L’adeguatezza patrimoniale delle società di gestione del risparmio

The paper deals with the issue of capital adequacy of asset management companies (SGRs), reconstructing the regulatory and interpretative framework, and analysing the specificities of regulatory capital, of the criteria for calculating capital elements, and of the implications of adequacy in some phases of the SGRs’ life, from incorporation to cross-border expansion. What emerges is the increasing recourse to the adoption of financial parameters and a dynamic-functional perspective, with an approach to which the recent regulatory innovations on organisational and financial structures introduced by the Corporate Crisis and Insolvency Code appear consistent.