News - Studio Legale Mazza

13 June 2025

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Financial, Capital Market in Italy, New Consob Regulation

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Art. 196 - ter TUF - Consob Resolution no. 23597 of 4 June 2025 Consob, the new general regulation on the sanctioning procedure and on the procedure for the presentation and evaluation of commitments With resolution no. 23597 of 4 June 2025, Consob introduced some changes to the General Regulation on sanctioning procedures aimed mainly at introducing the procedural rules for the implementation of the new institution of commitments, provided for by art. 196-ter TUF. This provision, introduced by Article 23 of the Capital Law, provides for the right for the recipient of a sanctioning proceeding to present Consob with commitments such as to...

13 June 2025

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Financial, Capital Markets in Italy and Europe, Structural Weaknesses, Revamping

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The structural weaknesses of the European capital market and the urgency of bold intervention e complete for its reform are at the center of the European political agenda. Analysis and proposals by Assonime The Report of the Assonime Council Working Group addresses these issues through an empirical and structural analysis of the European and national market, formulating a set of recommendations aimed at European and Italian policy makers. The European capital market has some structural weaknesses, such as its small size, low liquidity and persistent fragmentation, which negatively impact growth and innovation, with low levels of capital raising on the market from both...

09 May 2025

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Companies, Maritime Transport, Sea Economy

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Total value“180 billion, equal to approximately 10% of the national GDP, direct added value of approximately 65 billion. “180 billion of total value, equal to approximately 10% of the national GDP, a direct added value of approximately 65 billion, over 230 thousand businesses and more than 1 million employees, or 4.1% of total employment and with one of the highest economic multipliers: for every euro produced directly, another 1.8 are activated in the national economy, which become 2.7 in the maritime transport sector alone”. Thus the Delegate of the President of Confindustria for the Sea Economy and President of Confitarma who emphasizes the...

09 May 2025

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Companies, International trade, Exports of dual-use items

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The guidelines in Recommendation No. 2025/683 EU With Recommendation (EU) No. 2025/683 of 8 April 2025, published in the Official Journal of the European Union on 16 April 2025, the European Commission urged Member States to improve the coordination of national control lists that may be adopted pursuant to Article 9 of Regulation (EU) No. 2021/821 (the so-called Dual Use Regulation), in order to make the common system of export control of dual-use items more effective and efficient. In particular, Article 9 of the Dual Use Regulation allows Member States to adopt control lists at national level, with notification of the same...

09 April 2025

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Intellectual Property, Copyright Protection, Works Generated Solely by Artificial Intelligence, United States Court of Appeals for the District of Columbia, Judgment of March 18, 2025 No. 23-5233

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The United States Court of Appeals for the District of Columbia recently confirmed that works generated solely by artificial intelligence without human intervention are not eligible for copyright protection in the United States. This decision concerns an image created by an artificial intelligence system developed by …...

09 April 2025

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Energy, Green Deal, Duties, Italian Industry, European Competitiveness, Analysis, Forecasts and Solutions by the Confindustria Study Center

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ITALY SLOWS DOWN IN 2025 BUT GATHERS UP IN 2026 In 2024, Italian GDP grew by +0.7% per year, thanks to fairly widespread contributions among the components: household consumption (+0.2%), gross fixed investments (+0.1%), collective consumption (+0.2%) and net exports (+0.4%), which offset the decumulation of inventories. In the first quarter of 2025, the economic indicators portray a phase still characterized by weak expansion. Italian GDP in 2025 is expected to grow almost in line with that observed in 2024: +0.6%. In 2026, however, it is expected to regain momentum, at +1.0%. For 2025, there is a downward revision of -0.3 percentage...

12 March 2025

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Banking, Contracts, Mortgage, Validity of the “solution” mortgage, Supreme Court of Cassation, United Sections, Judgment no. 5841 of 05/03/2025

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“Solutory” mortgage used to settle the borrower’s previous debt exposure - Validity - Existence - Effectiveness as an executive title - Configurability. The United Civil Sections – in relation to the issue referred by the Second Civil Section with the interlocutory order no. 18903 of 10 July 2024 – have pronounced the following principles: «The completion of the loan agreement, with the consequent birth of the obligation of repayment by the borrower, occurs when the sum borrowed, even if not physically delivered, is placed in the legal availability of the borrower himself, through crediting to a current account, without prejudice to the...

12 March 2025

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Intellectual Property, Precautionary measure, Art. 132 c.p.i., Supreme Court of Cassation, First Civil Section, Interlocutory Order no. 3332 of 10/02/2025

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Intellectual property rights - Precautionary measure - Failure to start the trial on the merits - Ineffectiveness - Art. 132 c.p.i. - Contradiction with art. 9, paragraph 5, of dir. 2004/48/EC - Preliminary question. The First Civil Section has ordered, pursuant to art. 267 TFEU, the transmission of the documents to the Court of Justice of the European Union, requesting a ruling on the following preliminary question: «Shall the Court of Justice declare whether art. 9, paragraph 5, of dir. 2004/48/EC of the European Parliament and of the Council of 29 April 2004 on the enforcement of intellectual property rights, must be...

10 February 2025

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Italian Industry, Export of machinery with high intensity of Automation, Creativity and Technology (ACT)

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Capital goods Italian exports of high-intensity Automation, Creativity and Technology (ACT) machinery are worth 32.1 billion euros, with a growth potential estimated at 8 billion. This is highlighted by the second edition of INGENIUM, the report by the Confindustria Study Center created with the support of Federmacchine. Advanced markets absorb 21.6 billion euros, while emerging ones 10.5 billion. The Americas are recording the greatest growth, with Mexico being the main outlet market. The additional potential is distributed rather evenly between advanced (4.6 billion) and emerging (3.3 billion) countries, suggesting companies to increase their market shares in both. In the advanced, the United States leads (+760 million), followed by...

10 February 2025

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Industrial property, EU designs reform

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The EU design legislative reform represents a significant modernization of the design protection regime, in line with current technologies and economic realities. It increases legal certainty, reduces complexity and widens the accessibility of design rights, greatly benefiting creators and businesses across Europe. Purpose of the reform The reform aims to: modernize, clarify and strengthen design protection; improve the accessibility of design protection in the EU; ensure greater interoperability of design protection systems in the EU; harmonize the divergent spare parts protection regime across the EU. The phases of the reform define the date of application of the new legislation: The amending regulation enters into force on the twentieth...