News – Law Firm Mazza

05 April 2018

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Companies, Franchising, Italian Excellence, Trend, Sector for over 24 billion euros

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Franchising takes flight Desire for self-entrepreneurship On the one hand there are companies and brands known (franchisor), other entrepreneurs (franchisees). This combination has given life to a sector that invests, in Italy alone, over 24 billion euros The Italian franchise flies. This is supported by data from the latest Report by the Federfranchising Confesercenti Observatory, released during the 2018 annual meeting: a successful business formula, which in 2017 generated total revenues of 24.2 billion euros (+ 0.9%) compared to 2016). Results obtained thanks to the expansion of the network in Italy: the active franchisors (in practice, companies) in 2017 were 977 (+ 2.7%) and franchisees affiliated...

23 March 2018

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Financial, MiFID II: information obligations of intermediaries, Consob Communication no. 0056318 of 1-3-2018

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Recent regulatory developments On 3 January 2018 the amendments made to the TUF by Legislative Decree no. 129 of 3 August 2017, with which the Directive 2014/65 / EU (so-called MiFID II) and the Delegated Directive (EU) 2017/593 (so-called Delegated Directive) and with which the domestic legislation was adapted to Regulation (EU) no. 600/2014 (c.d. MiFIR). From the same date, the Delegated Regulations are also directly applicable in the Member States, containing provisions that complement and implement in detail the principles and provisions contained in the primary European sources, including, in particular, the Delegated Regulation (EU) 2017 / 565 (which "complements Directive...

22 March 2018

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Opposition promoted, pursuant to art. 195 of Legislative Decree no. 58/1998, against Consob resolution on the application of pecuniary administrative sanctions, Judgment n. 79/2018 of 17.01.2018 Court of Appeal of L’Aquila

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Opposition promoted, pursuant to art. 195 of Legislative Decree no. 58/1998 against the Consob resolution no. 19456 of 4.12.2015 for the application of pecuniary administrative sanctions Asked for the annulment of the Consob resolution 4 December 2015, n. 19456 or, in the alternative, the reduction of the penalty to the minimum edict With the resolution the following violations had been challenged: 1b) Violation of the combined provisions of art. 21, paragraph 1, letter d) of the TUF and art. 15 of the joint Bank of Italy / Consob Regulation of October 29, 2007, as well as of the art. 21 paragraph 1, letter...

22 March 2018

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Financial, Stock Exchange, Consob Resolution no. 20267 of 18 January 2018, Adoption of the Regulation implementing Legislative Decree 30 December 2016, n. 254 on the communication of non-financial information

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Considered necessary after: the law of 7 June 1974, n. 216 and subsequent modifications; the legislative decree of 24 February 1998, n. 58 and subsequent modifications; Directive 2014/95 / EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34 / EU regarding the disclosure of non-financial information and information on diversity by certain companies and of certain large groups; the law of 9 July 2015, n. 114, which has been delegated to the government to implement the 2014/95 / EU directive; the legislative decree 30 December 2016, n. 254, implementing the aforementioned Directive 2014/95 / EU; examined, in particular, paragraph...

22 March 2018

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Financial, Stock Exchange, Changes to the Regulation of the markets organized and managed by Borsa Italiana SpA and the related Instructions, Consob Resolution no. 20333 of March 14, 2018

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Legislative changes introduced to the TUF by the legislative decree n. 25 of 15 February 2016 and the legislative decree n. 129 of 3 August 2017, transposing the Mifid Directive 2 The Commission approved the amendments to the Rules of the markets organized and managed by Borsa Italiana SpA and the related Instructions on admission to listing and admission to trading. The changes concern the admission to the regulated market and, in particular, the articulation of this process in two phases: i) admission to listing and, ii) admission to trading. The intervention is aimed at adapting the related provisions to the regulatory changes made to...

22 March 2018

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Banking and Companies, ABI Executive Committee notes the improvements made to the text of the Addendum to the Guidelines of the ECB – SSM on impaired loans

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The ABI Executive Committee on impaired loans The Executive Committee of the ABI, having evaluated the technical-legal analysis presented by the Director General, noted the improvements made to the text of the Addendum to the Guidelines of the ECB - SSM on impaired loans. In particular, the Executive Committee notes that the Addendum, as published on March 15, 2018, does not impose general obligations on banks and does not produce mandatory legal effects and therefore the Addendum is not a first pillar measure. The Addendum provides an indication of the expectations of the European Supervision on how the banks will assess the specific...

20 March 2018

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Banking and Financial, Italian Bond Markets, ExtraMOT and the art. 100 bis of the TUF, ExtraMOT also accessible to Non-Professional Investors

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ExtraMOT and art.100 bis of the TUF As specified in the market regulation (see Notice No. 17792 of 3 December 2009), ExtraMOT is and the sales made in this market are not subject to the application of Article 100-bis, paragraphs 2 and 3 of the Consolidated Law on Finance ( "TUF"). Art. 100-bis, in paragraphs 2 and 3 of the TUF has in fact configured as a hypothetical offer to the public the case in which financial products that have been the object in Italy or abroad of a placement reserved for qualified investors are in the following twelve months systematically resold...

20 March 2018

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Companies, Italian Factory, Agriculture 4.0, Innovation

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Despite being a traditional sector, agrifood is more and more a land of technological innovations at the service of producers and final consumers In our country only 1% of the agricultural area is digitized despite the fact that the agri-food represents about 11% of the national GDP Digital and agriculture. An increasingly solid combination, as told some time ago in Italian Factory, even if there is still a long way to go. Especially if you think that in our country only 1% of the agricultural area is digitized despite the fact that the agri-food represents about 11% of the national GDP, according to...

16 March 2018

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Bankruptcy, Revocation Action, Proof of Scientia decoctionis, Court of Cassation, VI Civ. Section, Order n. 4794 of 01/03/2018

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The proof of the scientia decoctionis of the accipiens is obtainable: a) from the no more regular methods of payments, referring to amounts not corresponding to invoices, which have expired, and from the prohibition on the acceptance of postdated payments by drivers of the creditor company; b) the existence of an excess of indebtedness to suppliers, even before the meeting of creditors, and the use of blank checks, collected more than one month after their shipment; c) the continuity of the relations between the parties, being a regular supplier of the bankrupt and being operative in the same territorial area. Recall (Court of Cassation...

13 March 2018

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Companies with high consumption of natural gas, Definitions, Ministerial Decree of 2 March 2018 Ministry of Economic Development

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The ministerial decree of March 2, 2018 defines, in accordance with the Community guidelines on state aid, companies with high consumption of natural gas which will have access to a system of facilitations to be adopted with a subsequent decree pursuant to Article 21, paragraphs 1 and 2 of the 2017 European Law. Decree in force Source Ministry of Economic Development...