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- Excessive pricing and orphan drugs: Leadiant sanctioned by the Italian Antitrust Authority
In a long-awaited decision published on 31 May 2021, the IAA found that Leadiant infringed Article 102 TFEU through a multifaceted strategy that led to it obtaining an excessive price for its CDCA Leadiant® medicine. A number of lessons can be learnt from this case. Please see full Publication below for more information.
- As the entry into force draws near, we look into the new non-possessory pledge in Italian law
In 2016 Italy introduced new forms of security, including a pledge on movable goods which would not require physical delivery to the creditor, but would take effect by way of registration in a central repository held by the tax authority (the "Registry of Non-possessory Pledges", or "RNP"). We have covered this step here. The operation of the register was laid out in secondary legislation , which has come into force in August 2021 and mandated the tax authority to put in place the IT system until April 2022, and develop the required technical specifications in the following thirty days. This new form of security holds large promises for the commodities trade, and other industries which have struggled to take collateral in Italy in the traditional forms of a pledge or special lien. It has such flexibility and potential reach that it may play a role in most types of corporate lending, and impact the process and due diligence for credit analysis and M&A activity going forward. Please see full Publication below for more information.
- Establishing A Business Entity In Italy (Updated)
1. Types of Business Entities - 1.1 Premises - The Italian law provides multiple forms of organizational structures in order to do business in Italy, which differ from one another due to the extent of the liability undertaken by their participants. In particular, certain business organizational forms allow the participants to limit their personal liability (such as the “società per azioni” – a type of company similar to the Joint Stock Company – or the “società a responsabilità limitata” – similar to the Limited Liability Company), as opposed to others which do not limit the liability of the participants (among which the “società semplice” and the “società in nome collettivo,” operating similarly to a partnership) or which provide for limitations to the personal liability only for certain classes of stakeholders (i.e. the “società in accomandita semplice” and “società in accomandita per azioni”). Most foreign investors generally enter the Italian market through the organizational structures that provide a limited liability for the participants. Discussed below are the two most common types of corporate entities that provides such limited liability, i.e. the “Società per Azioni” (“S.p.A.”) and the “Società a responsabilità limitata” (“S.r.l.”), including a simplified type of the S.r.l., the “Società a responsabilità limitata semplificata” (“S.r.l.s.”). In each of these types of corporations, in fact, the maximum extension of the shareholders’ personal liability is limited to the amount of their equity interest. Please see full Chapter below for more information.
- Guide to PNRR incentives in the tourism sector
Decree-Law no. 152 of 6 November 2021 implementing Italy’s National Recovery and Resilience Plan (the PNRR), converted into law (L. 233/2021) (the PNRR Decree-Law), introduced concrete forms of support for the tourism sector. With subsequent implementation measures (dated 23 and 28 December 2021), the Ministry of Tourism (the Ministry) published the implementing acts for the effective implementation of these forms of support. Please see full Publication below for more information.
- Corporate Governance: le novità e i temi da considerare per la stagione assembleare 2022
Le novità e i temi rilevanti per l’imminente stagione assembleare anche alla luce dell’attività di revisione del quadro normativo europeo in materia di corporate governance e delle disposizioni tuttora vigenti per l’emergenza COVID-19. ..Nuovo format per la relazione sul governo societario e gli assetti proprietari ..Il nuovo Codice di Corporate Governance ..Le tematiche ESG: i fattori ambientali, sociali e di governance ..Mantenute le modalità emergenziali di intervento in assemblea mediante mezzi di telecomunicazione ..Breve riepilogo delle ulteriori tematiche da tenere monitorate, se non già implementate nella precedente stagione assembleare ..Altri promemoria utili. Si prega di consultare l'avviso completo di seguito per ulteriori informazioni. Please see full Publication below for more information.
- Guide to the NRRP incentives in the tourism sector (in Italian)
Decree Law of November 6, 2021 n.152 implementing the National Recovery and Resilience Plan (PNRR), converted into law (L. 233/2021), introduced specific forms of support for the tourism sector. With subsequent implementation measures (dated December 23 and 28, 2021), the Ministry of Tourism then published the implementing acts for effective implementation of these forms of support. Our Guide provides an exhaustive survey of the incentives, detailing the type of businesses admitted, the interventions covered as well as the procedures for applying. Please see full Newsletter below for more information.
- Buying and Selling Real Estate in Italy
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ITALIAN LAW - I. INTRODUCTION - This brief guide has the goal to provide legal explanation on the main aspects of the real estate transactions in Italy. II. REAL ESTATE TRANSACTIONS ACCORDING TO ITALIAN LAW - Land - There are different types of land that can be purchased, such as agricultural or building lands. Although these are always and, in any case, real estate sales, rules and taxation may vary according to the classification of the land. Please see full Chapter below for more information.
