{"id":237,"date":"2020-09-04T20:13:39","date_gmt":"2020-09-04T18:13:39","guid":{"rendered":"https:\/\/carotenutolex.com\/?p=237"},"modified":"2021-04-05T22:01:53","modified_gmt":"2021-04-05T20:01:53","slug":"the-client-update-no-7-2020","status":"publish","type":"post","link":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-7-2020\/","title":{"rendered":"The Client Update no. 7\/2020"},"content":{"rendered":"<p style=\"text-align: right;\"><a href=\"https:\/\/carotenutolex.com\/wp-content\/uploads\/the-client-update-csl-no-7-august-2020-year-2.pdf\" target=\"_blank\" rel=\"noopener\">Download the PDF version<\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6adac36c2285f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6adac36c2285f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-7-2020\/#Top_stories\" >Top stories<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-7-2020\/#CorporateLaws_of_contract\" >Corporate\/Laws of contract<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-7-2020\/#Banking_law\" >Banking law<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-7-2020\/#Financial_law\" >Financial law<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-7-2020\/#List_of_abbreviations\" >List of abbreviations<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Top_stories\"><\/span>Top stories<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>The so-called \u201cAugust Decree\u201d entered into force<\/strong><\/p>\n<p style=\"text-align: justify;\">The so-called \u201cAugust Decree\u201d has, among others, (i) extended to ailing companies at 31<sup>st<\/sup> December 2019 State aid provisions introduced by the Relaunch Decree (see our NL of July 2020), (ii) refinanced the Guarantee Fund for SMEs, (iii) extended to 31<sup>st<\/sup> January 2021the moratorium on loans, (iv) granted to SGRs the possibility to benefit from an extension of the subscription period for further 3 months (and until 31<sup>st<\/sup> December 2020), for the purpose of allowing Italian reserved AIFs to complete the subscriptions round, and (v) granted to investors the possibility to allocate sums or assets, not exceeding 300,000.00 Euro per year and 1,500,000.00 Euro in total to alternative investment savings plans (in Italian, PIR), as well as to benefit from a tax exemption on accrued returns, if the investment is kept for 5 years.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/eli\/id\/2020\/08\/14\/20G00122\/sg\" target=\"_blank\" rel=\"noopener\"><em>Law Decree no. 104 of 14<sup>th<\/sup> August 2020 (published in the Official Gazette no. 203 of 14<sup>th<\/sup> August 2020; text available in Italian only), to be converted into law within sixty years.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Main EU and Italian law provisions issued on the wake of the health emergency<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>MEF Decree identifying criteria and methods for the application and use of the tax credits granted by the Relaunch Decree in favour of companies that undertake capital increases by 31<sup>st<\/sup> December 2020.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/eli\/id\/2020\/08\/24\/20A04603\/sg\" target=\"_blank\" rel=\"noopener\"><em>MEF, Decree of 10<sup>th<\/sup> August 2020 on capital strengthening of medium enterprises (published in the Official Gazette no. 210 of 24<sup>th<\/sup> August 2020; text available in Italian only).<\/em><\/a><\/p>\n<ul style=\"text-align: justify;\">\n<li>Decree of the MISE directorate adopting implementing provisions of the measure granting of a non-repayable contribution, in the form of a voucher, in favour of micro and SMEs for the purchase of specialised advice on technological and digital transformation processes.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-08-12&amp;atto.codiceRedazionale=20A04335&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>Decree of the MISE directorate, of 4<sup>th<\/sup> August 2020 on voucher for innovation advice (published in the Official Gazette no. 201 of 12<sup>th<\/sup> August 2020; text available in Italian only)<\/em><\/a><em>.<\/em><\/p>\n<ul style=\"text-align: justify;\">\n<li>BoI Note complying with EBA guidelines, which have extended to 30<sup>th<\/sup> September 2020 the application to the debtor of legislative and non-legislative moratoriums granted due to the health emergency, having as object payments on loans.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/orientamenti-vigilanza\/elenco-esa\/note\/Nota-6-del-06.08.20.