Doubling of Penalties in Financial Intermediation: Commentary on Ruling No. 17615 of 2023

Ruling No. 17615 of February 23, 2023, represents an important decision by the Court of Cassation concerning the abusive exercise of financial intermediation activities. With this decision, the judges examined the issue of the doubling of penalties provided for by Law No. 262 of 2005 and its applicability in light of the amendments made by Legislative Decree No. 141 of 2010.

Regulatory and Jurisprudential Context

The crime of abusive exercise of financial intermediation activities is governed by Article 132 of Legislative Decree No. 385 of 1993. The reformulation of this article, carried out by Art. 8, paragraph 2, of Legislative Decree No. 141 of 2010, led to significant changes in the current legislation. In particular, the Court established that:

Abusive exercise of financial intermediation activities referred to in Art. 132 of Legislative Decree No. 385 of 1993, as replaced by Art. 8, paragraph 2, of Legislative Decree No. 141 of 2010 - Doubling of penalties provided for by Art. 39 of Law No. 262 of 2005 - Applicability - Exclusion. The reformulation of Art. 132 of Legislative Decree No. 385 of September 1, 1993, concerning the crime of abusive exercise of financial activity by Art. 8, paragraph 2, of Legislative Decree No. 141 of August 13, 2010, has resulted in the tacit repeal of Art. 39 of Law No. 262 of December 28, 2005, in the part relating to the doubling of penalties imposed for the aforementioned crime.

Implications of the Ruling

The Court clarified that the regulatory reformulation resulted in the tacit repeal of the doubling of penalties for the crime of abusive exercise of financial intermediation activities. This means that, from the entry into force of the new provisions, the doubling of penalties provided for by Law No. 262 of 2005 is no longer applicable. This decision has a significant impact on the sanctioning treatment of financial intermediation offenses, leading to a reduction in penalties for individuals accused of such crimes.

• Reformulation of Article 132 of Legislative Decree No. 385/1993
• Tacit repeal of Art. 39 of Law No. 262/2005
• Impact on sanctions for the abusive exercise of intermediation activities

Conclusions

Ruling No. 17615 of 2023 offers an important reflection on the regulatory dynamics related to financial intermediation. The legislative changes and the consequent ruling by the Court of Cassation highlight how economic criminal law is constantly evolving, requiring careful analysis by industry operators and legal professionals engaged in the defense of individuals accused of financial crimes. Staying updated on these changes is crucial to ensure effective and adequate defense under the new provisions.