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False accounting

False Accounting and Other Punishable Valuations? Additional and No Less Relevant Questions

This article draws on the recent Court of Cassation decision No. 890 dated 12 January 2016, in which the Court held the criminal relevance of false valuations unaltered, even following the developments introduced by Law No. 69/2015, to the cases envisaged by Article 2621 of the Italian Civil Code. The Court, evaluating the issue on more than one interpretive level, overturned the solution adopted in its first intervention on the subject. This article, after examining the most significant passages of the decision on the issue, directs its focus on a secondary analysis, considering the possible consequences of the interpretations made by the Court on the subjects of "materiality" and "relevance" and the criteria for identifying false valuations.

The New False Corporate Notices: a Business Economist’s Perspective

The recent law on false corporate notices appears to originate from the legislator’s awareness that a business friendly environment aimed at fostering economic development is an overarching objective that transcends the protection of savings. It is in this context that the phrase “material facts not corresponding to the truth” and the deletion of the reference to appraisals included in the wording of the previous regulation should both be interpreted. The consideration of the economic underpinnings of the regulation provides a rational explanation of the difference between the rules applied to listed and non-listed companies.

Are Words Important? “Material Facts”, False Accounting Valuations and Limits on Interpretation by a Criminal Law Judge

This article arises from the recent decision of the Fifth Section of the Italian Court of Cassation, which – contradicting the outcome of the decision on the Giovagnoli case (Court of Cassation, Section V, decision no. 890 dated 12 January, 2016) – reverts to supporting the criminal irrelevance of false “valuative” accounting. The author analyses the arguments underlying the opposing interpretation positions in order to examine their plausibility and persuasiveness, from the perspective of an almost inevitable return to the issue by the Joint Divisions of the Court of Cassation. In particular, this article highlights the extremely broad interpretative potentiality offered by the “letter of the law”, which grants the criminal law judge a degree of discretion that clashes with the corollaries of the principle of legality.

The Court of Cassation’s Joint Divisions and the Crime of False Corporate Notices: Between Legality and Ars Interpretandi

The Court of Cassation’s Joint Divisions decision on “valuations” regarding the issue of false accounting constitutes a significant test for the new provisions introduced by Law No. 69/2015. The issue in front of the Court was determined by relying upon persuasive arguments and reasoning, in order to ensure a systematic interpretation without jeopardizing the criminal law general principle of legality. The Joint Divisions of the Court of Cassation also focused on additional controversial aspects of the new criminal law provisions governing false Accounting.

The Methodology of Interpretation Put To The Test. The Problem of False Valuations

The conflict related to the criminal liability for false valuations in financial statements highlights crucial problems concerning the interpretation of criminal law. With a United Divisions decision  (No. 22474 of May 27, 2016), the Court of Cassation resolved the aforementioned conflict stating that the false valuations in financial statements must still be considered subject to criminal law sanctions, interpreting the new rule in accordance with legislative evolution and together with the criteria of a reasonable methodology of interpretation.

The Practice of Pre-trial Diversion for Corporate Offenders in the U.S.A. and U.K.

The article discusses the recent evolution in AngloAmerican systems of criminal justice of pre-trial diversion, which has become the main prosecution tool to deal with corporate criminality. The article also reflects on problems related to the general framework of corporate liability in a comparative perspective.

Le “nuove” false comunicazioni sociali: note in ordine sparso

La l. n. 69/2015 ha incisivamente modificato le fattispecie di false comunicazioni sociali previste dagli artt. 2621 e 2622 c.c., con una netta inversione di tendenza rispetto alla riforma della previgente disposizione incriminatrice ex art. 2621 c.c., attuata nel 2002. Sebbene la tecnica normativa impiegata dal legislatore susciti svariate perplessità sul piano redazionale, un’interpretazione sistematica delle nuove norme potrebbe scongiurare il rischio di ineffettività delle stesse. Problematica è altresì l’individuazione dell’esatta portata delle previsioni di favore contenute negli artt. 2621-bis e 2621-ter c.c., che si riverberano su un trattamento sanzionatorio nel complesso coerente.

Disfunzione applicativa dell’art. 2635 c.c. tra vecchia e nuova formulazione della «corruzione tra privati»

La sentenza in commento costituisce il primo caso di condanna per fatti riconducibili alla fattispecie di «infedeltà a seguito di dazione o promessa di utilità», ora denominata «corruzione tra privati». La vicenda sottoposta all’attenzione del Tribunale di Udine, benché non sollevi di per sé questioni ermeneutiche di particolare problematicità, acquisisce speciale rilevanza proprio in ragione della sua eccezionalità ed offre l’occasione per formulare ampie osservazioni critiche sulla disfuzione applicativa dell’art. 2635 c.c. Quest’ultima, in effetti, è principalmente addebitabile alle distonie tra la formulazione accolta dal legislatore italiano e le numerose sollecitazioni extranazionali in materia, alle quali anche la legge n. 190/2012 è riuscita a dare solo una timida e parziale trasposizione. Neppure la modifica del regime di procedibilità di cui al 5° comma, evocativa del modello concorrenziale tedesco di incriminazione della corruzione privata, pare idonea ad ampliare sensibilmente lo spettro applicativo della norma, i cui profili offensivi risultano ancora canalizzati in ottica patrimonialistica interna.