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI, Note of 6<sup>th<\/sup> August 2020 on compliance with EBA Guidelines modifying EBA Guidelines GL\/2020\/02 on legislative and non-legislative moratorium on loan repayments granted due to Covid-19 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Amendments to the Consolidated Financial Law and the Post-trading Provision in implementation of SHRD II in Italy<\/strong><\/p>\n<p style=\"text-align: justify;\">In implementation of SHRD II into national legislation, Part V of the Consolidated Financial Law has just been amended, in order to tighten the sanctionary regime applicable to listed companies, as well as to their corporate officers, in case of breach of the provisions on remuneration policy, paid fees and transactions with related parties. In this regard, Consob has recently launched a public consultation on the Post-trading Provision (that will end on 25<sup>th<\/sup> September next), proposing changes to the provisions on stockholders\u2019 identification, transmission of information and facilitation of the exercise stockholders\u2019 rights.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/eli\/id\/2020\/07\/30\/20G00102\/SG\" target=\"_blank\" rel=\"noopener\"><em>Legislative Decree, no. 84 of 14<sup>th<\/sup> July 2020, implementing article 7 of Law no. 117 of 4<sup>th<\/sup> October 2019, with regard to the encouragement of long-term shareholder engagement (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/consultazioni?viewId=consultazioni_in_corso\" target=\"_blank\" rel=\"noopener\"><em>BoI-Consob, Amendments of 3<sup>rd<\/sup> August 2020 to the provision on post-trading (text available in Italian only).<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CorporateLaws_of_contract\"><\/span>Corporate\/Laws of contract<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>Amendments to the sanctionary procedure before the BoI<\/strong><\/p>\n<p style=\"text-align: justify;\">The BoI has recently amended its Supervisory Provisions on the administrative sanctionary procedure held before it, for the purpose of adapting them to the organisational and procedural arrangements resulting from the establishment of the Client Protection and Financial Education Department within BoI, as well as identifying the Supervisory Institutional Relations Service as the body responsible for such procedure. These amendments apply to alleged breaches ascertained after 29th August 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-08-28&amp;atto.codiceRedazionale=20A04620&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>BoI\u2019s Communication of 13<sup>th<\/sup> August 2020 containing amendments to the Supervisory Provisions on sanctions and administrative sanctionary procedure (published in Official Gazette no. 214 of 28<sup>th<\/sup> August 2020; text available in Italian only).<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Banking_law\"><\/span>Banking law<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>Amendments to the procedure before ABF<\/strong><\/p>\n<p style=\"text-align: justify;\">By means of a resolution adopted by the Interministerial Committee for Credit and Savings, the procedure for the out-of-court settlement of disputes before the ABF has been recently amended, providing for (i) the possibility for the BoI to identify cases in which the intermediary does not have to reimburse the filing fees to the appellant, (ii) a period of 90 days for issuing a decision on the appeal, as well as (iii) the repeal of the provision that envisaged the interruption of the procedure in the event of a tentative conciliation.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/eli\/id\/2020\/07\/20\/20A03774\/SG\" target=\"_blank\" rel=\"noopener\"><em>Interministerial Committee for Credit and Savings\u2019 Resolution of 10<sup>th<\/sup> July 2020 concerning amendments to the Interministerial Committee for Credit and Savings\u2019 Resolution no. 275 of 29<sup>th<\/sup> July 2008 (published in the Official Gazette no. 181 of 20<sup>th<\/sup> July 2020; text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Consultation on EBA-ESMA guidelines on banks\u2019 corporate officers<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to safeguard stability and trust in the financial system in case of the involvement of credit institutions and investment firms in money laundering and terrorism phenomena, EBA has launched two public consultations (that will end on 30<sup>th<\/sup> October) having as object guidelines on:<\/p>\n<ol style=\"text-align: justify;\">\n<li>the suitability assessment of directors and other key functions holders; and<\/li>\n<li>internal governance, aimed at preventing and managing conflicts of interest and gender discriminations.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/calendar\/eba-and-esma-launch-consultation-revise-joint-guidelines-assessing-suitability-members\" target=\"_blank\" rel=\"noopener\"><em>EBA-ESMA, Consultation of 31<sup>st<\/sup> July 2020 on Guidelines on the assessment of the suitability of members of the management body and key function holders<\/em>. <\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/calendar\/eba-launches-consultation-revise-its-guidelines-internal-governance\" target=\"_blank\" rel=\"noopener\"><em>EBA, Consultation of 31<sup>st<\/sup> July 2020 on Guidelines on internal governance.