Criminal Law Observatory · – 26 September 2026
An appeal against a penalty imposed by the Banca d’Italia (Bank of Italy) that was decided in chambers violated art. 6 § 1 ECHR: given its severity and purpose, the penalty was criminal in nature, the facts were disputed and there was no public hearing.
The case and the decision. The Banca d’Italia had imposed a penalty of EUR 41,000, under art. 190 of Legislative Decree no. 58/1998 (TUF, Consolidated Law on Finance), on a member of the board of directors and managing director of an asset management company. In February 2015 the Corte d’appello (Court of Appeal) of Brescia dismissed the appeal against the penalty under the procedure in chambers then provided for by art. 195 TUF; in 2018 the Corte di cassazione (Court of Cassation) dismissed the further appeal.
In Strasbourg’s view, the Banca d’Italia is not an “independent and impartial tribunal” within the meaning of art. 6, because it investigates and decides internally; the Court nevertheless noted that the applicant had been able to present a written defence and had not asked to be heard. The Corte d’appello had full jurisdiction, but without a public hearing the defect was not cured; the Corte di cassazione, which rules on points of law only, could not remedy it. The remainder of the application had already been declared inadmissible when notice of it was given to the Government. Just satisfaction: EUR 1,000 for costs and expenses, no compensation for damage; as regards non-pecuniary damage, the finding of a violation is sufficient.
Why it matters. Since 27 June 2015, Legislative Decree no. 72/2015 has provided for a public hearing before the Corte d’appello in art. 195 TUF and in art. 145 of Legislative Decree no. 385/1993 (TUB, Consolidated Banking Law), including in proceedings pending at that date. As regards the TUF, Legislative Decree no. 128 of 25 June 2026 has transferred appeals concerning proceedings commenced after 7 August 2026 to the TAR (regional administrative court) for Lombardy, sitting in Milan (exclusive jurisdiction, expedited procedure under art. 119 c.p.a., Code of Administrative Procedure), with a public hearing on the merits. The principle applies whatever the procedure: the safeguard lies in the completeness of judicial review.
In practice. For corporate officers and control functions of banks and intermediaries:
The facts must be challenged before the first-instance court: the Corte d’appello for the TUB, for TUF proceedings commenced up to 7 August 2026 and for penalties under provisions outside the TUF that refer to art. 195; the TAR for Lombardy for TUF proceedings commenced thereafter. Against a decision of the Corte d’appello the only remedy is an appeal to the Corte di cassazione, which does not reopen the merits; an appeal to the Consiglio di Stato (Council of State) re-examines the facts, but without new evidence unless it is indispensable (art. 104 c.p.a.).
A public hearing must be requested in writing, and at once, where the procedure does not expressly provide for one: here the Government’s objection of waiver failed only because the law required the case to be heard in chambers.
The taking of evidence, a personal hearing and oral argument should be insisted upon.
The criminal nature of the penalty also carries weight in any criminal proceedings concerning the same facts.
Frequently asked questions.
Does the judgment set aside the penalty?
No. Reimbursement was refused for lack of a causal link, and there is no domestic mechanism for reopening the case: art. 628-bis c.p.p. (Code of Criminal Procedure) concerns criminal convictions, and art. 391-quater c.p.c. (Code of Civil Procedure) concerns rights relating to personal status.
Does it apply to the TUB?
Yes, as a matter of principle: art. 145 TUB, left untouched in 2026, still provides for a public hearing before the Corte d’appello of Rome.
Summary note by Studio Legale Petrali, based on the text of the judgment (HUDOC database) and on the legislation in force. The note does not reproduce the reasoning in full and does not constitute legal advice.