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Tag Archives: Italy

Law no. 120/2020 Converting Simplification Decree Facilitates Capital Increases by Italian Companies

The Simplification Decree (Decreto Semplificazioni) follows and puts into effect the earlier attempt of the Italian cabinet to facilitate capital increases. By Antonio Coletti, Isabella Porchia, and Marta Negro Law no. 120/2020 converting Law Decree no. 76/2020 (Decreto Semplificazioni), which entered into force today (Law no. 120/2020), introduces certain measures (see Article 44) facilitating capital … Continue Reading

Italian Recovery Decree Facilitates Capital Increases by Italian Companies

The Recovery Decree aims to rapidly raise equity financing and counter liquidity shortage. By Antonio Coletti, Isabella Porchia, and Guido Bartolomei Law Decree, approved on 13 May 2020 (Recovery Decree) introduces provisions facilitating capital increases by Italian private and listed companies to rapidly raise equity financing and to counter liquidity shortage. In particular, article 45-bis … Continue Reading

Italian Government Amends List of Essential Activities Annexed to the D.P.C.M.

D.P.C.M. now includes measures for certain manufacturing industries, as well as call centres and civil engineering works, but excludes employment agencies. By Giancarlo D’Ambrosio and Giovanni B. Sandicchi By decree of the Ministry of Economic Development, adopted yesterday and in force since today, March, 26, 2020, several amendments have been made to the list annexed … Continue Reading

Italian Government Suspends Non-Essential Industrial and Commercial Production Activities

The new decree imposes measures in effect from today until April 3, 2020 to combat the spread of COVID-19. By Giancarlo D’Ambrosio and Giovanni B. Sandicchi Yesterday evening, the Italian government adopted a new decree (D.P.C.M. of March 22, 2020), which suspends, as of today, non-essential industrial and commercial production activities throughout the country to … Continue Reading

Italian COVID-19 Law Decree Suspends Terms of All Administrative Procedures

The Cura Italia Decree also extends the validity of administrative authorizations. By Cesare Milani On March 17, 2020, the Italian government adopted Law Decree No. 18/2020 (the Cura Italia Decree), providing for a contingency package of extraordinary measures to strengthen the national health service and provide financial and economic support to families, workers, and companies … Continue Reading

New Corporate Governance Code for Italian Equity-Listed Issuers

The four-pronged Code aims to encourage issuers in Italy to focus on long-term sustainability and engagement. By Antonio Coletti and Isabella Porchia A new edition of the Corporate Governance Code was released on 31 January 2020. The new Code focuses on four essential objectives and principles: sustainability, engagement, proportionality, and simplification. Sustainability: The new Code … Continue Reading

Italy Updates Regulatory Instructions for Brexit Law Decree

The notice details the requirements applicable to both UK investment firms operating in Italy and Italian investment firms operating in the UK. By Antonio Coletti and Isabella Porchia On 1 August 2019, the Italian Securities and Exchange Commission (CONSOB) issued an update of Notice No. 7 of 26 March 2019 (the Notice) detailing the requirements … Continue Reading

Italy Introduces Comprehensive Reform of Class Action Rules

New law aims to expand the currently limited application of class actions in Italy. By Antonio Distefano and Isabella Porchia The Italian Parliament recently introduced a comprehensive reform of the rules governing class actions with Law No. 31 of 12 April 2019 (the Reform). The Reform, which was published in the Official Gazette on 18 … Continue Reading

Italian Investor Compensation Scheme Under the Brexit Law Decree

CONSOB notice 8/2019 details the requirements under the Italian investor compensation scheme applicable to UK banks and investment firms operating in Italy. By Antonio Coletti and Isabella Porchia On 29 March 2019, the Italian Securities Commission (CONSOB) issued a notice detailing the terms and requirements applicable to UK banks and investment firms operating in Italy … Continue Reading

Bank of Italy Issues Instructions for Brexit Law Decree

The instructions clarify the requirements applicable to banking and financial intermediaries under the Brexit Law Decree. By Antonio Coletti and Isabella Porchia On 28 March 2019, the Italian central bank (Bank of Italy) published two notices detailing the requirements for Italian banks and financial intermediaries operating in the UK, and for UK banks and financial … Continue Reading

Italy Issues Regulatory Instructions for Brexit Law Decree

The notice details the requirements applicable to UK investment firms operating in Italy, and Italian investment firms operating in the UK. By Antonio Coletti and Isabella Porchia On 26 March 2019, the Italian Securities Commission (CONSOB) issued a notice detailing the requirements applicable to UK investment firms operating in Italy and Italian investment firms operating … Continue Reading