<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Financial_law\"><\/span>Financial law<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>ESMA proposes amendments to the AIFMD to the European Commission<\/strong><\/p>\n<p style=\"text-align: justify;\">By means of a letter to the European Commission, ESMA has proposed amendments to some sections of the AIFMD, including (i) harmonisation of AIFMD and UCITS\u2019 respective regimes, (ii) harmonised reporting for UCITS, (iii) scope of additional MIFID services and application of rules, (iv) financial leverage and other liquidity management tools, (v) AIFMD reporting and data use regime, and (vi) harmonisation of supervision on cross-border entities.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/library\/esma34-32-551_esma_letter_on_aifmd_review.pdf\" target=\"_blank\" rel=\"noopener\"><em>ESMA&#8217;s Letter of 18<sup>th<\/sup> August 2020 on review of the Alternative Investment Fund Managers Directive.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>New provisions on prudential default<\/strong><\/p>\n<p style=\"text-align: justify;\">The BoI has recently postponed to 1<sup>st<\/sup> January 2021 the application of the prudential default provisions for investment firms (see our NL of June 2020), which have established the relevance threshold for overdue credit obligations and implemented ABE\u2019s Guidelines on prudential default.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/comunicazioni\/sim-definizione-default\/Comunicazione-SIM-e-gruppi-di-SIM.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI, Communication of 3<sup>rd<\/sup> August 2020 on the application of the prudential default provisions to investment firms (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Published amendments to the Intermediaries Regulations implementing the IDD<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to adapt the Intermediaries Regulation to the IDD implementing measures, Consob has recently introduced new disclosure requirements and rules of conduct for intermediaries in the distribution of IBIPs. Among the main novelties, it is worth mentioning the obligation to (i) preliminary verify the consistency of IBIPs with the client&#8217;s insurance requirements and needs, and (ii) extend the suitability test on the client\u2019s investment choice also to equivalent financial or insurance investment products.<\/p>\n<p style=\"text-align: justify;\"><em>Consob\u2019s Resolution no. 21466 of 29<sup>th<\/sup> July 2020 amending the Intermediaries Regulation (published in the Official Gazette no. 201 of 12<sup>th<\/sup> August 2020; text available in Italian only).<\/em><\/p>\n<p style=\"text-align: justify;\"><strong>Supplementary pension forms: new obligations for the persons in charge of pension funds<\/strong><\/p>\n<p style=\"text-align: justify;\">As a result of a recent COVIP\u2019s Resolution on supplementary pension forms, the persons in charge of the latter will have to:<\/p>\n<ol style=\"text-align: justify;\">\n<li>by the approval of the yearly financial statements closed at 31<sup>st<\/sup> December 2020, prepare a report on governance system and policies, as well as the manual of operational procedures; and<\/li>\n<li>by 31<sup>st<\/sup> December 2020, set up the risk management, internal audit and actuarial functions and explain the remuneration policy that the fund at issue intends to adopt.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.covip.it\/wp-content\/uploads\/Direttive_29_luglio_20202.pdf\" target=\"_blank\" rel=\"noopener\"><em>COVIP\u2019s Resolution of 29<sup>th<\/sup> July 2020 on guidelines for supplementary pension forms having regard to the IORP II regulations (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>AIM Italia Market Regulation recently amended<\/strong><\/p>\n<p style=\"text-align: justify;\">Borsa Italiana has published the amendments to its Market Regulation on AIM Italia concerning, among others, (i) provisions on the Panel on public offerings and the conditions for de-listing, (ii) the introduction of a reserved area for professional investors, (iii) governance and transparency safeguards, (iv) admission requirements, (v) obligations of issuers, and (vi) convertible bonds and warrants.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.borsaitaliana.it\/borsaitaliana\/regolamenti\/avvisi\/avviso17857-2020_pdf.htm\" target=\"_blank\" rel=\"noopener\"><em>Borsa Italiana\u2019s Notice no. 17857 of 6<sup>th<\/sup> July 2020 amending the AIM Market Regulation (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>C<\/strong><strong>onsultation on the amendments to the BoI Regulation on collective asset management<\/strong><\/p>\n<p style=\"text-align: justify;\">The BoI has recently launched a public consultation (open until 20<sup>th<\/sup> September) on the Regulation on collective asset management, in order to (i) clarify the modalities for the exercise of the fund manager&#8217;s right to suspend, in exceptional market circumstances, the open Italian UCIs\u2019 subscribers\u2019 redemption rights, (ii) review some provisions applicable to closed Italian AIFs, and (iii) clarify the possibility of deferring the payment of subscription fees over time.