The objective of this essay is to set the phenomenon of privatisation of local public services in the ambit of the hypothesis of circulation of undertakings. The study focuses upon the relationship between the general discipline of the transfer of undertakings, and in particular of part of the business, and the special provisions on the transfer or conferring of activities carried out by public bodies to new subjects (article 34 of d.lgs. n. 29 of 1993). A privileged attention is reserved to the various cases of transformation of managing bodies and to the different instruments so far used by local authorities to deliver public services. Finally, the author reaches a first assessment of the "in fieri" discipline and pays attention to the impact of both privatisation and progressive externalisation of services on employees' rights.