Allen & Overy LLP (JD Supra Italy)

The Law Decree no. 73 of 25 May 2021 (the so-called "Support Decree-bis" or the "Decree"), concerning a series of measures related to the emergency situation linked to Covid-19 and aimed at supporting companies and economic operators, has come into force on 26 May 2021.

In our publication of 16 December 2020, we gave an overview of Italian case law in 2020 on the nullity of Interest Rate Swap (IRS) contracts: the majority of the decisions published at that time declared such contracts null and void in the absence of certain requirements.

On 6 April 2021, the Government and the social partners signed the “Shared protocol for updating measures to counter and contain the spread of SARS-CoV-2/Covid-19 in the workplace” and the “National protocol for the implementation of company plans aimed at activating extraordinary SARS-CoV-2/Covid-19 vaccination points in the workplace”.

New ruling by the Italian tax authorities on favourable tax regime applicable to real estate securitization transactions.

Important news on the application of the foreign direct investment legislation (“golden powers”) in Italy - On 30 December 2020, two decrees of the President of the Council of Ministers were published in the Official Gazette clarifying the objective scope of application of the Italian golden powers legislation provided by Decree Law 15 March 2012, No. 21 (D.L. 21/2012), as recently amended and

In the specific case submitted for its consideration, the Court of Florence established the following question of law: "whether a judge, who is asked generically to order the defendant to pay interest, without any other specification or reference to art. 1284 fourth paragraph, of the Civil Code, is allowed to calculate the interest according to the said provision, or if the decision is, in...

Serious risks of invalidity, restitution effects and possible defences. Italian Courts issued numerous rulings on derivatives in the last decade: but the year 2020 has been particularly dense of judgments and could mark a turning point. Indeed, in a judgment of May 2020, the Joint Divisions of the Italian Supreme Court set out some general principles on Interest Rate Swap agreements, declaring

The amendment is included in a first draft of the Italian Budget Law for 2021 to be discussed by the Italian Parliament during the next month.

Law Decree no. 149 of 9 November 2020 (the "Ristori-bis" Decree) impacted on the provisions of the first Law Decree no. 137 of 28 October 2020 (the "Ristori" Decree), extending the scope of the so-called "rental bonus" (ie the 60% tax credit on rents regarding commercial properties) introduced by Law Decree no. 34 of 19 May 2020 (the "Rilancio" Decree). Pursuant to the "Ristori-bis" Decree, for...

With the season of shareholders meetings in Italy fast approaching, we have produced a bulletin which provides an overview of several key points. This overview includes; • the Italian rules concerning how shareholders' meetings of joint stock companies (società per azioni or s.p.a.) and limited liability companies (società a responsabilità limitata or s.r.l.) would normally be convened and

On 1 March 2020 the law (the Law) converting law decree No.162 of 30 December 2019 (the so-called Milleoproroghe Decree) came into force.

On January 10, the Council of Ministers adopted the legislative decree implementing delegated law no. 155 of 19 October 2017 (Delega al Governo per la riforma organica delle discipline della crisi di impresa dell’insolvenza), containing the codex of the crisis of enterprises and insolvency (CCI).

Recent amendments to Italian law add a new chapter to the longstanding debate over the Italian dual-track system and its compatibility with the double jeopardy (ne bis in idem) principle.

On October 4 the IAA has adopted the guidelines on how to structure an antitrust compliance programme and its treatment in the context of an antitrust investigation. They make clear that only compliance programme satisfying international best practices will be rewarded.

On 1 October 2018, the amendment no. 23 of 25 September 2018 to the Circular no. 285 of 17 December 2013 (Disposizioni di vigilanza per le banche) (Circular no. 285) entered into force, which revises the rules regar?ding covered bonds in order to allow smaller banking institutions to issue them.

In data 1° ottobre 2018 è entrata in vigore nell’Unione Europea la Direttiva (UE) 2016/97 del 20 gennaio 2016 (nota come Insurance Distribution Directive – IDD, di seguito la Direttiva) che apporta rilevanti modifiche alla disciplina dell’attività di distribuzione assicurativa.

Earlier today, the Italian Parliament approved the Italian Budget Law for the year 2018 (the 2018 Budget Law), which provides, inter alia, for amendments to Italian Legislative Decree no. 385 of 1 September 1993 (the Italian Banking Act) and to Italian Legislative Decree no. 58 of 24 February 1998 (the Italian Financial Services Act) aimed at permitting the issue by Italian banks of "non...

Consultazione - È possibile nell’ambito di un sistema di distribuzione selettiva vietare ai rivenditori autorizzati l’utilizzo delle piattaforme online? A questa domanda nel recente passato hanno risposto in modo parzialmente difforme diverse autorità antitrust e giudici nazionali. Finalmente arriva l’attesa sentenza della Corte di Giustizia nel caso Coty, che afferma la validità del divieto...

On 22 November 2017, the Italian Securities and Exchange Commission (Consob) released a warning notice (the Warning) in relation to the closure of the SeDeX regulated market and the launch of the SeDeX multilateral trading facility managed by the Borsa Italiana Spa providing an outline of the discipline relating to public offers and investment services.

On 15 November 2017, the Italian Parliament approved a law (the Law) which amends some current Italian law provisions in order to introduce the regulation of the whistleblowing in Italy. The Law will enter into force upon publication in the Italian Official Gazette.

A recent decision by the Italian Council of State (CS) comes as welcome news for the innovative pharmaceutical industry as it sets important boundaries to the initiatives that regional authorities can take in the attempt to limit public pharmaceutical expenditure under the increasing pressure of their budgetary constraints.

Dexia Crediop S.p.A. (Dexia) v Comune di Prato (Prato) [2016] EWHC 2824 (Comm), 10 November 2016 - In the second and final part of his judgment, Walker J held that further mandatory provisions of Italian law apply to and invalidate an English law-governed interest rate swap. The decision is a reminder to parties of the risk that the governing law of a contract may not limit the obligations...

Two recent rulings establish important principles relating to a retail investor’s right of withdrawal from a securities transaction. In both cases an investor was seeking nullity of a loss-making (for the investor) transaction, alleging that it had not been provided, at the time of signing, with necessary information regarding its right to withdraw from a transaction signed “off-premises”, as...