News – Law Firm Mazza

02 July 2024

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Financial, Organic reform of the TUF, International dimension of the Italian market

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Consolidated Finance Act, Legislative Decree 24 February 1998, n. 58 Consolidated text of the provisions on financial intermediation, pursuant to articles 8 and 21 of law 6 February 1996, n. 52. Elimination of goldplating, enhancement of statutory autonomy, alignment with international best practices to make our stock market more attractive Approximately 25 years after the adoption of the Consolidated Finance Act (hereinafter TUF), the delegation for the organic reform of the provisions relating to markets, contained in the Capital Law, constitutes an important opportunity for modernizing the regulatory framework to project the Italian market - affected by chronic weaknesses - into an international...

28 June 2024

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Banking, Contracts, Mortgage, Euribor rate clauses, Partial nullity, Supreme Court of Cassation, Third Section, judgment no. 12007 of 05/03/2024

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Nullity pursuant to art. 2 l. 287 of 1990 and/or art. 101 TFEU Mortgage contracts - Clauses relating to the Euribor rate - Necessity of knowledge of illicit agreements restricting competition and the desire to conform the contract to said practices - Absence of these requirements - Nullity pursuant to art. 2 l. 287 of 1990 and/or art. 101 TFEU - Exclusion - Determination of the Euribor as the object of agreements restricting competition with the aim of manipulating said index - Partial nullity - Consequences. The Third Civil Section, deciding on the appeal aimed at ascertaining the nullity of the clause...

24 June 2024

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Companies, Carriers, Port fees, Equalization with airport fees, Supreme Court of Cassation, Tax Section, ruling no. 12489, dated 05/08/2024

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Port dues - Comparison with airport dues - Premium due to the carrier as payment for the service - Inclusion in the VAT tax base - Basis. The Tax Section, ruling on a question having nomophylactic relevance, enunciated the following principle of law: «Port dues, as contributions mandatorily priced by the port authorities, are legally comparable to airport dues, thus giving rise to a premium payable to shipping companies for their collection from passengers, by way of compensation, to be included in the taxable base of the VAT purposes". Source Supreme Court of Cassation ...

24 June 2024

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Banking, Contracts, Mortgage, “French” repayment plan, Supreme Court of Cassation, United Sections, judgment n. 15130 of 05/29/2024

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Bank loan - "French" repayment plan - Failure to indicate the "compound" capitalization regime of interest - Indeterminacy or indeterminability of the contractual object and violation of the regulations on banking transparency - Nullity - Exclusion. The civil United Sections - ruling on a question subject to a preliminary ruling pursuant to art. 363-bis c.p.c. – stated the following principle: «In terms of a bank loan, at a fixed rate, with installment repayment of the loan regulated by a "French-style" repayment plan of a traditional standardized type, the failure to indicate the repayment method and the payment regime is not a cause...

13 May 2024

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Financial, Non-banking financial intermediation, Asset management, Nature of risks, Measures, Consob

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Asset management The financial market authorities of Italy, Spain, France and Austria list their key priorities for a macroprudential approach to asset management The National Commission for Companies and the Stock Exchange (CONSOB - Italy), the Comisión Nacional del Mercado de Valores (CNMV - Spain), the Autorité des marchés financiers (AMF - France) and the Finanzmarktaufsicht (FMA - Austria) within of the debate on the macroprudential approach to asset management and in view of the next European Commission consultation on this topic. In recent years, the risks arising from Non-Bank Financial Intermediation (NBFI) have come under the attention of global regulators, especially as...

13 May 2024

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Corporate, Management Body, Board of Directors, Termination, Court of Milan 12 March 2024

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Art. 2385 of the civil code Statutory clause simul stabunt simul cadent Internal balance of composition of the board The statutory provision of the termination of the entire board of directors as a result of the resignation of one of its members attributes to the exercise by the individual member of the administrative body the right to freely withdraw from the mandate without any need for reasons deducible from the art. 2385, co. 1, c.c. the further effect of determining the immediate forfeiture of the management body with the function, not only of preserving the internal balance of composition of the board originally...

08 April 2024

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Italian audiovisual industry, Tusma Reform, Independent producers, Economic value, Analysis of the themes, Proposals for improving existing regulations

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Legislative Decree 8 November 2021, n. 208. Tusma in force Implementation of Directive (EU) 2018/1808 of the European Parliament and of the Council of 14 November 2018 amending Directive 2010/13/EU on the coordination of certain legislative, regulatory and administrative provisions of the Member States, concerning the Consolidated Law for the provision of audiovisual media services in consideration of the evolution of market realities. The voice of the independent film and audiovisual industry made up of directors, screenwriters, agents, actors, distributors, exporters, festivals, musicians, producers, technicians calls for urgent consideration of the Sector's proposals to implement the necessary reforms quickly. There are 9,000 companies...

05 April 2024

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Legislative Decree n. 231/2001, Discipline of administrative responsibility, New discipline of Whistleblowing, Analysis, Anac

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Legislative Decree 10 March 2023, n. 24, Implementation of Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019. Anac monitoring of critical issues in the application of the new whistleblowing regulations pursuant to Legislative Decree 24/2023. Analysis of data and information provided by public and private sector entities called upon to activate internal reporting channels in their administrations or bodies for subsequent general guidance. March 19, 2024 Source Anac Monitoraggio criticità applicazione disciplina whistleblowing - 18.03.2024...

04 April 2024

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Administrative, Public contracts, Procurement and direct assignments

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The growth of procurement in Italy continues at full speed. The indicators for the 2nd quarter of 2023, based on findings from the Anac Data Bank, show widespread and constant growth in all sectors: compared to the previous four months (first four months of 2023) supplies, works and services increased by approximately 28.5%, 52.4% and 5.5%. The economic value Anac's quarterly report highlights the growth, evidently driven by the Pnrr contracts. Compared to the first quarter of 2023, there was an increase, in terms of amount, in supplies of approximately +35.4% (supplies representing approximately 34% of the approximately 117.6 billion in total), an increase in works of...

16 March 2024

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Italian audiovisual industry, Tusma reform, independent Producers, negotiation and contractual protections

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Legislative Decree 8 November 2021, n. 208. Tusma in force Implementation of Directive (EU) 2018/1808 of the European Parliament and of the Council of 14 November 2018 amending Directive 2010/13/EU on the coordination of certain legislative, regulatory and administrative provisions of the Member States, concerning the Consolidated Law for the provision of audiovisual media services in consideration of the evolution of market realities. Review of film investment quotas Weight of Italian stories and international productions Maintain the value of rights and intellectual property in our country The Tusma reform, under discussion in Parliament, worries the independent producers of Anica, who have set out their requests...