{"id":254,"date":"2021-01-21T18:19:35","date_gmt":"2021-01-21T17:19:35","guid":{"rendered":"https:\/\/carotenutolex.com\/?p=254"},"modified":"2021-04-03T23:02:55","modified_gmt":"2021-04-03T21:02:55","slug":"the-client-update-no-1-2021","status":"publish","type":"post","link":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2021\/","title":{"rendered":"The Client Update no. 1\/2021"},"content":{"rendered":"<p style=\"text-align: right;\"><a href=\"https:\/\/carotenutolex.com\/wp-content\/uploads\/the-client-update-csl-no-1-january-2021-year-3.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-6aaa679085c78\" 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-6aaa679085c78\"  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-1-2021\/#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-1-2021\/#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-1-2021\/#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-1-2021\/#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-1-2021\/#Financial_servicesFinTech\" >Financial services\/FinTech<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2021\/#Compliance\" >Compliance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2021\/#Data_protection\" >Data protection<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2021\/#Anti-money_laundering\" >Anti-money laundering<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2021\/#Procedural_law\" >Procedural law<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2021\/#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 2021 Italian Budget Law entered into force<\/strong><\/p>\n<p style=\"text-align: justify;\">The 2021 Italian Budget Law no. 178 of 30 December 2020, entered into force on 1 January 2021:<\/p>\n<ol style=\"text-align: justify;\">\n<li>strengthens companies\u2019 liquidity by extending to 30 June 2021 the validity of (a) the \u201cGuarantee Italy\u201d, which will also operate on assignment without recourse (\u201c<em>pro soluto<\/em>\u201d) and loans with debt renegotiation, (b) the Guarantee Fund for SMEs\u2019 (see <a href=\"https:\/\/carotenutolex.voxmail.it\/p\/ybdvgs\/c-70b1da2d\" target=\"_blank\" rel=\"noopener\"><em>The Client Update no. 3\/2020<\/em><\/a>), whose endowment has been also increased by EUR 4,5 billion, as well as of (c) the extraordinary moratorium regime for SMEs. It also allows for credit consortia (\u201c<em>Confidi<\/em>\u201d) lend to SMEs up to EUR 40,000 for each transaction;<\/li>\n<li>introduces other capital-strengthening measures specifically designed for large companies, by increasing from 30% to 50% the maximum amount of the tax credit on losses accrued in 2020, which can be benefited in relation to capital increases resolved in the first half of 2021, as well as by setting at EUR 1 billion the limit for the subscriptions into SMEs\u2019 equity by the \u201c<em>Fondo Patrimonio PMI<\/em>\u201d to be made in 2021;<\/li>\n<li>sets forth a tax credit for capital losses on individual saving plans, provided that the credit itself does not exceed 20% of the amount invested in such plans, which must be held for at least 5 years; and, finally<\/li>\n<li>provides for (a) an exemption of the withholding tax on profits paid to foreign UCITS funds, as well as to those established in a EU or EEA Member State, and whose manager is subject to the home country\u2019s supervision pursuant to the AIFMD, and (b) the exclusion from taxation of capital gains registered by the above mentioned funds.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-12-30&amp;atto.codiceRedazionale=20G00202&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>Law no. 178 of 30<sup>th<\/sup> December 2020 on the 2021 provisional budget (published in the Official Gazette no. 322 of 30<sup>th<\/sup> December 2020, Ordinary Supplement no. 46) (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Converted into law the \u201c<em>Ristori<\/em>\u201d Decree <\/strong><\/p>\n<p style=\"text-align: justify;\">By means of the conversion into law of the <em>Ristori<\/em> Decree (namely, Law no 176 of 18 December 2020, entered into force on 25 December 2020), it has been:<\/p>\n<ol style=\"text-align: justify;\">\n<li>increased by a further 50% the non-refundable contribution granted to catering operators located in areas of high or maximum severity and high risk of COVID-19 contagion, which will also operate, for 2021, in favour of shopping centres\u2019 retailers, as well as food and beverage producers;<\/li>\n<li>simplified the provisions on over-indebtedness procedures, by recognising (a) the qualification of \u201cconsumer\u201d to shareholders of partnerships and limited partnerships who have taken on debts unrelated to the partnerships\u2019 business, (b) the irrelevance of slight negligence for the purpose of judicially assessing the merits of a crisis settlement plan, (c) to the members of one and the same family the possibility to submit a single crisis settlement procedure, and (d) to unlimited liable partners to benefit from the effects of a crisis settlement agreement submitted by their company; and, finally<\/li>\n<li>postponed to 19 May 2022, the entry into force of the class action which was introduced to protect users\u2019 homogeneous rights against enterprises or public services or public utilities management companies.