The firm deals with legal and regulatory counselling as well as judicial assistance, including before the high courts, on banking and financial regulation, and company law. In the field of administrative law, the firm deals with public employment and procurement. Other areas of activity concern anti-money laundering regulation and investigations.
Education and qualification
She graduated with honours in Law from the University Federico II of Naples, discussing a thesis in commercial law on cooperative banks.
She has been a member of the Rome Bar since 1984; she has been qualified to practise before the higher courts since 1997.
Independent Director
Since May 2023, she has been an Independent Board Member of a cooperative bank. She is also a member of the Risk Committee of the same bank.
Previous work experience
She acquired her first work experience in a major commercial bank and in the legal departments of Mediocredito Centrale and Istituto Poligrafico dello Stato.
She worked in the Legal Services Department of the Bank of Italy from May 1989 to 31 December 2022. She was Deputy Head of the Bank’s Legal Services Department from December 2009 to June 2011 and became Head of the Department from July 2011 (until 31 December 2022).
As a lawyer for the Bank, she was responsible in particular for advising and litigating on banking and financial supervision and banking crises, supporting the decisions and measures of the Bank’s Directorate.
She has been involved in the work for the main reforms in banking and financial matters, in particular for the drafting of the Banking (1993) and Finance (1998) Consolidated Laws, for the reform of Italian company law (2003), for the creation of IVASS (2013) and for the alignment with the European Single Supervisory Mechanism and Bank Recovery and Resolution Mechanism (since 2012); she has carried out numerous mandates on behalf of the Bank of Italy, collaborating with other Italian authorities such as CONSOB, AGCM, IVASS, various Ministries and Universities; she has advised on bank governance, requirements for shareholders and bank directors, banking and financial crises and related criminal and administrative liabilities, banking and financial transparency and customer protection. She has also dealt with public employment regulations and, in general, all legal issues relating to the Bank of Italy’s activities.
In judicial activity, she has mainly handled litigation before administrative courts (on institutional functions and public employment) and on sanctions imposed under the Banking and Finance Consolidated Laws. She represented the Bank of Italy before the Italian Constitutional Court and the European Court of Justice (in cases concerning the common procedures of the ECB and national supervisory authorities on the assessment of the reputational requirements of bank capital participants and on whether preventive and alternative interventions by deposit guarantee schemes in bank crises can be classified as state aid). She also represented the Bank, acting as a civil plaintiff, in criminal proceedings criminal proceedings in the field of obstacle to supervisory activities.
She was a member of the Legal Committee at the ECB for Supervisory Issues (LEGCO-SSM) from 2014 to 2021, participating therein in the drafting of opinions on ECB acts and regulations.
Languages spoken
Italian (mother tongue); English (professional knowledge); Spanish (professional knowledge)
Teaching and research activities
She has given lectures at numerous conferences and seminars at various universities and institutions (among the most recent: La propuesta de reforma del régimen europeo de gestión de crisis bancarias y garantía de depósitos, Universidad Complutense y Banco de España, Madrid, 5 and 6 October 2023; Banks, Europe and economic development, University of Siena and Associazione docenti di Diritto dell’Economia (ADDE), Siena, 4 and 5 May 2023; Le crisi bancarie: resolution, liquidation and reform perspectives in the light of the Spanish and Italian experience, Italian-Spanish conference, Bank of Italy, Rome, 21 October 2022; State aid to banks in crisis: perspectives after the Tercas case, University of Siena, 29 and 30 June 2022; Le fonti del diritto dei mercati finanziari, University of Salerno, 12 November 2019; A 20 anni dal TUF: verso la disciplina della Capital Markets Union? Banca d’Italia and Consob, Rome, 6 November 2018; XIII Meeting of Central Bank Legal Advisors, Centro de Estudios Monetarios Latinoamericanos (CEMLA), Buenos Aires, 11-13 October 2017; Imprese e banche dopo la crisi – esperienze europee a confronto, University Federico II, Naples, 14 and 15 May 2017; Le banche e l’Europa, Cesifin Foundation, Florence, 9 February 2017).
Since the academic year 2021/22 she has been a lecturer at the Professional Master Programme 2nd Level on Law and Practice of the Banking Union at the University of Bologna.
Since the academic year 2022/23 she has been a lecturer at the Master Programme on Regulation of Financial Activity and Markets at LUISS, Rome.
For the academic year 2022/23 she taught the course on Banking Law at the University of Pisa (IUS/05, 48 hours).
Chairman of the Supervisory Board of SIDIEF spa
Since April 2022, he has been Chairman of the Supervisory Board of SIDIEF S.p.A., a limited company that has adopted the dualistic model and is subject to the direction and coordination by the Bank of Italy; SIDIEF (share capital EUR 567 million) manages about 8,000 real estate units and is one of the leading companies operating in the real estate market. Vice-President from 2016 to 2022.
