Italy

Briefings in English - 2010

The third energy account confirms incentives for the installation of photovoltaic power plants in Italy and modifies the deadline for admission to the second energy account. In addition to simplified authorisation procedures for installation and reconstruction of the plants, it offers 20-year feed-in tariffs that are linked to the production of electricity and may, therefore, be added to the proceeds from (i) the sale of electricity on the free market, (ii) reverse metering (scambio sul posto) or (iii) power off-takes (ritiro dedicato) by Gestore dei Servizi Energetici. The incentive scheme applies to plants that will become operational within 14 months of the 3,000MW capacity being installed and decreases over time and in accordance with the increased capacity of the plant. (August 2010)

In August 2009, the Bank of Italy issued new instructions on the determination of the global average rate (TEG) under the usury law (Law No. 108 dated 7 March 1996). These new instructions have modified the categories of financing arrangements and have also eliminated certain distinctions relating to the type of lender granting the relevant financing. (July 2010)

This article first appeared in the seventh edition of The International Comparative Legal Guide to: Environment Law published by Global Legal Group. (May 2010)

Recent studies confirm that the scramble for global talent is high on employers’ agendas. Global companies that were largely introspective, focusing on cost-cutting and downsizing during 2009, are now considering how best to adapt to dealing with those long-awaited ‘green shoots of recovery’. The steps taken during 2009 to reduce head count may not have left companies with the right blend of employee skill and experience to maximise the opportunities for recovery and therefore the search for global talent is now on. Employers are considering not just their own key staff, but, more important, are looking at the talent of their competitors.This guide gives a flavour of the types of protections available and associated issues that arise in some key jurisdictions. (April 2010)

This guide covers the main aspects of investing in commercial real estate in Austria, Belgium, England and Wales, France, Germany, Italy, the Netherlands and Spain. It summarises types of ownership and property rights, the acquisition process, legislative controls on the use and development of land and taxes and other costs involved in acquiring real estate. It is neither an exhaustive summary nor a detailed analysis of property-related legislation and therefore cannot replace detailed advice from qualified legal counsel on specific cases or transactions. (March 2010)

The government recently approved the legislation implementing the EU Shareholder Rights Directive in Italy. The aim is to enhance shareholders’ rights in Italian companies whose shares are admitted to trading on a regulated market of an EU member state. This briefing provides a short overview of the main changes introduced into the Italian legal framework. (March 2010)

This article explains the tax treatment of certain securities transactions for Italian companies that adopt the International Accounting Standards and International Financial Reporting Standards. It was first published in the Journal of Taxation of Financial Products. (January 2010)

Briefings in English - 2009

The purpose of this publication is to summarise the main features of the Securitisation Law and to allow investors who do not yet know how it works to understand the advantages and the risks connected with any investment in notes issued by an issuer incorporated under it. This publication is also designed for those who are already familiar with this law but who might benefit from an update on market trends and the other recent laws and regulations which have affected the Securitisation Law. (December 2009)

It is quite common in the Italian market to structure leveraged buy-out transactions and/or real estate finance transactions with a bridge loan and later refinance the bridge facility with a secured long-term facility agreement. This is done under the favourable tax regime provided for by the substitute tax under Presidential Decree No. 601 of 29 September 1973. Milan’s Commissione Tributaria Regionale has recently ruled in favour of a ather ‘innovative’ approach taken by the Milan Tax Office, which deserves careful consideration. This briefing gives a short overview of the new approach and its potential implications for leveraged buy-out transactions and/or real estate finance transactions. (November 2009)

Over the last few months, the government and market regulator have amended the Italian legislation on public tender offers. We have covered those amendments in various briefings. Most recently, the Italian government has intervened again on the subject. This briefing aims to provide a summary of the most significant amendments approved in that context. (October 2009)

This guide provides a high-level outline of the tax treatment in relation to convertible bonds for issuers and investors in some of the key jurisdictions in which we practise tax. Among the points considered are the tax treatment of interest payments and the tax consequences of a conversion of the bond into shares or a cash redemption or settlement. Where relevant, we have included a summary of the expected accounting treatment under applicable local generally accepted accounting principles (GAAP), to facilitate the understanding of the tax treatment. (September 2009)

This article summarises the key Italian tax points relating to restructuring of indebtedness, exploring both the debtor and creditor sides. It was first published in the European Tax Service by BNA International. (August 2009)

Class actions and third party funding have continued to be very topical over the last year, both at national and European levels. We therefore thought it would be helpful to provide an update to our previous publications on these subjects:

• Class actions and third party funding of litigation: an analysis across Europe, June 2007
and
• Recent developments in class actions and third party funding of litigation: a rapidly evolving landscape, February 2008.

