Hogan Lovells (JD Supra Italy)

81 results for Hogan Lovells (JD Supra Italy)

  • Impact of coronavirus on loans in Italy (UPDATED)

    We describe below the legal impact on Italian loan transactions of the current health emergency caused by COVID-19 in light of the recent case law and the latest legislative measures, including a suspension of interest and principal payments on loans to SMEs, the rescheduling of repayment plans, and a State guarantee for loans to larger…

  • Italy - The class action "revolution" enters into force

    Italy - The class action “revolution” enters into force - The new class action bill (Law no. 31 of 12 April 2019) was passed in 2019 and – after a number of postponements – finally entered into force on 19 May 2021. Although class actions are available in Italy since 2007, they had not proven successful due to the strict admissibility test for class certification.

  • Bank of Italy consultation on borrower-based loan limitations could lead to opportunities for Direct Lenders

    The latest Consultations launched by the European Banking Authority (EBA) and the Bank of Italy on regulatory capital requirements for banks may lead to opportunities for alternative lenders, as traditional financiers may face increased constraints and funding costs in certain industries or jurisdictions.

  • IVASS issues clarifications of new regulations and starts testing of mystery shopping

    On 23 March, IVASS, in the run-up to the entry into force of its Regulation No. 45/2020 on insurance products oversight and governance requirements (“POG”) and Measure No. 97/2020 mainly providing amendments to the current provisions governing the distribution of insurance products, published some clarifications on the application of some of the main provisions thereof,…

  • Delay in the establishment of the Italian UBO Register

    The Counsel of State suspended the adoption of its opinion on the draft decree of the Ministry of Economy and Finance setting up and governing the functioning of the Italian register of ultimate beneficial owners causing a further delay in its establishment.

  • New Italian rules on comparison websites pursuant to PAD

    Pursuant to Directive 2014/92/EU (“PAD”), as implemented in Italy under the Italian Consolidated Banking Act (“CBA”), payment service providers (“PSPs”) offering payment accounts to consumers must participate on one or more websites comparing payment account offers, to which consumers shall have access free of charge (so-called comparison websites).

  • Real estate securitisations: guidance by Italian tax authorities on the applicable tax treatment

    With ruling No. 132 of 2 March 2021 (the “Ruling”), the Italian Tax Authorities (“ITA”) provided clarifications on the tax regime applicable to real estate special purpose companies (the “RE SPVs”) carrying out securitisation pursuant to article 7.2 of Italian Law No. 130 of 30 April 1999 (“Art. 7.2”).

  • Impact of coronavirus on loans in Italy (UPDATED)

    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 a State guarantee for loans to larger corporates.

  • Brexit: Italian measures for UK insurers after the end of the transition period

    On 31 December 2020, Law Decree No. 183 of 31 December 2020 introducing, among others, specific provisions addressed to UK insurance undertakings in relation to their business and obligations following the end of the transition period granted after the formal withdrawal of the UK from the European Union...

  • Italian Government repeals money transfer tax

    The Italian Government repealed the tax, introduced in 2018, on money remittances outside EU executed through payment institutions.

  • Latest updates on the Italian Regulatory Sandbox

    New provisions have been introduced to the Italian law concerning the development of FinTech initiatives and the establishment of an Italian Fintech Sandbox. Secondary measures are expected to be enacted by 31 January 2021.

  • New rules on portfolio transfers of insurance and reinsurance undertakings

    IVASS published a public consultation in order to amend its Regulation no. 14 of 18 February 2008 ruling - among others - the authorization procedure applicable to insurance portfolio transfers.

  • Italian AML news: confirmation of the new provisions on on-line KYC

    Italian news on on-line KYC for AML purposes, including the possibility to rely on SCA when certain conditions are met, have been confirmed. On 14 September, Law Decree No. 76/2020 regarding urgent measures for simplification and digital innovation (the "Decree") was converted into Law No. 120/2020 (the "Law").

  • Implementing rules for Superbonus 110% have finally been issued

    All implementing measures necessary to benefit from the Superbonus 110%, enacted by the so-called Relaunch Decree, have finally been set out by the Ministry of Economic Development and by the Italian Tax Authorities.

  • New rules on IBIPs, POG, motor car insurance and complaints’ handling: IVASS and CONSOB complete the implementation of the Insurance Distribution Directive in Italy

    Following three public consultations launched on 23 September 2019, IVASS and CONSOB completed the implementation in Italy of (EU) Directive 2016/97 on insurance distribution ("IDD"), by publishing IVASS Measure No. 97/2020, IVASS Regulation No. 45/2020 and CONSOB Resolution No. 21466/2020.

