News – Law Firm Mazza

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,...

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...

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...

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...

30 April 2019

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Criminal Law, Estimated Seizure of Company Holdings and Seizure of the Assets Constituted in the Company, Court of Cassation, III Section pen., Judgment n. 15755 of 10/04/2019

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Legislative Decree 6 September 2011, n. 159 The Third Section of the Court of Cassation stated that it must be excluded that, by virtue of the reference made by art. 104-bis, paragraph 1-bis disp. att. cod. proc. pen. to the provisions of Legislative Decree 6 September 2011, n. 159, the preventive seizure of company equity investments may also have as a consequence the seizure of the assets constituted in the company, as foreseen instead in terms of prevention measures by art. 20 of the aforementioned decree, given that the scope of this last provision cannot be extended to include the precautionary...

27 April 2019

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Criminal Law, Competition for Persons in the Crime, Criminal Boost, Court of Cassation, Section I pen., Order no. 17588 of 04/24/2019

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Art. 110 of the Criminal Code, parties involved in the execution of the crime, precautionary needs that can be derived from the personality of the detainees, subjects with precedents and uncensored well inserted in the criminal context. Network of relationships and delinquent contexts. Source Supreme Court of Cassation...

13 April 2019

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Criminal Law, Continued Crime, Same Criminal Design, Court of Cassation, I Section, Judgment n. 4119 of 28/01-01/02/2019

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The First Criminal Section has affirmed that the same criminal design can be configured even when one of the crimes forming part of the unified design and planning has had an aberrant outcome with respect to the original determination, since, due to a mere executive error, the event wanted by the agent has occurred to the detriment of a person other than the one to whom the offense was directed, given that the accidental change in the material object of the conduct does not affect the subjective element that sustains the institution. Source Supreme Court of Cassation...

06 April 2019

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Criminal Law, Banks and Companies, Court of Cassation, V Criminal Section, Judgment n. 12777 of 22/03-25/03/2019

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The Fifth Chamber of the Court of Cassation stated that in the case of administrative pecuniary sanctions imposed by the Bank of Italy, pursuant to art. 144, Legislative Decree 1 September 1993, n. 385, due to deficiencies in the organization and internal controls, the indexes of a substantially criminal nature developed by the jurisprudence of the Court of Strasbourg in the judgment of 8 June 1976, Engel c. Netherlands. Source Supreme Court of Cassation...

06 April 2019

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Criminal Law, Consortium of Companies and Confiscation, Court of Cassation, II Criminal Section, Judgment n. 8452 of 26/02-04/03/2019

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The Second Section stated that it supplements the crime pursuant to art. 12-quinquies of the decree-law 8 June 1992, n. 306, conv. with modification by the law of 7 August 1992, n. 356, the conduct of those who, in order to evade prevention confiscation measures concerning fictitious companies registered to third parties but related to them, constitute a consortium between the aforementioned and, through this, through nominees, conclude with the Agency responsible for the administration of confiscated property, making it a mistake, sub-lease and contract contracts having the effect of transferring the activities of the aforementioned companies to the consortium. Source...

03 April 2019

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Financial, Stock Exchange, Issuers Regulation, Court of Cassation, Second Civ. Section, Judgment n. 8047 of 21/03/2019

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Art. 191 TUF, art. 34 decies of the Issuers Regulation adopted with Consob resolution no. 11971/99 and subsequent amendments The obligations set by article 34 decies of the Consob Issuers' Regulations against the offeror, the issuer and the placement manager who, prior to the publication of the prospectus, proceed with the dissemination of news, market research and collection of purchase intentions related to the offer to the public not only affect those subjects, but also all those they use to carry out these activities. Therefore, anyone who spreads news about a financial product offered to the public before the aforementioned prospectus is...