In Italy, the financial instruments market has potential but also backwardness, and the latter "mainly relate to the weakness of the capital markets and the scarcity of channels available to companies to financially feed their capitalization and growth prospects". The final document of the investigation into the markets of financial instruments in the Finance Committee of the Chamber starts from these considerations.
A document in which precise proposals are also formulated to promote corrective measures and which "could constitute - underlines the president, Gianfranco Conte, who proposed the final document - a useful working basis for the parliamentary initiatives that we intend to take". What is indicated in the document is more than a decalogue. In summary: 1) to further extend and diversify the channels through which financial resources flow to the business system; 2) promote the liquidity, breadth and transparency of capital markets; 3) to innovate the culture of entrepreneurship and finance, in the sense of overcoming the resistances that oppose a greater opening of corporate capital, 4) to initiate a reflection on the revision of the regulations on listing; 5) reorganize the market system of equity instruments on several levels; 6) follow the concentration processes that are affecting the market management companies; 7) eliminate from the tax system the elements that can lead to distortions in the financing choices of companies by introducing tax relief mechanisms that favor investments in companies' capital; 8) favor the growth in size and the expansion of the role of Italian institutional investors on the markets for financial instruments: 9) enhance and enhance new public or mixed public-private support instruments for the capitalization of companies; 10) broaden the debt market landscape; 11) to simplify the rules and administrative fulfilments at the time of admission to listing; 12) reviewing and standardizing the regulation of takeover bids at European level; 13) rethinking the rules on prospectuses and the transparency of financial products; 14) implement the operation of the European financial supervision system.
But beyond the technical aspects, the document addresses politics, so that “they regain possession of the ability to govern the evolutionary processes that are affecting the financial sector. The most worrying fact that emerges from the events of recent years - reads the document - is in fact in the conditions of subordination in which the political decision-makers find themselves with respect to the demands of the financial markets. It is therefore highly desirable that all the political forces continue to buy a common analysis on them which leads to the definition of an order of priorities, which will then have to be translated into a set of regulatory interventions that are as timely and effective as possible".
