News – Law Firm Mazza

12 October 2020

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Financial, Alternative Investment Funds, Consob

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Aifmd (Alternative Investment Fund Managers Directive) Resolution no. 21508 of 22 September 2020 Consob Regulation no. 11971/1999 (Issuers' Regulation) Consob, with resolution no. 21508 of 22 September 2020, following the consultation with the financial market, made some changes to Consob Regulation no. 11971/1999 (Issuers' Regulation) regarding the admission to trading of reserved open-ended AIFs (alternative investment funds), as well as further interventions regarding the marketing of AIFs and advertising activities. The amendments are mainly aimed at better defining the regulatory framework applicable in the event of admission to trading on a regulated market of reserved open-ended AIFs: (i) establishing when the listing prospectus is required,...

23 September 2020

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Banking Law, Bonds, Conventional Default Interest, Supreme Court of Cassation, United Sections, Judgment of 18 September 2020 n. 19597

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The Sections U., deciding on a matter of utmost particular importance, affirmed the following principles of law: - The anti-usury discipline applies to default interest, intending to sanction the stipulation of excessive interest agreed upon at the time of signing the contract as consideration for the granting of money, but also the promise of any usurious sum is due in relation to the concluded contract. - Failure to indicate interest in arrears within the T.e.g.m. does not preclude the application of ministerial decrees, which in any case contain the detection of the average rate applied by professional operators, statistically detected in an...

02 September 2020

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Financial, Financial intermediation, Duties of the Board of Statutory Auditors, “Substantial Correctness”, Court of Cassation, II Section. civ., Judgment n. 14708 of 10/07/2020

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With regard to administrative sanctions for violation of the provisions on financial intermediation, where transactions with "related parties" are carried out, the auditors cannot limit themselves to an extrinsic verification of compliance with legal procedures, having the duty to disclose the critical issues for lack of "substantial correctness", due to lack of independence of the "adivsor", resulting from emergencies and the non-compliance of the procedure with the purpose of the law, which is to prevent silent company emptying. Source Supreme Court of Cassation...

01 July 2020

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Administrative, Urban planning, Relationship between urban planning tools and safeguard clauses, Cons. St., section II, Judgment of March 23, 2020 n. 2012

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The urban design expressed by a general planning tool constitutes a manifestation of the planning power characterized by wide discretion which reflects not only choices strictly inherent to the building organization of the territory, but also pertaining to the broader and more comprehensive framework of possible options inherent in its partner development -cheap; it is articulated on various levels, according to the principles of subsidiarity, so as to try to ensure the level of government closest to the context to which the task of enhancing the local historical, economic and cultural peculiarities refers, together with the principle of adequacy and...

16 June 2020

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Financial, Swap Agreement, Upfront Financing, Local Authorities, Court of Cassation, Sec. Un., Judgment no. 8770 of 12/05/2020

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TUEL, Legislative Decree no. 267 of 2000, arts. 42, paragraph 2, lett. i and 48, paragraph 2. SWAP AGREEMENT - STIPULATION BY LOCAL AUTHORITIES - AUTHORIZATION OF THE MUNICIPAL COUNCIL - NEED - FOUNDATION The Civil Civil Sections, deciding on a matter of maximum importance, stated that the authorization of the conclusion of a swap contract by the Italian Municipalities, especially if of the type with upfront financing, but also in all those cases in which the its negotiation, however, translates into the extinction of the previous underlying loan relationships or even their maintenance in life, but with significant modifications, must be...

23 May 2020

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Intellectual Property, Copyright, Transmission of Use Rights, Unfair Competition, Court of Cassation, I Section Civ., Judgment no. 8433 of 04/30/2020

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Art.110 Copyright Law n. 633 of 1941 _ Transmission of the Use Rights Art. 2598 of the Civil Code _ Unfair Competition Acts Passim Rights of economic use of the work This Court has recently affirmed the principle according to which article 110 is not applicable when the client has purchased the rights to use the work economically as a result and in execution of an intellectual work contract concluded with the author (Cass. June 24, 2016, n. 13171; conf. in the matter of contract relating to a format, Cass. 18633/2017): this is because, in this case, a transfer does not take...

16 May 2020

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Intellectual Property, Copyright, Portrait rights, Image reproduction, Court of Cassation, III Section Civ., Ordinance n. 8880 of 13/05/2020

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Art. 97 L. 631/1941 _ Use of the image _ Patrimonial and non-patrimonial damages. passim The display or publication of the image of others, in accordance with art. 10 c.c. and articles 96 and 97 L. no. 633/1941 of copyright, is abusive not only when it occurs without the person's consent or without the concurrence of the other circumstances expressly provided for by the law as suitable to exclude the protection of the right to privacy (such as the reputation of the subject taken up, the public office held by the same,...

21 April 2020

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Contracts, Trust Agreement with Real Estate Object, Judgment no. 6459 of 06/03/2020, United Civil Section, Supreme Court of Cassation

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The Civil Civil Sections, in resolution of a jurisprudential conflict, have affirmed the following principles of law: - “For the fiduciary agreement with real estate object that is grafted on a purchase made by the trustee on behalf of the trustee, the written form is not required. substantiam; it follows that this agreement, once tried in court, is suitable to justify the acceptance of the request for specific execution of the obligation of retransfer burdening the trustee "; "The unilateral declaration written by the trustee, acknowledging the fiduciary title of the property and promising its re-transfer to the trustee, does not constitute...

10 April 2020

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Business Contracts, Delegation of Payment, Judgment no. 7477 of 20/03/2020, III Supreme Section Court of Cassation

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passim The "ownership of the subjective position, active or passive, of the relationship of substantive law" inferred in court, is a constitutive element of the application and pertains, instead, to the merit of the decision, so it is up to the plaintiff to attach and prove it, with the consideration that the disputes by the defendant of the ownership of the controversial relationship are of a mere mistrust nature, which can be proposed at any stage of the judgment, without prejudice to any foreclosures accrued for the attachment and proof of impedimental, modifying or extinctive facts of the ownership of the...

25 March 2020

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Business Contracts, Financial Leasing, Translating Leasing, Termination for user default, Court of Cassation, III Section, Interlocutory Ordinance no. 5022 of 25/02/2020

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Applicability of art. 1, paragraphs 136-140, of law no. 124 of 2017 to past events Applicability by analogy normally occurring in this case (art.72-quater l.fall.) The Third Civil Section has referred the documents to the First President for the possible assignment to the United Sections of the following issues of particular importance: a) "if the interpretation of art. 1, paragraphs 136-140, of law 4.8.2017 n. 124, according to which this rule would impose to abandon (also for the events occurred before its entry into force) the traditional orientation that applies to the resolution of the translation lease the art. 1526 of the Italian...