- Bankruptcy, Insolvency & Rehabilitation Proceedings in Italy (Updated)
KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER ITALIAN LAW - 1. Presentation of the judicial liquidation/ insolvency/ rehabilitation proceedings in Italy and their main characteristics. The current legislation for judicial liquidation, insolvency and rehabilitation proceedings has recently been reformed on February 14, 2019. On this date the New Code of Business Crisis and Insolvency has been published in the Official Gazette (Legislative Decree 12 January 2019 No. 14), replacing the Royal Decree n° 267/1942. Please see full Chapter below for more information.
- Corte di Cassazione – Sez. I civile – n. 8997/2021 del 31.3.2021
Corte di Cassazione – Sez. I civile – n. 8997/2021 del 31.3.2021 -Responsabilità contrattuale dell’intermediario finanziario verso l’investitore e risoluzione del singolo contratto di investimento. 1- Il Fatto e il principio di diritto enunciato dalla Corte di Cassazione.
- Italian Data Protection Authority Issues Guidelines on Data Processing Relating to Employees' COVID-19 Vaccinations at the Workplace
The Italian Data Protection Authority ("DPA") has issued guidelines on data protection rules applying to COVID-19 vaccinations at the workplace. On May 13, 2021, the Italian DPA issued guidelines on data protection rules applying to COVID-19 vaccinations at the workplace that can be organized by employers in accordance with a national protocol on workplace vaccinations adopted on April 6, 2021.
- Italy is Enforcing Tax on On-line Gaming winnings
Will the Italian enforcement efforts to force reporting of on-line gaming winnings be implemented in the U.S.? How will the sites adapt to the reporting requirements? The following article is of interest on these points. Online Winnings To Be Included In Italian Tax Returns, by Ulrika Lomas, Tax-...
- Nuove Misure Per Il Credito Alle Pmi
In data 28 febbraio 2012, l'Associazione Bancaria Italiana (l'"ABI"), alcune associazioni di categoria, il Ministro dello Sviluppo Economico ed il Vice Ministro dell'Economia e delle Finanze, hanno sottoscritto l'accordo contenente le "Nuove Misure per il credito alle pmi" (l'"Accordo"). L'Accordo...
- 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. INSIDER TRADING - CASSAZIONE PENALE – Sent. n. 28486/12 La Quinta Sezione della Corte di Cassazione Penale, con sentenza...
- Aggiornamento Normativo: Il Rating Di Legalità
In attuazione dell’art. 5-ter del D.L. 24 gennaio 2012, n. 1 così come modificato dall’art. 1, comma 1-quinquies del D.L. 24 marzo 2012, n. 29, convertito, con modificazioni, in L. 18 maggio 2012, n. 62, il 14 novembre u.s. l’Autorità Garante della concorrenza e del mercato (di seguito, per brevità,...
- Italian Supreme Court Extends the Scope of Consumer Protection Provisions Under the Italian Financial Law
On June 3, the Joined Chambers of the Italian Supreme Court issued a decision concerning the obligation for banks and financial intermediaries, engaging in “door-to-door” selling of financial instruments, to provide a withdrawal right (jus poenitendi) to be exercised by retail clients within seven...
- La nullita` dei contratti di swap c.d. over the counter secondo una recente pronuncia della corte di appello di Milano
La nullità dei contratti di swap c.d. over the counter secondo una recente pronuncia della corte di appello di Milano - Premessa - Con sentenza n. 3459 datata 18-30 settembre 2009, la Corte d’Appello di Milanoha affermato, tra l’altro, il principio secondo cui è radicalmente nullo il...
- Destination Italy Decree – New Legislative Measures to Encourage Debt Capital Markets Transactions
The Italian government has introduced a new decree, now converted into law, to encourage debt capital markets transactions by expanding favorable tax treatment. As banks adapt to new capital requirements, bank finance — traditionally the source of the majority of credit extended to Italian...
- Italian Government Enacts Innovative Measures to Support Access to Finance
A new decree expands the types of entities allowed to provide loans beyond banks and financial intermediaries. Introduction - The Italian Government enacted law decree No. 91, of June 24, 2014, published on the Italian Official Gazette No. 144 of June 24, 2014 (the Decree) with new...
- Via Libera Alla Voluntary Disclosure: Gli Aspetti Principali Della Disciplina In Attesa Della Pubblicazione In G.U.
E' in attesa di pubblicazione sulla Gazzetta Ufficiale il testo di legge approvato giovedì 4 dicembre dal Senato in materia di rientro dei capitali dall'estero (c.d. Voluntary Disclosure o Collaborazione Volontaria). Oltre all'attesa disciplina per il rientro dei capitali, il testo di legge...
- Modifiche al Codice di Autodisciplina delle Società Quotate
Corporate Social Responsibility e Whistleblowing entrano nel Codice di Autodisciplina delle Società Quotate. Il Comitato per la Corporate Governance (il “Comitato”) ha approvato lo scorso 10 luglio alcune modifiche al Codice di Autodisciplina delle Società Quotate (il “Codice”), principalmente ...