News – Law Firm Mazza

18 March 2020

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Financial, Sustainable Finance, ESG Issues, Consob,

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Consob draws attention to the current investor protection measures applicable to intermediaries that provide investment services, if they address customers with an offer characterized by sustainability profiles (Attention call no. 1/20 of 12 March 2020). The so-called ESG issues (environmental, social, governance) have become, increasingly frequently, drivers for the distribution of investment products / services. Retail savers are also showing attention to "sustainability" profiles when choosing their investments. Pending the application of the legislative measures on sustainable finance being defined in the European context, the current regulatory framework already provides relevant indications for the intermediaries referred to in the Consob document. In the "Guidelines...

07 March 2020

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Financial, Stock Exchange, Investment Services,

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Mifid2, the second version of the European directive on the provision of investment services MIFID2: CONSOB STARTS A CONSULTATION WITH THE MARKET ON THE TRANSPARENCY OF THE INVESTMENT SERVICES COSTS Consob has started a consultation with the financial market in view of a "Recommendation on the ex post reporting methods of costs and charges connected with the provision of investment and accessory services". The regulation of disclosure to customers on the costs and charges associated with the provision of investment and accessory services represents one of the areas of greatest innovation and operational impact of Mifid2, the second version of the European directive...

29 February 2020

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Financial, Changes to the Regulation on the Collection of Capitals through Online Portals, Consob

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Article 50-quinquies of the TUF by Legislative Decree no. 165 of 25 November 2019 (so-called "MiFID corrective") Consob resolution no. 21259 of February 6, 2020 Consob, with resolution no. 21259 of February 6, 2020, amended the Regulation on raising funds through online portals, adopted with resolution no. 18592/2013 (Crowfunding Regulation), in order to adapt it to the changes made to article 50-quinquies of the TUF by Legislative Decree no. 165 of 25 November 2019 (so-called "MiFID corrective"). The Crowdfunding Regulation has therefore been adapted to the above described modification of the primary legislation. Consob points out that it was not necessary to start a...

22 February 2020

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Financial, So-called Rolling model for managing hyper-dilutive capital increases, Consob

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Communication no. 0088305 of 05 October 2016 Resolution no. 19654 of July 5, 2016 Consob launched a public consultation on 10 February 2020 relating to the periodic review of the provisions concerning the so-called rolling model for managing capital increases. The consultation follows Communication no. 0088305 of 05 October 2016, with which the Commission had established the entry into force of the rolling model on 15 December 2016, dictating specific recommendations to intermediaries, issuers and investors, aimed at facilitating its correct functioning. The rolling model applies only to hyper-dilutive capital increases and its application has made it possible to avoid price anomalies recorded -...

15 February 2020

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Administrative, Public Administration Contracts, Limits on the division into lots of services subject to tender, Council of State, Sec. III, Judgment of 05.02.2020 n. 932

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Public administration contracts, Lots, Subdivision, Limits Contracting stations are prohibited from dividing the services subject to a call for tender into separate lots where this is not justified by the diversity of services or supplies covered by the various sub-lots and / or by the need to encourage the participation of small and medium-sized enterprises. February 2020 Administrative Justice Source ...

08 February 2020

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Contracts, Sale of Consumer Goods, Lack of Conformity, Civil Cassation, Second Section, Judgment no. 1082 of 01/20/2020

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Regarding the sale of consumer goods affected by a defect of conformity, where repair or replacement are, respectively, impossible or excessively expensive, it must be acknowledged to the consumer, although not expressly contemplated by art. 130, paragraph 2, code consumption, and in order to guarantee the same a higher standard of protection than that achieved by Directive no. 44 of 1999, the right to act for damages only, as a right attributed to it by other rules of the system, according to the provisions of art. 135, paragraph 2, of the cod. consumption. Source Supreme Court of Cassation...

01 February 2020

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Administrative, Town Planning, Regulations, Disapplication, Council of State, II, Judgment of 09.01.2020 n. 219

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Regulations - Disapplication - Conditions - Identification. The non-application by the administrative judge of the secondary regulation for the purposes of deciding on the legitimacy of the contested administrative provision is a tool for resolving the antinomies between sources of law which is based on the principle of graduation of the strength of the various regulatory sources all abstractly applicable and, therefore, presupposes that the precept contained in the regulatory provision is in direct contrast with that contained in another source of a higher degree. There is no conflict between provisions of different rank that must be resolved through the non-application of...

11 January 2020

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Administrative, Public Contracts Code, Employment Agreement and so-called theory concrete cause, Tar Napoli, Sec. III, Judgment no. 51, 07 January 2020

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Art. 89 of Legislative Decree no. 50_2016. The exercise of the benefit can be limited, in particular circumstances, taking into account the object of the contract in question and its purposes; in particular, this can occur when the capabilities available to a third party, and which are necessary for the execution of this contract, are not transmissible to the candidate or to the tenderer, so that the latter can only use these skills if the third party participates directly and personally in the execution of this contract. The contract of availment which finds its complete definition in art. 89 of Legislative Decree...

14 December 2019

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Criminal Law, Ending of Competition Deeds in place in the exercise of a Commercial, Industrial or Productive Activity, Obstacle of freedom of self-determination of the Concurrent Company, Criminal Issue Decided n. 49343 of 11/28/2019, United Sections Supreme Court of Cassation

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Normative requirements Law 10 October 1990, n. 287, articles 2, 3; T.F.U.E., articles 101, 102; cod. civ., art. 2598; cod. pen., art. 513-bis. Order of referral of the Third Criminal Section If, for the purpose of configuring the crime of illegal competition with violence or threats, it is necessary to carry out typically competitive illicit conduct or, on the other hand, it is sufficient even just to carry out acts of violence or threat, however suitable to oppose or hinder others freedom of competition. Decision It is necessary to carry out acts of competition which, carried out in the exercise of a commercial, industrial or...

06 December 2019

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Financial Litigation, Ici, Area, Already Buildable, Cd Program. “Urban Compensation”, Court of Cassation, V Section Trib., Interim Order No. 26016 of 10/15/2019

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ICI - AREA, ALREADY BUILDING, SUBJECT TO A BOND OF ABSOLUTE INEDIFICATION BY REGIONAL LAW - INSERTION OF SUCH AREA IN A CD PROGRAM. "URBAN COMPENSATION" - COMPENSATORY PROCEDURE NOT YET CONCLUDED WITH SPECIFIC IDENTIFICATION OF THE CD. AREA OF "LANDING" - BUILDING NATURE - ASSIMILABILITY AS A TAX PURPOSE - QUESTION OF MAXIMUM PARTICULAR IMPORTANCE. With regard to ICI, the Tax Section handed over to civil United Sections, pursuant to art. 374, paragraph 2, of the Code of Civil Procedure, the resolution of the following general question of particular importance: if an area, previously buildable and then subjected by a...