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-12-24&amp;atto.codiceRedazionale=20A07144&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>Conversion into law of the \u201c<\/em>Ristori<em>\u201d Decree by means of Law no. 176 of 18<sup>th <\/sup>December 2020 (published in the Italian Official Gazette no. 319 of 24<sup>th<\/sup> December 2020, Ordinary Supplement no. 43) (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>EU Commission launches a public consultation on the harmonisation of insolvency laws in the EU<\/strong><\/p>\n<p style=\"text-align: justify;\">EU Commission\u2019s consultation aimed at increasing convergence between EU Member States\u2019 national insolvency legislation, in order to foster cross-border investments, will end on 26 March 2021. Anyone who might be interested by insolvency proceedings, as well as enterprises, academia are invited to express their own views on the (i) liability and duties of corporate directors in the vicinity of insolvency, (ii) status and duties of insolvency practitioners, (iii) ranking of claims, (iv) avoidance actions and,(v) identification and preservation of assets belonging to the insolvency estate.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/ec.europa.eu\/info\/law\/better-regulation\/have-your-say\/initiatives\/12592-Enhancing-the-convergence-of-insolvency-laws-\/public-consultation\" target=\"_blank\" rel=\"noopener\"><em>EU Commission&#8217;s consultation on insolvency law of 18<sup>th<\/sup> December 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>\u201cGolden power\u201d: specified assets of national interest in strategic sectors <\/strong><\/p>\n<p style=\"text-align: justify;\">Among the strategic assets that are subject to the so-called \u201cgolden power\u201d (see <a href=\"https:\/\/carotenutolex.voxmail.it\/p\/ybdvgs\/c-70b1da2d\" target=\"_blank\" rel=\"noopener\"><em>The Client Update no. 3\/2020<\/em><\/a>), in the banking, finance and insurance sectors, the Italian Government has recently indicated (i) critical infrastructures (including platforms for the multilateral trading of financial instruments or monetary deposits), (ii) critical technologies (such as AI, DLT, blockchain), and (iii) economic activities of strategic importance, even if carried out by intermediaries, exercised by enterprises with an annual net turnover not lower than 300 million Euros and an average number of employees not lower than 250 ones.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/gazzetta\/serie_generale\/caricaDettaglio?dataPubblicazioneGazzetta=2020-12-30&amp;numeroGazzetta=322&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>Presidential\u2019s Decree no. 179 of 18<sup>th <\/sup>December 2020dentifying assets of national interest in strategic sectors (published in the Italian Official Gazette no. 322 of 30<sup>th<\/sup> December 2020) (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the implementing regulation of the Fund for safeguarding employment levels and continuity of business activities<\/strong><\/p>\n<p style=\"text-align: justify;\">The national Fund for the safeguarding of employment levels and continuity of business activities, established by the so-called Relaunch Decree for the rescue of companies in economic difficulty, will also operate (i) in favour of companies holding assets of strategic importance for the national interest, (ii) upon presentation of a restructuring plan, (iii) by employing 300 million euros and, (iv) through <em>Invitalia<\/em> by participating in the stock capital of the company at issue (if in crisis, but not in difficulty) or in that of the acquiring one and (if already in difficulty) also making quasi-equity investments therein.