The Participating Financial Instruments have recently acquired a significant role in the corporate transactions involving «qualified investors» as banks and private equity funds. This Article examines whether and within what limits the by-laws of Italian joint stock companies can actually assign economic and exit rights (such as distribution of company's profits and reserves, right of withdrawal, conversion into company's shares) to the holders of Participating Financial Instruments, and to what extent they compare and interact with shareholders' rights. The Article briefly analyzes also the role and the main characteristics of the so called «Participating Bonds», recently introduced by the Law Decree no. 83/2012.