Corporate, Financial and Market Crimes
Corporate crimes, governed by Title XI of Book V of the Civil Code (Articles 2621–2641), constitute one of the central nuclei of economic criminal law and apply, in various capacities, to directors, general managers, executives responsible for the preparation of corporate accounting documents, statutory auditors and members of supervisory bodies, and liquidators.
Offences covered in this area
Each offence has its own page with the applicable rules, evidentiary issues and defence strategy.
How the firm works on this area
- Analisi tecnica dei bilanci e delle operazioni societarie
- Distinzione tra discrezionalità gestionale e falsità penalmente rilevante
- Approccio integrato tra disciplina penale, governance e regolazione dei mercati
- Gestione del doppio binario sanzionatorio (penale e amministrativo)
- Coordinamento con la difesa dell'ente in sede 231
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Frequently asked questions about Corporate, Financial and Market Crimes
When do false corporate communications have criminal relevance?
False corporate communications become criminally relevant when misrepresentations in financial statements or other corporate communications exceed the materiality thresholds under Article 2621 of the Civil Code and are capable of misleading others. The defence focuses on distinguishing discretionary accounting choices from criminally relevant misrepresentation, and verifying the actual deceptive capacity of the conduct.
How is self-laundering distinguished from money laundering in the corporate context?
Self-laundering (Article 648-ter.1 of the Criminal Code) punishes those who use or transfer proceeds from their own offences in economic or financial activities, obstructing their identification. It differs from money laundering in that the active party is the same person who committed the predicate offence. The defence analyses the origin of funds, the characterisation of transactions, and the distinction between productive use and criminally relevant conduct.
What are the liability profiles of corporate supervisory bodies?
Members of the board of statutory auditors, the supervisory board, and auditors may be held liable for failure to supervise when their passive conduct has allowed or facilitated corporate offences. Liability requires proof of a qualified omission, knowledge of the irregular situation, and a causal link between the omission and the damage caused.
What is market manipulation and when is it criminally relevant?
Market manipulation (Article 2637 of the Civil Code and Article 185 of the Consolidated Finance Act) punishes the dissemination of false information and the carrying out of simulated transactions capable of significantly altering the price of financial instruments or commodities. The defence verifies the actual deceptive capacity of the contested communications, their effective dissemination to the market, and the subjective element of specific intent to manipulate the market.
How does the defence work in insider trading proceedings?
Insider trading (Article 184 of the Consolidated Finance Act) punishes those who, possessing inside information, carry out transactions in financial instruments or communicate such information to third parties. The defence focuses on whether the information qualifies as inside information (precise, non-public, and price-sensitive nature), proof of specific intent, and the distinction between the use of inside information and normal market analysis.
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