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29 July 2019
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Financial, futures, swaps and any other derivative contract related to goods, Consob

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Consob informed ESMA, the European financial markets authority, of its willingness to comply with the guidelines issued on commodity derivatives falling under points 6 and 7 of section c of Annex I of the Mifid II directive (Notice of 25 July 2019). The guidelines update those adopted by ESMA in October 2015 to adapt them to the new regulatory framework without changing the substance. The Guidelines provide clarifications on the definition of certain financial instruments referred to in Annex I, Mifid II, fully incorporated in the Consolidated Law on Finance - Tuf and clarify in particular the scope and methods of application...

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17 July 2019
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Business contracts, Sale, Guarantee action for defects, Court of Cassation, Section Un., Judgment n. 18672 of 11/07/2019

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Extrajudicial manifestations of will of the buyer expressed in the forms referred to in art. 1219, paragraph 1, of the Italian Civil Code - Interruption effectiveness of the prescription - Existence. The Sec. U., on a matter of general importance, have affirmed the following principle of law: "In the sale contract they constitute - pursuant to art. 2943, paragraph 4, of the Italian Civil Code - suitable interrupting acts of the prescription of the guarantee action for defects, provided by the art. 1495, paragraph 3 of the civil code, the extrajudicial manifestations of will of the buyer carried out in the...

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29 June 2019
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Companies, Financial, Borsa Italiana, 119 companies listed on AIM Italia

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AIM Italia, the Borsa Italiana market dedicated to small and medium enterprises The company brings to 119 the number of companies listed on AIM Italia, the Borsa Italiana market dedicated to small and medium-sized enterprises, the latest admitted is the nineteenth since the beginning of the year, of which the fifteenth on AIM Italia. June 29, 2019 Source Borsa Italiana...

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22 June 2019
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Financial, Consob Notice regarding compliance with the Guidelines issued by ESMA with regard to limiting the procyclical nature of the margins of central counterparties

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Consob and the Bank of Italy, as competent authorities for the supervision of Italian central counterparties, comply with the "Guidelines on EMIR anti-cyclical margin measures for central counterparties" issued by the European Securities and Markets Authority (ESMA ), integrating them into their supervisory practices. The Guidelines, published by the ESMA on April 15th, provide detailed indications on the measures that the central counterparties must implement to limit the procyclical nature of margins, in order to favor a common, uniform and coherent application of European standards (art 41 of Regulation (EU) No. 648/2012 and articles 10 and 28 of Delegated Regulation (EU)...

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07 June 2019
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Financial, mandatory take-over by consolidation and increased vote, Consob

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Regulation of the mandatory tender offer for consolidation and of the increased vote pursuant to articles 106, paragraph 3, lett. b) and 127-quinquies, of Legislative Decree no. 58/1998 and 46, of Consob Regulation n. 11971/1999 (Issuers Regulation) Consob clearing up Due to the accrual of the increase in the voting rights of the shares of a listed company by two partners acting in concert, the shareholding held by them had exceeded the takeover threshold (5%). In this perspective, in order to avoid the consequent obligation to opt out, these shareholders had communicated to the market the intention to avail themselves of the exemption...

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28 May 2019
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Companies and Environment, Accelerating Italy’s transition to sustainability

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These are the demands that today, in Milan, during the conference of the Italian Alliance for Sustainable Development (Asvis), businesses and the world of finance have addressed the Government. The lines of action necessary to accelerate the step towards the sustainable development goals of the 2030 Agenda have been gathered by the ten participating business associations that adhere to the Asvis in a joint document. The text indicates the interventions necessary to create a suitable environment for sustainable development, to accelerate the decoupling between economic growth and environmental pressure, to face the social dimension of the ecological transition of the production system,...

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11 May 2019
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Administrative Law, Joint Contract, Memorandum of Understanding between the Bank of Italy, Consob, Antitrust, Anac, Ivass, Competition Authority and the Market Authority

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Leg. April 18, 2016, n. 50 The National Anti-Corruption Authority (ANAC) and the Institute for Insurance Supervision (IVASS) adhered to the Memorandum of Understanding, signed in November 2018, between the Bank of Italy, the National Commission for Companies and the Stock Exchange ( CONSOB) and the Italian Antitrust Authority (AGCM) for the joint management of the joint procurement procedures according to the regulation pursuant to Legislative Decree 18 April 2016, n. 50. The Memorandum of Understanding lays the foundations for raising the quality of public procurement also in terms of transparency and anti-corruption. Rome, 9 May 2019 Source Authority for Competition and Market...

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11 May 2019
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Business Contracts, Sale, Warranty for defects of the thing sold, Court of Cassation, Section Un., Judgment n. 11748 of 05/03/2019

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The United Sections, in contrast resolution, have affirmed that, in the matter of guarantee for the defects of the thing sold in the art. 1490 of the Civil Code, the buyer who exercises the actions for the termination of the contract or for the reduction of the price pursuant to art. 1492 c.c. is burdened with the burden of offering proof of the existence of defects. Source Supreme Court of Cassation...

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04 May 2019
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Criminal Law, Formal Administrator of a Company, Criminal Liability, Court of Cassation, I Section pen., Judgment n. 14615 of 04/03/2019

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Art. 40, paragraph 2, penal code and art. 110 cp Apparent administrator and de facto administrator, awareness of criminal designs. Imputation of criminal responsibility to the administrator (so-called wooden head), in competition with the actual director. Subject that accepts the role of administrator exclusively for the purpose of acting as a front-man, the mere awareness that the typical events of the crime (generic fraud) or the acceptance of the risk that these occur (fraud will) may result from his omissive conduct sufficient for the assertion of criminal responsibility. Source Supreme Court of Cassation...

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