Italy’s Brexit Law Decree Comes Into Force

The law decree lays down a temporary regime for regulated firms in a no-deal Brexit scenario. By Antonio Coletti and Isabella Porchia On 20 March 2019, the Italian Council of Ministers approved a law decree laying down urgent measures to ensure financial stability and market integrity in the event of a no-deal Brexit. In particular, … Continue Reading

UK Financial Institutions Urged to Update Italian Clients on Brexit

The Bank of Italy has called on UK financial institutions to inform their Italian clients of Brexit consequences promptly. By Isabella Porchia On February 19, 2019, the Bank of Italy issued a notice to UK financial institutions operating in Italy requesting they promptly inform their Italian clients of Brexit consequences. The notice applies to banks, … Continue Reading

Italian Football Ready to Rejoin Financial Elite

Increased revenue, improved governance, and innovative financing in Serie A are drawing interest from overseas investors. By Giancarlo D’Ambrosio In the 1980s and 1990s, Italian football dominated the European football industry, achieving consistent success on the field and attracting a vast global audience. Italy’s top division, Serie A, is still among the best in the … Continue Reading

Private Equity Takes the Driver’s Seat in Italian Automotive Deals

Deal making is likely to surge as companies seek funding and private equity firms scour the market for buyout opportunities. By Andrea Novarese and Cataldo Piccarreta Italy is poised to help steer automotive deal activity in the final weeks of what has been another bumper year for the industry. According to PwC, global automotive deals reached US$59.3 … Continue Reading

Italy to Complete Implementation of the Market Abuse Regulation

Legislative Decree 107/2018 clarifies new reporting obligations, disclosure obligations, and sanctions, effective September 29. By Antonio Coletti and Isabella Porchia Italy has published in the Italian Official Gazette Legislative Decree no. 107 of August 10, 2018, amending the Italian legislative provisions (Legislative Decree no. 58/1998) to transpose the Market Abuse Regulation no. 596/2014 (MAR). The … Continue Reading

Italy Issues New Rules on Hostile Foreign Takeovers and Golden Powers

By Antonio Coletti, Stefano Sciolla, and Isabella Porchia The Italian Council of Ministers has approved law decree no. 148 (the Decree), extending the disclosure requirements on stakebuilding in Italian listed companies and the Italian government’s so-called “golden powers”. The government may exercise these powers — veto or special conditions — in connection with extraordinary transactions … Continue Reading

New Handbooks Will Clarify Market Abuse Regulation Policies in Italy

By Isabella Porchia The Italian Securities Commission (CONSOB) has approved two handbooks, “Management of Inside Information” and “Investment Recommendations,” which offer guidelines under Market Abuse Regulation no. 596/2014 (MAR) and delegated acts. These publications have implications for a range of market participants, including companies with listed equity and debt securities on both Italian regulated markets … Continue Reading

Spotlight Turns on Corporate Responsibility in Italy as Italian Parliament Reviews New Draft Law Proposals

By Cesare Milani As corporate responsibility and business integrity become increasingly important to global commercial businesses, Italy has responded domestically with a review of two key laws which may significantly impact Italian companies. Italian Legislative No. 231 dated June 8, 2001 (Decree 231) Decree 231 has been in force for seventeen years and is likely … Continue Reading

Changes to Italian Banking Law Promotes Creditor-Friendly Bankruptcy and Restructuring

By Andrea Novarese, Marcello Bragliani, Antonio Distefano and Davide Rallo The so called “Banks Decree” Decree (Law Decree no. 59/2016, hereinafter the “Decree”), published on the Official Gazette and converted into Law no. 199/2016, has recently entered into force. The main purpose of the Decree is to grant a partial reimbursement to investors of few local … Continue Reading

Public Works Slowdown Following Implementation of the New Italian Public Procurement Code

By Cesare Milani The Italian Government definitively approved Legislative Decree no. 50 in April this year, implementing Directives 2014/23/EU, 2014/24/EU and 2014/25/EU of the European Parliament and European Council. The revised legislation resulting from the Directives coming into force affect the Italian construction market. Notably, the new Italian Public Procurement Code impacts “public procurement and awarding … Continue Reading

Gaining Appropriate Control in Italian Minority Investments

By Stefano Sciolla Minority investments are an increasing feature of the Italian PE market. One key driver of minority investments is demand from many entrepreneurs, founders and small and medium-sized businesses for funding to refinance existing debt, pursue acquisition opportunities or to expand their operations. Many are discovering that funding is unavailable from traditional sources … Continue Reading
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