is ambiguous as to the administrative rights PFI holders can be granted. This Article examines whether and within what limits the by-laws of ltalian joint stock companies can actually assign administrative rights (such as voting rights, rights of information and control, and other defensive rights) to PFI holders and to what extent they compare and interact with shareholders’ rights.