Member of Nedcommunity – Italian Association of Non-Executive and Independent Directors.
Head of the External Relations and General Affairs Service – Banking and Financial Supervision – Bank of Italy
He joined the Bank of Italy on 1 January 1981. From 1984 to 2013, he was at the Banking and Financial Supervision, where he delt with regulation and controls for the protection of the integrity, stability, and good functioning of the banking and financial system.
In July 2009, he was appointed Head of the External Relations and General Affairs Service; for several years he acted as deputy to the Director for the Supervisory Department.
He was responsible for:
- authorisation for the establishment of banks, SIMs and SGRs; access to the financial market of foreign intermediaries; registration in the special register of financial intermediaries.
- interventions following supervisory inspections.
- temporary administration and administrative compulsory liquidation of banks, SIMs and SGRs; removal from the register of financial intermediaries.
- administrative sanction procedures under the Consolidated Banking Act (TUB) and the Consolidated Law on Finance (TUF).
- controls and interventions on transparency and the protection of banking and financial customers.
- establishment and coordination of the activity of the Banking and Financial Arbitrator.
- anti-money laundering controls and interventions.
Since the drafting of the 1993 Consolidated Banking Law, he has participated in the work on banking and financial reforms; he has followed the evolution of regulations on governance, banking and financial crises and criminal and administrative liability, as well as banking and financial transparency and customer protection; he has overseen the drafting of anti-money laundering legislation and the Bank of Italy’s regulatory rules on governance, shareholder and bank representatives requirements, extraordinary measures, administrative sanctions, anti-money laundering, and usury.
He was responsible, from 1991 to 2013, for cooperation with the Criminal Judiciary and the National Anti-Mafia Directorate, following the main criminal judicial events concerning the banking sector over the years. He has participated in various defence panels to protect the top management of the Bank of Italy. He was on numerous occasions a witness in criminal proceedings.
Served (2009/2013) as the Bank of Italy’s delegate to the statutory bodies of the Interbank Deposit Protection Fund and of the Cooperative Credit Depositors’ Guarantee Fund, which prepare and approve financial and support interventions for banks in crisis.
From 2007 to 2013 he led the Technical Committee for coordination with CONSOB on regulatory, authorisation, reporting, and inspection supervision for the Bank of Italy.
Head of the Real Estate and Procurement Department of the Bank of Italy
Until February 2022, he was General Officer and Head of the Real Estate and Procurement Department with responsibility for the administrative and technical management of the Bank of Italy’s real estate. He was responsible for the Institute’s global buyer activities for works, goods, and services.
Served as a member of the European Procurement Coordination Office Steering Committee that oversees joint procurement between Eurosystem Central Banks.
In 2016/17, he participated in a working group at the National Anticorruption Authority (ANAC) for the preparation of the application guidelines of the Public Contracts Code, on the qualification of contracting stations.
In July 2018, he was called to serve on a Working Group on Administrative Simplifications at the Ministry for Public Administration.
Teaching and research activities
Adjunct professor from 1998 to 2007 at the Bocconi University in Milan for the course “Monetary Economics – Financial Market Institutions and Regulation”, focusing on the analysis of banking and finance regulations and economic crime.
He has carried out numerous teaching assignments for the Superior Council of the Magistracy, the Presidency of the Council of Ministers, the Anti-Mafia Investigative Directorate, the Ministry of the Interior, and the Guardia di Finanza Tax Police School. He has delivered lectures at numerous conferences and seminars at various universities and at the Ministry of Economy and Finance, and the Italian Banking Association.
Since 2014, he has lectured on banking and financial supervision and crisis resolution in the courses of Banking Law at the University of Rome “Sapienza”, of Economics of Credit Companies at the University of Rome – Tor Vergata and of Banking and Finance at LUISS; he has spoken as a lecturer at the Master Anticorruption (University of Rome – Tor Vergata).
In addition to numerous essays on banking, financial and corporate law, economic criminal law and anti-money laundering, public procurement, and the real estate market, he has written with Donato Masciandaro the volumes Criminalità e intermediazione finanziaria. Economy and Law, Edibank, Rome 1997, and Moneta, banca, finanza. Market Abuse. Economics and law, Hoepli, Milano 2001; he edited the volume Il nuovo assegno bancario, Bancaria Editrice, Roma 2003 and, in 2016 and 2020, two publications of the Bank of Italy on the reform of procurement and anti-corruption regulations (La riforma delle stazioni appaltanti. Quality research and European discipline and Gli appalti pubblici tra istanze di semplificazione e normativa anticorruzione. In search of a balance between legality and efficiency).
Since 2001 he has participated in the Rosselli Foundation’s Annual Report on the Italian Financial System; from 2009 to 2016 he was a member of its Scientific Committee.
In recent years he has published numerous articles on topical issues on specialised websites.
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