The Doubling of Penalties in Financial Intermediation: Commentary on Judgment No. 17615 of 2023
Judgment No. 17615 of February 23, 2023, represents an important ruling by the Court of Cassation regarding 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, which occurred with Article 8, paragraph 2, of Legislative Decree No. 141 of 2010, has led to significant changes in the current legislation. In particular, the Court established that:
Abusive exercise of financial intermediation activities referred to in Article 132 of Legislative Decree No. 385 of 1993, as replaced by Article 8, paragraph 2, of Legislative Decree No. 141 of 2010 - Doubling of penalties provided for by Article 39 of Law No. 262 of 2005 - Applicability - Exclusion. The reformulation of Article 132 of Legislative Decree No. 385 of September 1, 1993, regarding the crime of abusive exercise of financial activities by Article 8, paragraph 2, of Legislative Decree No. 141 of August 13, 2010, has resulted in the tacit repeal of Article 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 Judgment
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, starting from the entry into force of the new provisions, the doubling of penalties provided for by Law No. 262 of 2005 is no longer applicable.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 crimes, 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 Article 39 of Law No. 262/2005
- Impact on penalties for the abusive exercise of intermediation activities
Conclusions
Judgment No. 17615 of 2023 offers an important reflection on the regulatory dynamics related to financial intermediation. The legislative changes and the consequent ruling of the Court of Cassation highlight how economic criminal law is in constant evolution, requiring careful analysis by industry operators and lawyers engaged in the defense of individuals accused of financial crimes. Staying updated on such changes is essential to ensure an effective defense that is adequate to the new provisions.