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/consultazioni\/2020\/modifiche_reg_gest_coll_risp\/index.html\" target=\"_blank\" rel=\"noopener\"><em>BoI\u2019s Consultation Paper of 30<sup>th<\/sup> July on the amendments to the Regulation on collective asset management (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Consultation on amendments to the Issuers Regulations <\/strong><\/p>\n<p style=\"text-align: justify;\">Consob has recently launched a public consultation (which will end on 30<sup>th<\/sup> September) on proposed amendments to the Issuers Regulations, concerning, among others, subjects and modalities by which PRIIPs creators must comply with the obligation to make KIDs electronically accessible to Consob itself.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/consultazioni?viewId=consultazioni_in_corso\" target=\"_blank\" rel=\"noopener\"><em><u>Consob\u2019s Consultation paper of 30<sup>th<\/sup> July 2020, <\/u>&#8220;mendments to the issuers&#8217; regulations regarding the modalities of access to documents containing key information (KID) of the PRIIPs pursuant to Article 4-<\/em>sexies<em>, paragraph 5, of the Consolidated Financial Act and Article 8, paragraph 1, of Legislative Decree no. 165\/2019 and consequent adoption of new operating instructions\u201d. <\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Consultation on the amendments to the Intermediaries Regulation <\/strong><\/p>\n<p style=\"text-align: justify;\">Consob has recently launched a public consultation (which will end on 21<sup>st<\/sup> September) on amendments to the Intermediaries Regulation, aimed at eliminating detailed requirements, by leaving it to the intermediaries to identify operating methods suitable to guarantee compliance with the standards set forth by ESMA Guidelines on the knowledge and competence requirements of intermediaries&#8217; personnel.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/consultazioni?viewId=consultazioni_in_corso\" target=\"_blank\" rel=\"noopener\"><em>Consob\u2019s Consultation Paper of 23<sup>rd<\/sup> July 2020, &#8220;Amendments to the Intermediaries Regulations concerning the knowledge and competence requirements of intermediaries&#8217; personnel&#8221;(text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Disclosure obligations must be met by the intermediary also with regard to expert investors<\/strong><\/p>\n<p style=\"text-align: justify;\">The intermediary must comply with the disclosure obligations on nature, expected return and any other characteristics of the financial instrument in question also with regard to an investor who has already carried out high-risk financial transactions, since the causation link between the violation of such obligations and the occurrence of an unaware choice by the investor is presumed by the law.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.italgiure.giustizia.it\/xway\/application\/nif\/clean\/hc.dll?verbo=attach&amp;db=snciv&amp;id=.\/20200831\/snciv@s10@a2020@n18153@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. I, order no. 18153 of 31<sup>st<\/sup> August 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Market manipulation occurs even without price alteration <\/strong><\/p>\n<p style=\"text-align: justify;\">The behaviour of the online trader who operates on Italian government securities, by implementing an operating scheme that provides for misleading information on demand, offer and price of such securities, amounts to the administrative offence of market manipulation referred to in Article 187-<em>ter<\/em> of the Consolidated Financial Act, even if the afore-said conduct is not capable of making a significant alteration of the market price of the above securities.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.italgiure.giustizia.it\/xway\/application\/nif\/clean\/hc.dll?verbo=attach&amp;db=snciv&amp;id=.\/20200728\/snciv@s20@a2020@n16044@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. II, decision no. 16044 of 28<sup>th<\/sup> July 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Application of personality rights to asset management companies<\/strong><\/p>\n<p style=\"text-align: justify;\">The right to honor and commercial reputation must be recognised also on legal entities, with the consequence that an asset management company can claim and obtain non-pecuniary damages deriving from the disclosure of information suitable to generate a representation of its economic-financial situation worse than the actual one.<\/p>\n<p style=\"text-align: justify;\"><em><u>Court of Milan, decision no. 4416 of 17<sup>th<\/sup> July 2020.<\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>Effects of binding instructions given to the portfolio manager <\/strong><\/p>\n<p style=\"text-align: justify;\">In relation to the portfolio management service, the managed client&#8217;s right to provide the manager with binding instructions is an expression of the personalised nature of the portfolio management itself, yet it can never be deemed as in implied approval of the manager&#8217;s previous decisions.