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/eli\/id\/2020\/12\/14\/20A06831\/sg\" target=\"_blank\" rel=\"noopener\"><em>MiSE&#8217;s Decree of 29<sup>th<\/sup> October 2020 on criteria, management and functioning of the Fund for the safeguarding of employment levels and the continuation of the business activity (published on the Official Gazette no. 309 of 14<sup>th<\/sup> December 2020) (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>New Corporate Governance Committee\u2019s recommendations to listed companies <\/strong><\/p>\n<p style=\"text-align: justify;\">In order to foster a more efficient implementation of the new Corporate Governance Code, for the year 2021, listed companies are invited to:<\/p>\n<ol style=\"text-align: justify;\">\n<li>integrate sustainability in the definition of their own strategies, risk management and internal control system, as well as remuneration policies;<\/li>\n<li>justify, on an individual basis, the possible non-implementation of independence criteria; and<\/li>\n<li>with regard to remuneration policies, to (i) strengthen the link between that variable and performance objectives, (ii) limit the possibility of making expenditures not linked to predetermined parameters, (iii) verify that the amount of remuneration of non-executive directors is appropriate to their competence, professionalism and diligence, required by the nature of their office.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.borsaitaliana.it\/comitato-corporate-governance\/documenti\/comitato\/letterapresidente2020.pdf\" target=\"_blank\" rel=\"noopener\"><em>Letter of the Corporate Governance Committee\u2019s Chairman of 22<sup>th<\/sup> December 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the new CNDCEC\u2019s rules of conduct for non-listed companies\u2019 statutory auditors <\/strong><\/p>\n<p style=\"text-align: justify;\">Effective 1 January 2021, new rules of conduct laid down by the CNDCEC are going to apply to non-listed companies statutory auditors. Among the main novelties, it is worth mentioning:<\/p>\n<ol style=\"text-align: justify;\">\n<li>an increase of the board of statutory auditors\u2019 supervisory powers on the rules governing the setting up and effective implementation of adequate administrative, organisational and accounting frameworks, by availing itself of a specific test; and<\/li>\n<li>the above board\u2019s duty to assess, at least once a year, the existence of professionalism requisites and the absence of disqualification grounds in respect of its members, under penalty of ceasing office.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/press-magazine.it\/pubblicate-le-nuove-norme-di-comportamento-del-collegio-sindacale-delle-non-quotate\/\" target=\"_blank\" rel=\"noopener\"><em>CNDCEC\u2019s new rules of conduct concerning non-listed companies\u2019 auditors of 18<sup>th<\/sup> December 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Italy lags behind on remuneration policies<\/strong><\/p>\n<p style=\"text-align: justify;\">According to a recent survey carried out by the US advisory company \u201cMorrowsodali\u201d, in foreign investors\u2019 view, Italy is lagging behind with regard to remuneration policies adopted by listed companies. The lack of information on performance indicators used as a guide for the definition of incentive plans for such companies\u2019 directors and the high severance pay paid to their staff is the most critical issue identified by foreign investors, who are calling for a greater alignment between remuneration and long-term company strategies, sustainability indicators and human capital management.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/morrowsodali.com\/Lighthouse-Oct-2020-EMEA\/European-AGM-Season.pdf\" target=\"_blank\" rel=\"noopener\"><em>Morrowsodali Lighthouse of October 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>To what extent the so-called \u201cbusiness judgement rule\u201d may be judicially reviewed?<\/strong><\/p>\n<p style=\"text-align: justify;\">The negative outcome of the company\u2019s activities or single corporate acts of a given company cannot be attributed to its directors, with the consequent unquestionability of the latter\u2019s management choices (the so-called \u201cbusiness judgement rule\u201d), if not in terms of its bluntly reckless and imprudent nature, which must be assessed \u201c<em>ex ante\u201d<\/em>.<\/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=.\/20201216\/snciv@s10@a2020@n28718@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, sec. I, decision no. 28718 of 16<sup>th<\/sup> December 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the seizure of a limited liability company\u2019s quotas<\/strong><\/p>\n<p style=\"text-align: justify;\">In ordering the seizure of a limited liability company\u2019s quotas, the competent judge must solely assess their instrumental nature with regard to the commitment of a crime, regardless of whether or not the free availability of such quotas may permit the continuation of the crime in question, by increasing the consequences thereof, or the commitment of new ones.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.italgiure.giustizia.it\/xway\/application\/nif\/clean\/hc.dll?verbo=attach&amp;db=snpen&amp;id=.