Norton Rose Fulbright (LexBlog Italy)

28 results for Norton Rose Fulbright (LexBlog Italy)

  • Greenwashing: the current sanctioning regime in Italy

    Following their call for evidence in November 2022, on 1 June 2023, the European Supervisory Authorities (“ESAs”) published their first progress reports on greenwashing (the “Reports”) to better identify the phenomenon and to assess which areas of the sustainable investment value chain (“SIVC”) are more exposed to greenwashing risks. In the Reports the ESAs have...

  • UNIDROIT principles on digital assets and private law adopted at the 102nd session of the Governing Council

    On 18 May 2023, UNIDROIT’s Governing Council reported that it had adopted the UNIDROIT principles on digital assets and private law (the principles) at its 102nd session in Rome, Italy. The principles were prepared by a working group on digital assets and private law, which comprised of 25 members, 22 observers from international, regional and...

  • Italian Garante bans Chat GPT from processing personal data of Italian data subjects

    IntroductionBy way of an interim measure adopted on 30 March 2023, the Italian Data Protection Authority (Garante per la protezione dei dati personali) (the Garante) ordered  the US company Open AI LLC to temporarily stop ChatGPT’s processing of personal data relating to individuals located in Italy, pending the outcome of the Garante’s investigation into the...

  • Financial Services Academy: Focusing on financial promotions | Global law firm | Norton Rose Fulbright

    On 28 October 2022, the Bank of Italy (“BoI”) issued a communication (“Communication”) on Buy Now Pay Later schemes (“BNPL”) to draw the attention of consumers on the prevalent forms of BNPL on the Italian market, the related potential risks and the means of protections afforded to customers by banking transparency regulations. Currently, Italy has...

  • Italy’s Jobs Act under scrutiny: Are critics missing the big picture?

    In the final days of the particularly tense campaign leading up to the parliamentary election in Italy, politicians from all sides of the political spectrum made bold proclamations on a variety of topics; for the most part, this was predictable and inevitable. Nevertheless, it was surprising to read the statements made by two former labour...

  • Italy makes Green Pass mandatory for all workers

    On September 21 2021, Law Decree no. 127/2021 (Decree 127), providing “urgent measures to ensure the safe performance of public and private work,” was published in Italy’s Official Gazette. Decree 127 extends the scope of the mandatory Covid-19 Green Certification or “Green Pass” and strengthens the screening system. The Green Pass is a personal QR...

  • Global bankruptcy financial restructuring and insolvency group releases the Q3 2021 issue of International Restructuring Newswire

    Our global bankruptcy financial restructuring and insolvency team has released its quarterly International Restructuring Newswire. In this issue, our team examines the impact of the COVID-19 pandemic on the global restructuring market and the reform of legal framework that governs restructurings in Italy, Hong Kong, mainland China and Australia. Also, we are pleased to announce the appointment of.

  • Will COVID-19 vaccinations become mandatory for employees in Italy?

    Italy’s COVID-19 vaccination programme is underway, with health care workers and staff in care facilities at the front of the queue. According to a recent report published by the Health Ministry, more than 1 million people received the inoculation in the first two weeks of the nationwide vaccination campaign. This makes Italy one of the...

  • Temporary transitional measures for EU27 Member States (summary) – further update

    Italy: A partial relief on Brexit transition period has been granted to UK banks, electronic money institutions operating through a branch and investment firms (the UK Regulated Entities) that submitted the authorization application to the relevant competent authority before 31 December 2020. Conversely, UK payment institutions, electronic money institutions operating under the freedom of...

  • Italy simplifies online conclusion of contracts

    Amid emergency initiatives aimed at coping with the Covid-19 emergency, Italy has taken two steps aimed at easing the modalities for concluding contracts online, both of which are particularly significant for the financial services sector. It is worth reminding that banking and financial contracts under Italian law are valid only if entered in writing. Furthermore,...

  • Treatment of Gig Economy workers in Italy

    With another summer approaching, the political and legislative debate concerning the need to update and/or clarify employment laws in Italy relating to Gig Economy workers (See Blog post of July 20 2018)  is still hot. In 2018, six people who worked for a food delivery company claimed, before the Court of Turin, that they should...

  • Italy: Bank of Italy asks UK banks and financial institutions to inform customers on Brexit plans

    On 19 February 2019, the Bank of Italy published a communication (the “Communication”) addressed to UK-based banks, payment institutions and e-money institutions operating in Italy under a branch or services passport as well as by availing themselves of a network of agents (the “UK Intermediaries”).   The Communication – transmitted individually to UK Intermediaries on...

  • Italy announces a temporary regime for Italian-UK provision of banking, financial and insurance services

    On 24 January 2019, the Ministry of Economic and Finance issued a press release to inform the market that the Italian Government is preparing the necessary measures to ensure the continuity of markets and intermediary business should a hard Brexit occur (i.e. exit with no deal). The press release is available at this link (in...

  • More uncertainty follows the Italian Constitutional Court’s partial repeal of the Jobs Act

    Thanks to the passage of the Dignity Decree by the Italian Parliament last summer and the recent decision of Italy’s Constitutional Court, the employment law regime in Italy has changed direction. The problem is that the direction it has taken is uncertain, creating concern both for employers and employees. The current situation is that parts...