<\/p>\n<p style=\"text-align: justify;\"><em><u>Civil Court of <\/u><\/em><a href=\"http:\/\/www.italgiure.giustizia.it\/xway\/application\/nif\/clean\/hc.dll?verbo=attach&amp;db=snciv&amp;id=.\/20200515\/snciv@s10@a2020@n09024@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Cassation<\/em><\/a><em><u>, Sec. I, decision no. 9024 of 15<sup>th<\/sup> May 2020 (text available in Italian only).<\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>On the irrelevance of the modalities of acquisition of a privileged information in the insider trading <\/strong><\/p>\n<p style=\"text-align: justify;\">With regard to insider trading, it is sufficient to establish a causation link between the possession by the (alleged) insider of the relevant information and the use of the latter in transactions over financial instruments, being irrelevant both the way in which the insider has obtained such information and the fraudulent acquisition of the latter.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.italgiure.giustizia.it\/xway\/application\/nif\/clean\/hc.dll?verbo=attach&amp;db=snciv&amp;id=.\/20200512\/snciv@s20@a2020@n08782@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. II, decision no. 8782 of 12<sup>th<\/sup> May 2020 (text available in Italian only).<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"List_of_abbreviations\"><\/span>List of abbreviations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>ABF<\/strong>: Italian Banking and Financial Ombudsman.<br \/>\n<strong>AIFMD<\/strong>: Directive 2011\/61\/EU of the European Parliament and of the Council of 8<sup>th<\/sup> June on Alternative Investment Fund Managers.<br \/>\n<strong>AIFs<\/strong>: Alternative Investment Funds.<br \/>\n<strong>AIM ITALIA<\/strong>: Multilateral trading facility for small and medium enterprises regulated and managed by <em>Borsa Italiana.<\/em><br \/>\n<strong>August Decree<\/strong>: Law Decree no. 104 of 14th August 2020, containing urgent measures to support and relaunch the economy.<br \/>\n<strong>BoI<\/strong>: Bank of Italy.<br \/>\n<strong>Borsa Italiana<\/strong>: The Italian Stock Exchange\u2019s managing company.<br \/>\n<strong>Consob<\/strong>: The national financial markets Authority.<br \/>\n<strong>Consolidated Financial Act<\/strong>: Legislative Decree no. 58 of 24<sup>th<\/sup> February 1998.<br \/>\n<strong>COVIP<\/strong>: Italian Supervisory Commission on Pension Funds.<br \/>\n<strong>COVIP\u2019s Resolution<\/strong>: COVIP Resolution of 29<sup>th<\/sup> July 2020 on supplementary pension forms.<br \/>\n<strong>EBA<\/strong>: European Banking Authority.<br \/>\n<strong>ESMA<\/strong>: European and Securities Market Authority.<br \/>\n<strong>IBIP<\/strong>: Insurance-Based Investment Products.<br \/>\n<strong>IDD<\/strong>: Directive (EU) 2016\/97 of the European Parliament and of the Council of 20<sup>th<\/sup> January 2016 on insurance distribution.<br \/>\n<strong>KID<\/strong>: Key Information Document.<br \/>\n<strong>MEF<\/strong>: Ministry of Economic and Finance.<br \/>\n<strong>MIFID<\/strong>: Directive (EU) 2014\/65 of the European Parliament and of the Council of 15<sup>th<\/sup> May 2014 on markets in financial instruments.<br \/>\n<strong>MISE<\/strong>: Ministry of Economic Development.<br \/>\n<strong>Panel<\/strong>: Arbitration board composed of three members appointed by <em>Borsa Italiana<\/em>, competent to provide its prior interpretation and recommendations on any issue related to public offer to buy or exchange.<br \/>\n<strong>Post-trading Provision: <\/strong>BoI and Consob\u2019s Regulation of 13<sup>th<\/sup> August 2018 on post-trading.<br \/>\n<strong>PRIIP<\/strong>: Packaged retail and insurance-based investments products.<br \/>\n<strong>Regulation on collective asset management<\/strong>: BoI\u2019s Regulation of 19<sup>th<\/sup> January 2015, as amended.<br \/>\n<strong>Relaunch Decree<\/strong>: Law Decree no. 34 of 19<sup>th<\/sup> May 2020, containing urgent measures on health, support for work and the economy, as well as social policies related to the epidemiological emergency by COVID-19.<br \/>\n<strong>SGR<\/strong>: Asset management company.<br \/>\n<strong>SHRD II<\/strong>: Directive (EU) 2017\/828 of the European Parliament and of the Council of 17th May 2017 amending Directive 2007\/36\/EC as regards the encouragement of long-term shareholder engagement.<br \/>\n<strong>SIM<\/strong>: Investment firm.<br \/>\n<strong>SMEs<\/strong>: Small and Medium Enterprises.<br \/>\n<strong>UCIs<\/strong>: Undertaking for Collective Investment.<br \/>\n<strong>UCITS<\/strong>: Undertaking for the Collective Investment in Transferable Securities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The so-called \u201cAugust Decree\u201d entered into force.<\/p>\n","protected":false},"author":2,"featured_media":162,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[30],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.1 (Yoast SEO v23.1) - 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