\/20201223\/snpen@s30@a2020@n37203@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Criminal Court of Cassation, sec. III, decision no. 37203 of 27<sup>th<\/sup> November 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the statutory auditors\u2019 liability for omitted supervision<\/strong><\/p>\n<p style=\"text-align: justify;\">Statutory auditors who, in the event of suspicious transactions, do not proceed to inspections and controls, thereby infringing the duty to act with diligence and good faith in the interest of shareholders and creditors, are to be held liable jointly and severally with the directors of the same company.<\/p>\n<p style=\"text-align: justify;\"><em><u>Criminal Court of Cassation, sec. V, decision no. 156 of 24<sup>th <\/sup>November 2020 (text available in Italian only).<\/u><\/em><\/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>EU Commission\u2019s strategy for tackling NPLs<\/strong><\/p>\n<p style=\"text-align: justify;\">For the purpose of favouring an efficient management of NPLs\u2019 upcoming flows by banks, the EU Commission recommends to:<\/p>\n<p style=\"text-align: justify;\">a) the EU Parliament and Council to swiftly reach an agreement on a legislative proposal for harmonising rules on the accelerated of out-of-court collateral enforcement of the related guarantees; and<\/p>\n<p style=\"text-align: justify;\">b) EU Member States to (i) intervene on national insolvency procedures, (ii) promote the development of secondary markets for distressed assets, through the setting up of an EU data hub aimed at strengthening the transparency of NPLs\u2019 data market, as well as (iii) create and develop synergies among national AMCs, so as to allow banks to continue lending money to households and companies.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:52020DC0822&amp;from=ES\" target=\"_blank\" rel=\"noopener\"><em>EU Commission&#8217;s communication for tackling NPLs in the aftermath of the Covid-19 pandemic COM(2020) 822 of 16<sup>th<\/sup> December 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>BCBS amends prudential treatment on NPL securitisations<\/strong><\/p>\n<p style=\"text-align: justify;\">After having identified risk weight miscalibration affecting transactions concerning NPLs\u2019 securitisations, BCBS has recently amended its technical capital requirements, suggesting member jurisdictions to implement, by no later than 1 January 2023, a specific definition of NPLs\u2019 securitisation and setting out that exposures related to the latter are subject to a risk weight factor equal or higher than 100%, except for positions risk-weighted using external ratings-based approach.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bis.org\/press\/p201126.htm\" target=\"_blank\" rel=\"noopener\"><em>BCBS&#8217;s amendments on prudential treatment concerning NPL of 26<sup>th <\/sup>November 2020<\/em>.<\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the new definition of default according to the BoI<\/strong><\/p>\n<p style=\"text-align: justify;\">The BoI has recently pointed out that the new definition of UE default, which entered into force on 1 January 2021, pursuant to which intermediaries classify their clients for prudential purposes, will neither affect the reporting to the Central Credit Register Data, nor introduce a ban on the granting of overdrafts. If any, it may affect their contractual relations with clients. The latter will have to be informed by intermediaries about the implications of the new rules and individually contacted, in order to prevent possible defaults not caused by debtors\u2019 financial difficulties.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/media\/notizia\/nuova-definizione-di-default-e-conseguenze-per-i-clienti-delle-banche\/?com.dotmarketing.htmlpage.language=102\" target=\"_blank\" rel=\"noopener\"><em>BoI&#8217;s clarification on the new definition of default of 28<sup>th<\/sup> December 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the consultation over BoI\u2019s Supervisory Provisions for banks concerning the organisation and corporate governance framework <\/strong><\/p>\n<p style=\"text-align: justify;\">A public consultation on the BoI\u2019s provisions governing the organisation and corporate governance framework for banks, will end on 22 February 2021. Proposed amendments, for EU law alignment purposes, include the introduction of:<\/p>\n<ol style=\"text-align: justify;\">\n<li>the increase from EUR 3.5 billion to EUR 5 billion in the balance sheet asset threshold below which \u201csmall and non-complex institutions\u201d are to be identified;<\/li>\n<li>a gender quota in the composition of administrative and supervisory bodies; and<\/li>\n<li>a requirement for significant banks to adopt a policy for managing dialogue with shareholders.