  • Italy – Italian Government acts to facilitate equity injections in Italian companies

    Italy – Italian Government acts to facilitate equity injections in Italian companies - With Law Decree no. 16/7/2020, n. 76, which entered into force on 17 July 2020 (the "Simplifications Decree"), the Italian Government has introduced measures aimed at facilitating share capital increases and their implementation by the Italian companies.

  • Assignment of Healthcare Receivables to Italian SPVs – Need of Acceptance by the Debtor

    The Italian Parliament has converted into Law the Italian Law Decree No. 34 of 19 May 2020 (the "Rilancio Decree"). The law of conversion of the Rilancio Decree was published on the Italian Official Gazette of 18 July 2020 and it entered into force on 19 July 2020.

  • Asset management solutions to foster the Italian post-COVID-19 recovery

    The outbreak of the COVID-19 emergency and the contextual economic crisis are triggering unprecedented challenges throughout all industry sectors. The asset management sector plays a key role in fostering the economic recovery of the country and canalising private savings through the Italian 'real economy' in the medium/long term in the post-COVID-19 phase. The legal framework is moving to...

  • Breaking News: Italian Legislation on COVID19 - A Game Changer for Private Debt Funds?

    Among the legislative measures approved by the Italian Government to support the financial indebtedness of corporates in the face of COVID19, ... the State guarantee made available through SACE S.p.A. ("SACE") is mainly relevant for the loans and capital markets.

  • IVASS publishes its annual report on the supervisory activity carried out in 2019

    On 18 June 2020, the Italian Insurance Regulator (IVASS) published its annual report on the supervisory activity carried out in 2019. The Chairman of IVASS Mr. Daniele Franco in his considerations introducing the report pointed out that at the end of 2019 the Italian insurance industry was in good health since the total amount of premiums collected increased by around 4% compared to 2018 and also

  • Italy towards the implementation of a legal framework on blockchain

    The Ministry of Economic Development launched a public consultation setting out recommendations for the use of DLT and blockchain in a number of fields, including the regulatory banking and financial industry.

  • COVID-19: Italy expands the scope of the Golden Power to the insurance sector

    Among the measures taken to face the emergency arising from COVID-19, the Italian Government adopted Law Decree No. 23 of 8 April 2020 (the so-called “Liquidity Decree”) which aims...

  • Insurance products combined with loans: latest guidelines from IVASS and the Bank of Italy

    On 17 March 2020, IVASS and the Bank of Italy issued a joint communication regarding the cross-selling of insurance products and financing (the "Communication") to be delivered to the members of the management and supervisory bodies as well as to the heads of the Compliance and Internal Audit functions of banks, financial intermediaries and insurance undertakings.

  • MEF consults on the eligibility criteria for the subscription of Italian reserved AIFs

    The Italian Ministry of Economy and Finance launched a public consultation asking for the stakeholders' views on the envisaged amendment of the eligibility criteria investors have to meet for subscribing Italian reserved AIFs.

  • Impact of coronavirus on loans in Italy (UPDATE)

    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 a State guarantee for loans to larger corporates.

  • NEWSFLASH: Italy – Government extends "golden powers" on FDI during the COVID-19 emergency

    On 8 April 2020, the Italian government adopted the wide-ranging Law Decree No. 23 (Urgent Measures Law), which also amends the government’s so-called "golden powers" of intervention in foreign direct investments involving companies operating in the sectors of defence, national security, communications, energy and transport (Original Strategic Sectors)...

  • Bank of Italy recommendations on the COVID-19 emergency

    On the basis of the measures recently adopted by the Italian Government to face the current COVID-19 emergency, on 10 April 2020, the Bank of Italy issued its recommendations to financial intermediaries on (i) anti-money laundering and financial crime prevention and (ii) customer protection.

  • Italian first measures in favor of insurance market operators against COVID-19 emergency

    As a result of the health emergency caused by the widespread outbreak of the COVID-19 virus and disease, specific measures have been adopted in Italy starting from the beginning of March 2020 in order to contain the impact thereof at various levels and sectors of the economy.

  • COVID-19 – INAIL Coverage for employees and direct liability of the employer

    Among the provisions issued to reduce the spread of COVID-19 emergency, the Italian legislator extended the protections guaranteed by the National Agency for Insurance against the Risk of Injuries at Work (INAIL) to those employees who contracted the COVID-19 virus - or have been under mandatory quarantine or fiduciary homestay - “in occasion of work” (i.e. during theexecution of the working...

  • Italian news on PSD2

    Please find below a brief summary of two Italian developments on PSD2. More specifically: on 6 April 2020, the Italian Government approved a draft Legislative Decree introducing corrective and supplementary provisions to the Italian implementation of Directive (EU) 2015/2366 (PSD2) and Regulation (EU) 751/2015 (IFR) (“Draft Decree”); and...

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