The Italian Ministry of Economy and Finance has issued a new decree on financial intermediaries that brings together the content of previous decrees on the same matter but also introduces some changes to the existing legal framework. Besides a partial reform of the registration criteria applicable to financial intermediaries (including securitisation vehicles), the decree mainly affects certain specific financial activities, such as the purchase of receivables, the release of guarantees and the acquisition of holdings. The Bank of Italy is requested to issue implementing guidelines. This briefing summarises the decree’s effects. (April 2009)

Speculative funds, better known outside the Italian market as hedge funds, can be defined as funds that are not subject to predetermined investment limitations or to the prudential rules of the Bank of Italy on limitation and the spreading of risks. This briefing outlines the principal features and regulations of speculative funds that have recently been the object of the government anti-crisis measures limiting any increase in requests for early redemptions of units.

As part of certain anti-crisis measures, hybrid instruments to be subscribed by the state, up to 31 December 2009, that are aimed at increasing the core tier-one capital ratio of the Italian listed banks – the so-called ‘Tremonti bonds’ – have been provided for by the Italian Ministry of Economics and Finance in its 25 February decree, published in the Official Gazette No. 55 of 7 March 2009, implementing article 12 of Legislative Decree No. 185 of 29 November 2008. (March 2009)

Since the enactment of Decree-Law 38 of 28 February 2005, a number of Italian companies have been required to adopt International Accounting Standards and International Financial Reporting Standards (IAS/IFRS). After a period of uncertainty as to the tax consequences of the adoption of themost innovative accounting rules under IAS/IFRS, the 2008 Finance Act has eventually set out specific tax provisions for Italian adopters of IAS/IFRS. This article focuses on the application of such new tax rules to derivatives embedded in hybrid financial instruments. First published in Derivatives & Financial Instruments (IBFD).

The Grand Chamber of the European Court of Justice (the ECJ) has published its preliminary ruling in the West Tankers case (case C-185/07) removing the ability of European member states’ courts to grant anti-suit injunctions to restrain foreign proceedings brought in breach of arbitration agreements. This briefing outlines the legal framework, the ECJ ruling and its effects.

Briefings in English - 2008

Until 30 September 2008, there was a total prohibition on Italian limited liability entities (both SpAs and Srls) providing any financial support in connection with the purchase or subscription of their own shares by any third party (the so-called ‘financial assistance prohibition’). New provisions implementing the EU Directive on the formation of public limited liability companies and the maintenance and alteration of their capital were enacted by Legislative Decree No. 142 of 15 September 2008, which, in certain circumstances, allow Italian SpAs to provide financial assistance. (October 2008)

The International Comparative Legal Guide to: Environment Law 2008 Members of our EPR group produced the following comprehensive legal analysis of environmental laws and regulations which appeared in the fifth edition of The International Comparative Legal Guide to: Environment Law 2008; published by Global Legal Group Ltd, London (www.iclg.co.uk).

Briefings in English - 2007

The civil justice system in Italy was subject to important reform in recent years. Since July 2003 jurisdiction on intellectual property (IP) cases has been exclusive to just 12 courts, where specialised IP sections have been set up both at first instance and appeal level. (December 2007)

The new Italian rules for real estate funds and tax rules. New Italian civil law rules for real estate funds. Italian tax rules for real estate investment funds. (November 2007)

Outlines the full legal framework of Italian covered bonds. Italian text with English translation. (June 2007)

2007 budget legislation sets out the rules governing Italian real estate investment company (Società di Investimento Immobiliare Quotata) or SIIQ. This client guide briefly outlines the key features of the SIIQ as well as the applicable tax treatment. (March 2007)

The new Italian civil law and tax rules. (February 2007)

A number of changes to Italy's banking and financial law will enter into force on 25 January 2007. The changes are introduced by legislative decree 303 of 29 December 2006, which implements the enabling act contained in article 43 of law 262 of 2 December 2005. (January 2007)

Briefings in English - 2006

Italy's value added tax (VAT) regime for real estate is amended in a new law decree. Decree 223/2006 came into force on 4 July 2006. As a law decree it will no longer remain in force, with retroactive effect, unless converted into law within 60 days of that date. (July 2006)

The implications of Law 262 of 28 December 2005 which introduces a number of changes to company and financial law aimed at protecting public savings and regulating financial markets (Gabriella Opromolla and Elena Pagnoni). Reproduced with permission of Journal of International Banking Law and Regulation. (2006)

This publication is a guide to the regulations governing public takeovers in Italy.

Italy's new civil procedure code, which came into effect this month, changes the judicial landscape significantly. (March 2006)

Law 262 of 28 December 2005 (the Savings Law) introduces a number of changes to company and financial law aimed at protecting public savings and regulating financial markets. The Savings Law was approved at the end of 2005 and entered into force on 12 January 2006. (January 2006)

Briefings in English - 2005

This briefing looks at key aspects of the Italian insolvency law reforms introduced in May 2005, particularly at rules allowing a liquidator to claw back transactions entered into in the run up to an insolvency. (November 2005)

The Italian banking regulations), as integrated by the bank of Italy's resolution published in the official gazette on 12 August 2002, set out the notice requirements (the Notice Requirements) for issuing and offering 'financial instruments' in Italy. (November 2005)

The Insurance Mediation Directive (Directive 2002/92/EC) was adopted on 9 December 2002 and was implemented by the UK on 14 January 2005. This briefing discusses the status of its implementation in France, Germany, Italy and Spain. (October 2005)

