News - Studio Legale Mazza

15 September 2025

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Financial, Italians’ Investments More Diversified, ABI

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Need to Build a Savings and Investments Union in Europe ABI's new analysis of household wealth highlights a further strength of Italian households: greater financial diversification, with a more diverse composition than the eurozone average. The financial market component (listed shares, mutual funds, debt securities, insurance, and pension funds) represents 21.3% of Italian households' total wealth, compared to the eurozone average of 19.4% (Germany 21.2%, France 18.0%, Spain 11.2%). This is primarily due to the greater prevalence of mutual funds, which account for 6.9% in Italy versus 4.6% in the eurozone (Germany 5.8%, France 2.4%, Spain 5.4%). Another distinctive feature of Italian savings...

15 September 2025

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Financial, Financial Markets, Artificial Intelligence, Algorithm, Opportunities, Limits, and Risks, Consob

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Artificial Intelligence and Financial Market Supervision Welcome the algorithm, but as a "digital assistant" at the service of human assessment Opportunities, Limits, and Risks in a New Consob FinTech Notebook Artificial intelligence can provide a positive boost to financial market supervision, ensuring greater speed and efficiency in analysis. The use of AI systems, however, must remain subordinate to human assessment, ensuring full traceability and explainability of decision-making processes and results obtained, while respecting fundamental human rights, including the right to non-discrimination, defense, and access to documents. This, in a nutshell, is the conclusion reached in Consob's latest FinTech Notebook, Reflections on Artificial Intelligence and Supervisory...

14 July 2025

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Supply contract, Action for recovery of undue payments, Provincial surcharge on the excise duty on electricity, Payment by the consumer, by way of compensation, against the supplier, Supreme Court of Cassation, Third Civil Section, Judgment no. 16992 of 06/24/2025

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Constitutional illegitimacy of the art. 6, paragraph 1, letter. c), and 2, legislative decree n. 511 of 1988 The Third Civil Section, following the ruling of the Constitutional Court. n. 43 of 2025, enunciated the following principle of law: «With regard to the reimbursement of the provincial surcharge on the excise duty on electricity, the final consumer, who has paid the energy supplier, by way of compensation, this tax, subsequently declared to be in conflict with European Union law, can take action against the said supplier through the action for the recovery of objective undue payments pursuant to art. 2033 of the...

14 July 2025

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Production and administrative system in Italy, National Recovery and Resilience Plan, State of implementation

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High complexity of the PNRR Projects in execution and projects under contract Assonime presents the half-yearly summary of the implementation status of the PNRR, with an analysis carried out in light of the publication, in April 2025, of the latest data update on the Italia Domani website. Although the PNRR resources transferred to Italy have now reached €140 billion (72% of the total), the spending is progressing with difficulty: only 34% of the resources have been used, with strong differences between the missions. This situation requires significant effort from all involved. It is plausible that the measures adopted by the Government last December to speed up the transfer of resources...

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...