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63 results for JD Supra Italy › Latham & Watkins LLP

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  • 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...

  • 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.

  • 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

  • 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.

  • Le misure per le assemblee societarie previste dal Decreto Cura Italia

    Il Decreto Cura Italia proroga il termine per la convocazione dell’assemblea ordinaria di approvazione del bilancio e agevola la partecipazione degli azionisti con mezzi alternativi all’intervento di persona. Il Decreto Legge 17 marzo 2020, n. 18 prevede misure di potenziamento del Servizio sanitario nazionale e di sostegno economico per famiglie, lavoratori e imprese connesse all'emerg

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

    The Cura Italia Decree also extends the validity of administrative authorizations. 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 facing the pandemic.

  • Italian COVID-19 Law Decree Provides Contingency Measures for the Annual Meeting Season

    The Cura Italia Decree extends the annual meeting season for private and public companies, and provides for remote attendance options. Law Decree no. 18 of 17 March 2020 provides a contingency package of extraordinary measures to strengthen the national health service and provide financial and economic support to families, workers and companies facing the global COVID-19 outbreak (the...

  • CONSOB Imposes Stricter Reporting Requirements of Relevant Shareholdings in Certain Italian-listed Issuers

    Italian regulator imposes more stringent reporting obligations for certain Italian-listed issuers. The Italian Securities Commission (CONSOB) has adopted Resolution 21304, imposing stricter reporting obligations of relevant shareholdings in Italian-listed issuers included in the Annex to the Resolution.

  • Corporate Governance: Le Novità Per La Stagione Assembleare 2020

    Le società quotate italiane possono approfittare dell’imminente stagione assembleare per attrarre investitori italiani e stranieri attraverso l'adozione delle migliori practice di corporate governance. Introduzione - A seguito dell'entrata in vigore della Direttiva (UE) 2017/828 (SHRD 2) e della pubblicazione del nuovo Codice di Corporate Governance, le società quotate...

  • Italian-listed Companies: New Corporate Governance Changes for Upcoming 2020 Shareholders’ Meetings

    The upcoming annual general meetings season provides companies the opportunity to attract Italian and foreign investors by adopting best-in-class corporate governance rules. Overview - Following the entry into force of Directive (EU) No. 2017/828 (i.e., the SHRD II) and the publication of the new Corporate Governance Code, Italian-listed companies are increasingly focusing...

  • Italian Ministry Launches a Public Consultation on FinTech Sandbox

    The FinTech sandbox would aim to foster innovation in the financial, credit, and insurance sectors. The Italian Ministry of Economy and Finance has launched a public consultation on a draft ministerial decree (Draft Decree) implementing the mandate received by the Italian legislature (Decreto Crescita) to set up a regulatory sandbox to test FinTech activities in the financial, credit, and...

  • 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. 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-linked bonds complement and bolster the sustainable finance market

    In September 2019, Italian power generation company Enel opened up the market for a new sustainable finance product — bonds with interest rate adjustments related to sustainability performance targets. This new product has considerable potential to bring more issuers into sustainable finance, allow more financings to incorporate sustainability, and create investable assets for a greater portion...

  • 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. 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 applicable to both UK investment firms operating in Italy and Italian investment

  • The New Italian Class Actions

    New law aims to expand the currently limited application of class actions in Italy. The Italian Parliament has introduced a comprehensive reform of the rules governing class actions that will: ..Significantly widen the scope of application of the current rules ..Provide specific incentives for claimants to bring class actions ..Introduce substantive...

  • Italy Introduces Comprehensive Reform of Class Action Rules

    New law aims to expand the currently limited application of class actions in Italy. The Italian Parliament recently introduced a comprehensive reform of the rules governing class actions with Law No. 31 of 12 April 2019 (the Reform).

  • Italian Securities Exchange Commission Announces Market Practice on Liquidity Contracts

    The measure is intended to align market practice with the principles laid down under the European market abuse regulation. The Italian Securities and Exchange Commission (Commissione Nazionale per le Società e la Borsa, or Consob): ..Approved the new accepted market practice on liquidity contracts ..Ordered the termination of market practices on the purchase of...