This client guide provides an English translation of the new Italian securitisation law, law 130 of 30 April 1999, as amended by law decree 35 of 14 March 2005. (October 2005)

The Bank of Italy has updated the rules implementing article 129 of the Italian Banking Law. The notification requirements now apply to issues for higher amounts and the concept of 'standard securities' has been broadened to take into account recent developments in financial markets. (October 2005)

Companies in financial difficulty will often try to get out of this difficulty by selling a business or a subsidiary. Or they will look at refinancing or postponing their existing debt burden. But Italian companies pose special risks for purchasers or financiers in this situation. (April 2005)

Briefings in English - 2004

Forms part of a series aimed at those with an interest in acquiring or advising on an acquisition of a public company in the different European jurisdictions. (Summer 2004)

Briefings in Italian - 2010

In forza delle nuove istruzioni dettate da Banca d’Italia nell’agosto 2009 in tema di rilevazione dei tassi effettivi globali medi (TEG) ai sensi della legge sull’usura (legge n. 108 del 7 marzo 1996), sono state modificate le categorie di rilevazione e soppresse talune precedenti distinzioni circa il soggetto finanziatore. (Luglio 2010)

Briefings in Italian - 2008

In Italia, lo Studio è presente dal 1997 con due sedi, Milano e Roma, e conta circa 125 professionisti, di cui 17 soci. Lo Studio offre un’ampia gamma di servizi legali, con particolare riferimento alle aree del diritto commerciale, societario e bancario, amministrativo, del diritto e della regolamentazione dell’energia, dei media, delle telecomunicazioni e nuove tecnologie, del diritto comunitario e antitrust, del diritto dei servizi finanziari, del diritto immobiliare e tributario. (Marzo 2008)

L’articolo analizza la recente sentenza della Corte di Cassazione (Sez. Un., 28 dicembre 2007, n. 27169), secondo la quale rientrano nella giurisdizione del giudice ordinario le controversie relative all’invalidità o inefficacia del contratto di appalto derivante dall’annullamento degli atti di una procedura ad evidenza pubblica. (5 marzo 2008)

Briefings in Italian - 2007

Con due decreti legislativi (nn. 145 e 146 del 2 agosto 2007), in vigore dal 21 settembre 2007, il Governo ha dato attuazione alla delega contenuta nella Legge comunitaria 2005, recependo le Direttive 2006/114/CE e 2005/29/CE. La prima modifica la vigente normativa sulla pubblicità ingannevole e comparativa illecita, così da riservarla all’esclusiva tutela delle imprese; la seconda introduce la nuova disciplina delle pratiche commerciali sleali (ivi incluse le comunicazioni ingannevoli) tra le imprese e i consumatori. Entrambe le discipline saranno applicate dall’Autorità garante della concorrenza e del mercato (AGCM), dotata allo scopo, oltre che del potere di attivarsi d’ufficio, di penetranti poteri investigativi e sanzionatori. (Settembre 2007)

Decreto Legislativo di coordinamento del testo unico delle leggi in materia bancaria e creditizia, del testo unico delle disposizioni in materia di intermediazione finanziaria, con la legge 28 dicembre 2005 n. 262. (Gennaio 2007)

Il saggio – pubblicato sul sito ‘Giustizia Amministrativa’ del Consiglio di Stato – sviluppa la relazione sui ‘I programmi di clemenza’ svolta alla Giornata di Studio su ‘Promozione e tutela della concorrenza: le novità del “pacchetto Bersani”’ organizzata a Roma il 30 ottobre 2006 dalla Facoltà di Economia dell’Università di Roma ‘Tor Vergata’ e dall’Autorità Garante della Concorrenza e del Mercato. (Marzo 2007)

Briefings in Italian - 2006

La legge 28 dicembre 2005 n. 262 (la Legge sul risparmio) introduce numerosi cambiamenti in materia societaria e finanziaria con l'intento di proteggere i risparmiatori e disciplinare il mercato finanziario. La Legge sul risparmio è entrata in vigore il 12 gennaio 2006. (Gennaio 2006)

Briefings in Italian - 2005

Prima conferenza della finanza di progetto nelle pubbliche amministrazioni (Giugno 2005)

La Commissione europea ha intenzione di dare avvio ad una approfondita indagine conoscitiva sul funzionamento dei mercati energetici negli Stati membri. (Aprile 2005)

Briefings in Italian - 2004

Negli ultimi anni, le principali operazioni economiche sono passate al vaglio dei Tar e del Consiglio di Stato. L'articolo - pubblicato sulla stampa e ispirato da una recente sentenza della Corte Costituzionale - si propone di illustrare il ruolo della giustizia amministrativa nel sistema giuridico e istituzionale italiano. (Dicembre 2004)

Briefings in Italian - 2003

In data 17 gennaio 2003 sono stati pubblicati sulla Gazzetta Ufficiale due decreti legislativi, che introdurranno, a partire dal 1 gennaio 2004, nuove regole di diritto societario. (Maggio 2003)

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