BIS Review 40/1998  ˝  -7-  The statutory innovations will allow Italian intermediaries to diversify and broaden the range of services they provide, adopt more flexible organizational structures and compete on an equal footing with foreign firms.
The earlier legal framework restricted the scope for innovation, especially in the field of collective investment, where new types of investment funds could only be introduced by primary legislation. The extensive recourse made to secondary instead of primary legislation has removed the constraints on the diversification of products and services.