  • The Italian Insolvency Code: New Tools for Managing a Crisis

    The Insolvency Code represents a comprehensive reform of the Italian legal framework of business crisis and insolvency. Key Points: ..The “alert procedure” (procedura di allerta) offers out-of-court and confidential proceedings for overcoming a state of crisis of the debtor. ..New provisions regulate the certified recovery plans (formerly called “article 67 plans”)

  • The Italian Insolvency Code: New Rules on ‘Debtor-in-Possession’ Financing

    The Insolvency Code contains a “debtor-in-possession” financing regulation that reforms the legal framework outlined in the Bankruptcy Law in force until August 2020. Key Points: ..The newly enacted Insolvency Code grants lenders special protection to ensure full recovery of DIP Financing receivables. ..Several forms of DIP Financing, including guarantees,...

  • 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. 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 in connection with the Italian compensation scheme (Fon

  • 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. 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.

  • Rafforzare la governance delle società quotate italiane nella stagione assembleare 2019

    Le società quotate italiane possono approfittare dell’imminente stagione assembleare per migliorare la propria corporate governance e attrarre investitori italiani e stranieri. Introduzione - Negli ultimi anni la sostenibilità è divenuta un fattore chiave nella gestione e nell’organizzazione delle società quotate. La sostenibilità accresce l’attrattività delle società sui...

  • How Italian-Listed Companies Can Strengthen Corporate Governance at 2019 Shareholder Meetings

    The upcoming annual general meeting season provides companies the opportunity to attract Italian and foreign investors by demonstrating improved corporate governance. Overview - Italian-listed companies are increasingly focusing on sustainability in corporate management and their organizational structures, in order to enhance their attractiveness in international markets...

  • Riforma della crisi d’impresa: approvato in via definitiva il Codice della Crisi di Impresa e dell’Insolvenza

    Via libera definitivo del Consiglio dei Ministri al decreto legislativo attuativo della riforma organica del diritto della crisi d’impresa e dell’insolvenza. Il 10 gennaio 2019 il Consiglio dei Ministri ha approvato, in via definitiva, il decreto legislativo che, in attuazione della Legge Delega n. 155 del 19 ottobre 2017 (la “Legge Delega”), introduce nell’ordinamento italiano il “Codi

  • Italian Football Ready to Re-Join Financial Elite

    Increased revenue, improved governance, and innovative financing in Serie A are drawing interest from overseas investors. In the 1980s and 1990s, Italian football dominated the European football industry, achieving consistent success on the field and attracting a vast global audience.

  • 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. 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 billion in the first three quarters of 2018 — marking the highest year-to-dat

  • Garanzie upstream e bancarotta fraudolenta, uno sguardo sistematico

    Il rilascio di garanzie upstream: quando rileva penalmente, secondo le differenti tesi interpretative del reato di bancarotta. Il caso - Nel caso preso in esame dalla sentenza in commento, una società (Beta) aveva concesso pegno sulle partecipazioni delle proprie controllate, al fine di garantire un finanziamento bancario concesso alla propria controllante (Alfa).

  • Italy to Complete Implementation of the Market Abuse Regulation

    Legislative Decree 107/2018 clarifies new reporting obligations, disclosure obligations, and sanctions, effective September 29. 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).

  • Count down per la legge delega relativa alla riforma delle discipline della crisi d’impresa e dell’insolvenza

    La delega al Governo prevede un intervento sistematico sulla Legge fallimentare nonché modifiche alla disciplina sulla composizione della crisi da sovraindebitamento. La legge delega n. 155/2017 ha affidato al Governo il compito di adottare, entro 12 mesi dalla data di sua entrata in vigore (14 novembre 2017), una riforma organica delle procedure concorsuali e della disciplina sulla...

  • La disciplina dell’anatocismo bancario. Implicazioni nelle operazioni di finanziamento e ristrutturazione.

    Le riforme avviate dal legislatore comprendono la disciplina dell’anatocismo bancario in materia di interessi nelle operazioni implementate nell’esercizio dell’attività bancaria. In data 3 agosto 2016 il Comitato Interministeriale per il Credito e il Risparmio ha emesso una delibera (di seguito la “Delibera”) volta ad apportare nuove modifiche alla più volte emendata cornice normativa...

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