  • Banking reform updater: non-performing loans

    This summer the media reported that the European market for non-performing loans (NPLs) was becoming more active, with Italy and Spain accounting for most of the deals. According to the European Central Bank’s (ECB) semi-annual financial stability review, the total gross book value of NPL portfolios traded in the Eurozone reached €66 billion in Q4...

  • Skills Down, Claims Up: What the Infrastructure Boom Means for Insurers

    The recent collapse of a 50 year-old suspension bridge in Genoa Italy is a stark reminder of the devastating impact that failed infrastructure projects can have. Roads and rail, hospitals and schools, airports and stadiums: there’s no doubt Australia is going through a turbulent infrastructure boom, perhaps its biggest yet. The Federal government has announced...

  • Legal update: Minimum protection for Gig Economy workers in Italy and in the international context

    The need to update existing labour laws in light of the rapid changes introduced by the digital economy is one of principal issues under the “new ways of working” debate and has made the  headlines in many Italian papers, including the leading daily, Il Sole24Ore.  We need to use the legal tools that are available...

  • Italy: Consob consults on abrogation of prospectus for insurance investment products

    Consob, the Italian financial sector regulator, has launched a consultation on the abrogation of the obligation to publish a prospectus for unit-linked and index-linked insurance products. The proposed change is intended to end the peculiar Italian regime requiring insurers to draft a prospectus for unit-linked and index-linked insurance products, introduced in 2005 when the EU...

  • First-ever ‘Riders’ Statute’ signed in Bologna, giving food delivery company riders a set of minimum standards of protection

    On 31 May 2018, at the City Hall of Bologna (the fourth most populous city in northern Italy), the city’s mayor, representatives of Italy’s three main workers unions (CGIL, CISL and UIL), and two food delivery companies active in Bologna (Sgnam and Mymenu) met and signed the “Paper of fundamental rights of the digital worker...

  • Italian labour court hands down landmark decision on Foodora case with potentially far-reaching implications for any company active in Italy’s growing Gig economy

    On May 7, 2018 the Labour Court of Turin handed down a landmark decision in a case brought by delivery bike drivers or couriers (“riders”) working for Foodora, an online food delivery company that offers meal delivery in 10 countries worldwide, including Italy. Amongst other things, the riders, each with a freelance work contract with...

  • MiFID II implementation – Italian status update

    The implementation of MiFID II in Italy is still ongoing. However, some significant steps have been taken during the summer, including the following: the Italian Parliament passed a Bill which updates and amends the Italian Financial Act to reflect the main provisions of MiFID II; Consob, the Italian financial market regulator, launched a consultation in...

  • New Bank of Italy consultation document on the sanctioning procedure

    The Bank of Italy, recently published a consultation document, dated 16 September 2015, concerning some amendments to the provisions of the Bank of Italy Regulations on sanctions and on the sanctioning procedure of 18 December 2012. The proposed amendments are the consequence of the important changes that the CRD IV and the Single Supervisory Mechanism...

  • The Bank of Italy issues guidelines on the application of its new supervisory instructions for financial intermediaries

    The Bank of Italy (BoI) has published a set of guidelines in connection with the application of the new supervisory instructions for financial intermediaries. The supervisory instructions came into force in July with the aim of aligning the supervisory regime applicable to financial intermediaries to that applicable to banks under the CRD IV. The guidelines...

  • Italy approves sanctions for violations of SEPA legislation

    On 1 September 2015, there was published a legislative decree which introduces sanctions for breaches of the Regulation that establishes the Single Euro Payments Area (the SEPA Regulation). The legislative decree designates the Bank of Italy as the authority in charge of applying such sanctions. Among other things the legislative decree introduces sanctions for unfair commercial...

  • Bank of Italy updates provisions on “transparency” of banking services

    On 15 July 2015, the Bank of Italy approved certain changes to its July 2009 Resolution, “Transparency of banking and financial transactions and services – correctness of relationships among intermediaries and customers” (the Resolution). The changes are intended to simplify certain disclosure documents and provide clarifications which have been previously approved at the legislative level....

  • Italy takes steps to transpose the BRRD

    On 2 July 2015, the Italian Parliament approved a delegation to the Government to issue a legislative decree to transpose the Bank Recovery and Resolution Directive (BRRD). The decree will ensure that Italy transposes the requirements of the BRRD including those relating to bail-in, which shall be applicable from 1 January 2016. It also provides...

  • Italy and the Netherlands join the blog

    Our Regulation tomorrow blog goes from strength to strength, with the addition of Italy and the Netherlands to our existing coverage of Africa, Asia, Australia, Canada, the United Kingdom and the United States.  EU-level updates will also be featured on our Italian, Dutch and UK pages. New blog posts from Italy and the Netherlands include: Italy:...

  • Italy: the Supreme Court to definitively rule on the indemnifable damage in D&O proceedings

    With Court Ordinance no. 12366/2014, the Joint Sections of the Italian Supreme Court have been called to definitively rule on the correct criteria to be used in judgements relating to liability of directors of bankrupt companies in order to assess the damage that can be indemnified to such companies as a result of the maladministration...

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