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- Managing Italian Private Equity Investments During the COVID-19 Outbreak
Practical guidance for private equity firms when tackling Italian portfolio companies’ questions during the pandemic. In light of the COVID-19 outbreak, the Italian government has adopted significant steps to curb the spread of the disease. In particular, the government has issued four major extraordinary decrees: (i) the Law Decree no. 18 of March 17, 2020 (the Cura Italia Decree); (ii) the President of the Council of Ministers Decree of March 22, 2020 (the Cura Italia 2 Decree); (iii) the Ministerial Decree of March 25, 2020 (the Cura Italia 3 Decree); and (iv) the Law Decree no. 19 of March 25, 2020, which supplement orders and regulations implemented in late February to early March 2020, and affect the conduct of all activities, including the continuation of business and commercial operations. This White Paper will provide private equity firms with (i) an initial overview, from an Italian law prospective, of the questions that are most likely to arise in managing their Italian portfolio companies and (ii) a guideline of the most relevant issues. Please see full White Paper below for more information.
- 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 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 to the D.P.C.M. of March 22, 2020.
- Italy Extends Disclosure Deadline for Intermediaries and Online Portals
CONSOB and Bank of Italy ease compliance obligations during COVID-19. The Italian Securities Commission (CONSOB) and the Bank of Italy have adopted a series of measures to grant intermediaries and online portal managers an extended deadline to comply with their disclosure obligations, and facilitated compliance activities by banks and supervised non-bank intermediaries, due to restrictions imposed by government measures to face the COVID-19 emergency.
- The Cura Italia Decree and other measures enacted to cope with the COVID-19 outbreak in Italy
As a result of the health emergency caused by the widespread outbreak of the virus COVID-19, several measures have been adopted throughout the EU aimed at limiting the occurrence of significant disruptions to the financial system and cope with this emergency situation.
- 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. 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 contain the spread of COVID-19.
- Italian merger control thresholds update
Yesterday, the Italian Competition Authority updated its merger control turnover thresholds. Effective today, 23 March 2020, Section 16(1) of Law no. 287 of 10 October 1990 requires prior notification of all mergers and acquisitions where both the following conditions are fulfilled...
- COVID-19 – New Wave of Restrictive Measures to Face Outbreak in Italy – Shutdown of Non-Strategic Production
On 21 March 2020, the Italian government announced the adoption of new restrictive measures aimed at combating the Coronavirus (COVID-19) spread in the Italian territory, which would include the shutdown of all non-strategic production in the whole Italian territory until 3 April 2020. Such measures were adopted by a decree of the President of the Council of Ministers dated 22 March 2020, which has become effective on 23 March 2020...
- COVID-19: Shareholders Meetings in Italian Joint Stock Companies held through Means of Telecommunications do not Require Physical Presence of Chairman and Secretary in the Same Location
In a commendable effort to swiftly provide interpretation guidelines applying in a state of emergency, the governing body of Milanese notaries (“Consiglio Notarile di Milano”), has issued a new guideline on corporate matters (Massima n. 187, of 11 March 2020), whereby it is affirmed that shareholders meetings in Italian joint stock companies can be validly held even if all of the required participants are attending through means of telecommunications.
- COVID-19: “I Started Something I Couldn’t Finish” - Legal Consequences of the Pandemic on Contracts Governed by Italian Law
“I started something I couldn’t finish”, goes the song by one of the eighties’ most influential bands. And, indeed, in these trying times, under the threat of the COVID-19 pandemic and the increasingly strict measures that are being taken by governments to contain the spreading, several businesses are experiencing an inability, be it legal, factual or financial, to complete, timely or altogether, performance of their contracts.
- Impact of coronavirus on loans in Italy
We describe below the legal impact on Italian loan transactions of the current health emergency caused by COVID-19 in light of the latest legislative measures, including a suspension of interest and principal payments on loans to SMEs, the rescheduling of repayment plans, and financial support for loans to larger corporates.
- La "Nuova" Disciplina Per La Certificazione Dei Crediti Vantati Nei - Confronti Delle Regioni E Degli Enti Locali
La legge 12 novembre 2011 n. 183 (cd. Legge di stabilità per il 2012, "Legge di Stabilità") all'art. 13 ha disposto la sostituzione per intero del comma 3bis ed ha aggiunto il comma 3ter all'articolo 9 del decreto legge del 29 novembre 2008 n. 185 (convertito in legge dall'articolo 1...
- Draft Decree on Bonds for Italian Non-Listed Companies – Italy is on the verge of taking significant steps to facilitate the issuance of corporate bonds
Italian non-listed companies have struggled to find efficient structures for corporate bond issuances. On June 15, 2012, the Italian government took an important step to facilitate access to the corporate bond market for Italian companies which are not issuers of financial instruments on a...
- Italian court jails scientists for not predicting earthquakes
An Italian court has convicted seven scientists and experts of manslaughter for failing to adequately warn residents when an earthquake struck central Italy in 2009 killing more than 300 people. Each of the scientists and experts were sentenced to six years in prison....
- D.Lgs. 231/2001 - Aggiornamento Normativo E Giurisprudenziale
Si riporta di seguito una breve rassegna dei provvedimenti maggiormente significativi in materia di responsabilità amministrativa degli enti ex D.Lsg. 231/2001. ENTI STRANIERI - TRIBUNALE DI MILANO – Sent. n. 13976/12 - Con la sentenza ...
- Basics Of Employment Law In Italy
Italy, with a population of over 60 million, is one of the top ten largest economies in the world. There are many benefits to doing business in Italy, including its favorable geographic location and flexible and diverse economy. However, any employer currently doing business in Italy or who is...
- Recent Developments In The Italian Anti-Money Laundering Legislation
On January 1, 2014 two regulations, issued by the Bank of Italy in April 2013, entered into force, which deal with the customer due diligence in the field of anti-money laundering and the keeping of the Single Financial Transactions Database ("Archivio Unico Informatico"; hereinafter, the ...
- Basics Of Employment Law In Italy: Part III
This article is the third in a series which provides a brief overview of the some of the key elements of employment law in Italy. This article will cover terminations, including a summary of the sources of law governing terminations, the types of dismissals permitted under the law, notice...
- Decree “Sblocca Italia”: News On The Matter Of Lease
Following its publication in the Official Gazette on September 13, 2014, the Law Decree September 12, 2014 no. 133 “Urgent actions for the opening of construction sites, the realization of public infrastructures, the digital transformation of Italy, the simplification of bureaucratic process, the...
- GSE Guidelines for Modifications to PV Plants
On 1 May 2015, the Gestore dei Servizi Energetici (GSE) published the Regole per il mantenimento degli incentivi in Conto Energia (the guidelines). This is a set of guidelines for the implementation and communication of modifications to photovoltaic (PV) plants receiving incentives under any of the ...
- Nuovo Regolamento UE sulle procedure d’insolvenza
Il Regolamento si pone l’obiettivo di rendere più efficienti le regole sulle insolvenze transfrontaliere, trovare il giusto equilibrio nella protezione sia dei debitori che dei creditori e privilegiare il risanamento delle imprese rispetto alla prospettiva liquidatoria. E’...