News – Law Firm Mazza

06 October 2018

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Business Contracts, Sale and Purchase, Building Shares, Guarantee for defects, Interlocutory Order no. 23857 of 02/10/2018, Second Supreme Court of Cassation

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Articles 1492, paragraph 1, of the Italian Civil Code, 1495, paragraph 3, of the Italian Civil Code, 2943 et seq. cc, Difficult orientations of this Court Cassation, Second Section, September 10th 1999, n. 9630 and others as opposed to Cassation December 3rd 2003, n. 18477, Court of Cassation, September 27th 2007 n. 20332, Court of Cassation, Second Chamber, 04 September 2017 n. 20705. The Sec. II has referred to the First President's examination, for the evaluation of the possible assignment to Sections. U, the following important question of particular importance: "if, following the qualification of the guarantee institute for defects in the sale,...

06 October 2018

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Financial, MiFID II, New Intermediaries Regulation, Investment Companies, Requirements for knowledge and skills of Intermediaries staff, Application Guidelines, 05/10/2018, Consob

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Article 25 (1) of Directive 2014/65 / EU (MiFID II) Safeguarding the competitive position of Italian industry and the objective of investor protection. On 17 December 2015, ESMA published the Guidelines for the assessment of knowledge and competence ("Guidelines"), as required by Article 25 (1) of Directive 2014/65 / EU (MiFID II), in order to to further detail the obligation for investment firms to ensure that their employees, who provide information or advice to customers on investment in financial instruments, have adequate knowledge and skills. The aforementioned Guidelines are aimed at encouraging convergence in the implementation of Article 25 of MiFID II, although...

06 October 2018

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Business Contracts, Insurance Contract, Damage, “made-based claims” clauses, Judgment n. 22437 of the 24/09/2018 – 05/10/2018, Sec. U, Supreme Court of Cassation

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Artt. 1917, paragraph 1, c.c., 1322, paragraph 2, c.c. Phase preceding the conclusion of the contract and implementation phase of the relationship The Sec. U, on a matter of particular importance, have affirmed that the model of liability insurance with clauses on "made basis claims", is a participant of the type of insurance against damages, as a derogation permitted by art. 1917, paragraph 1, c.c., not affecting the insurance function the mechanism of operation of the policy linked to the claim for compensation of the third party damaged communicated to the insurer. It follows that, compared to the single contract, a control of...

06 October 2018

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Competition, International Best Practices and Antitrust Compliance Guidelines, 05/10/18, Competition Authority

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The guidelines in line with international best practices Value of competition as an integral part of corporate culture The definitive adoption of the Guidelines was preceded by a phase of public consultation. On 25 September 2018, the Authority adopted the Antitrust Compliance Guidelines, aimed at providing businesses with an orientation regarding: i) definition of the content of the compliance program; ii) the request for evaluation of the program for the purpose of recognizing any mitigating factor; is iii) the criteria that the Authority intends to adopt in the assessment for the recognition of the mitigating factor. In particular, the Guidelines define, in line with international best practices,...

03 October 2018

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Tax, Shareholder Loans and all other Capitalization Forms, Order no. 19613 of 24 – 26/07/2018, Fifth section of the Supreme Court of Cassation

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Art. 38, paragraphs 4 and 5, of the Italian Ministerial Decree n. 600 of 1973 Assessment of the tax base - Inductive or summary assessment - Expenses for capital increases - Definition - In this case. The Sec. T., with regard to the summary determination of the taxpayer's total income, stated that, pursuant to art. 38, paragraphs 4 and 5, of the Italian Ministerial Decree n. 600 of 1973, "expenditure for capital increases" means any disbursement made for this purpose, so that capital increases also include shareholder loans and all other forms of capitalization, to be considered expenses for which there has...

03 October 2018

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Arbitration, Appeal for invalidity of the arbitration award, Concept of “prospective overruling”, Hermetic question of the art. 829, paragraph 3, of the Italian Civil Code, interlocutory order no. 20472 dated 02-03 / 08/2018, First section Supreme Court of Cassation

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Art. 829, paragraph 3, c.p.c, art. 27 of the legislative decree n. 40 of 2006, Court of Constitution no. 13 of 2018 IMPROVEMENT FOR THE INVALIDITY OF THE ARBITRATION OF THE ARBITRATION - HISTORY OF ART. 829, COMMA 3, C.P.C., AS A NOVELLATO DALL'ART. 24 D.LGS. N. 40 OF 2006 - EXTENSION OF THE CONCEPT OF "PROSPECTIVE OVERRULING" - APPLICATION OF THE GENERAL PROVISION ON THE REIMBURSEMENT IN TERMS FOR "NON IMPUTABLE CAUSE" OF THE DECADENCE - MAXIMUM QUESTIONS OF PARTICULAR IMPORTANCE. With regard to the appeal for invalidity of the arbitration award, the Sec. 1 has ordered the transmission of the...

03 October 2018

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Contract in general, Financial Intermediation, C.d. Nullity of protection, Order n. 23927 of 02/10/2018, First section Supreme Court of Cassation

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The First Civil Section sent the documents to the First President for the possible assignment of the case to the United Sections Article 23 of Legislative Decree no. 58 of 1998, art. 2033 c.c The Sec. 1 has referred to the First President's examination, for the evaluation of the possible assignment to Sections. U, the main issue of particular importance concerning the possibility for the investor to make a selective use of the nullity of the framework contract, limiting its effects only to some of the operations carried out in execution of the declared invalid relationship. Source Supreme Court of Cassation...

17 September 2018

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Copyright, publishing contract, rights of use, intrinsic characteristics of the “second-level” type of the work, Order no. 18726 of 13-19 / 07/2018, First Supreme Court Court of Cassation

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Applicability of the art. 119, paragraph 4, of the l. n. 633 of 1941 The Sec. 1, has affirmed that to the publishing contract concerning the translation of an original work the art. 119, paragraph 4, of the l. n. 633 of 1941 which, in regulating the scope of the transfer of the rights of use due to the author, excludes that it includes, unless expressly agreed, the rights of use dependent on any processing and transformation of which the work is susceptible and whose evaluation , in this case, it can not fail to take into account the intrinsic characteristics...

17 September 2018

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Corporate, Joint-stock Company, Shareholder Agreement, Participation Loan, Circulation of shares, Order no. 17500 of 04 – 27/07/2018, First Supreme Court of Cassation

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Strengthening and increasing corporate value. The agreement between shareholders of a joint-stock company is legitimate and worthy of protection, with which, on the occasion of the participative financing of one of them, the others are obliged to relieve the new member from any negative consequences of the contribution, by assigning the latter of the right to sell (so-called), within a specified term, and to the others of the obligation to purchase the shareholding at a pre-established price - equal to the initial price, with the addition of interest on the amount due and repayment of the payments made in favor of...

17 September 2018

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Contract in general, Building, Act of transfer of real property rights, Formal or substantial nature, Concept of urban irregularity, Interlocutory order n. 20061 of 31/07/2018, Second Supreme Court of Cassation

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The Second Civil Section has referred the acts to the First President for the possible assignment of the case to the United Sections Articles 17, paragraph 1 and 40, paragraph 2, of the l. n. 47 of 1985 (and, currently, from Article 46, paragraph 1, of Italian Legislative Decree No. 380 of 2001) The Second Civil Section has referred the acts to the First President for the possible assignment of the case to the United Sections on the resolution of the issues, object of contrast, about the formal or substantial nature of the nullity of the deeds of transfer of real property...