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/consultazioni\/2020\/cons-rev-pol-gov\/index.html?com.dotmarketing.htmlpage.language=102&amp;pk_campaign=EmailAlertBdi&amp;pk_kwd=it\" target=\"_blank\" rel=\"noopener\"><em>BoI&#8217;s consultation on Supervisory Provisions for banks of 24<sup>th<\/sup> December 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>BoI\u2019s recommendation on less significant banks\u2019 dividends\u2019 distribution and variable remuneration policies <\/strong><\/p>\n<p style=\"text-align: justify;\">In order to safeguard less significant banks\u2019 capacity to absorb losses and grant loans to support the national economy, the BoI has recently issued a recommendation whereby the same should \u2013 up until 30 September 2021 \u2013 to refrain from paying out dividends and exercise extreme prudence in calculating variable remuneration. Those banks that intend nonetheless pay out dividends should first verify their capital adequacy and generation capacity and then contact the BoI, so that the latter can assess whether the scope of dividends\u2019 distribution envisaged can be deemed prudent. Likewise, the BoI would assess carefully the above banks\u2019 variable remuneration policies, focusing on the latter\u2019s impact on capital ratios.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/media\/comunicati\/documenti\/2020-02\/Recommendation-of-the-Bank-of-Italy-on-the-dividend-distribution-and-variable-remuneration-policies-of-banks-16122020.pdf?language_id=1\" target=\"_blank\" rel=\"noopener\"><em>BoI&#8217;s recommendation on the dividend distribution and variable remuneration policies of 16<sup>th<\/sup> December 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the legitimacy of reporting the individual names of the partners of a general partnership to the Central Credit Data Register<\/strong><\/p>\n<p style=\"text-align: justify;\">According to the Supreme Court, the reporting to the Central Credit Register Data of the names of the partners unlimitedly liable of a general partnerships (<em>societ\u00e0 in nome collettivo<\/em>) is lawful, provided (a) that such reporting has been carried out taking into account the partners\u2019 corporate status and, (b) without making it subject to the circumstance that the reporting bank qualified as \u201cdisputed\u201d the credits at issue. Indeed, the latter term must be solely referred to the underlying relationships reported and not also to the persons linked to them, pursuant to the applicable laws.<\/p>\n<p style=\"text-align: justify;\"><em><u>Civil Court of Cassation, sec. I, decision no. 28720 of 16<sup>th<\/sup> December 2020 (text available in Italian only).<\/u><\/em><\/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>On the public consultation on EBA\u2019s guidelines concerning investment firms\u2019 remuneration policies<\/strong><\/p>\n<p style=\"text-align: justify;\">A public consultation on the new EBA\u2019s guidelines on investment firms\u2019 remuneration policies, aimed at ensuring a level playing field among the latter within EU, taking into account nature and scope of their own activities, will end on 17 March 2021. Industry is invited to comment on (i) the guidelines\u2019 scope of application and goals, (ii) governance on remuneration policies and, (iii) application of waivers to the requirement to pay out a part of the variable remuneration of identified staff.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/eba-launches-consultation-its-new-guidelines-remuneration-policies-investment-firms\" target=\"_blank\" rel=\"noopener\"><em>EBA&#8217;s consultation on investment firms&#8217; remuneration policies of 17<sup>th <\/sup>December 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Just published ESMA\u2019s cloud outsourcing guidelines<\/strong><\/p>\n<p style=\"text-align: justify;\">Taking into account the risks arising from cloud outsourcing arrangements, ESMA has recently issued some guidelines which aims, on the one hand, at promoting the adoption of a convergent NCAs supervisory approach on such outsourcing arrangements and, on the other hand, supporting the same NCAs in the identification, monitoring and mitigation of the afore-said risks. According to ESMA, rights and obligations of the parties must be clearly defined in a written agreement, while enterprises must include, in their internal policies, information on security requirements, as well as verify cloud services providers have adopted adequate safeguards in this regard.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.esma.europa.eu\/press-news\/esma-news\/esma-publishes-cloud-outsourcing-guidelines\" target=\"_blank\" rel=\"noopener\"><em>ESMA&#8217;s cloud outsourcing guidelines of 18<sup>th<\/sup> December 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Consob\u2019s reporting requirements of PRIIPs\u2019 creators<\/strong><\/p>\n<p style=\"text-align: justify;\">Consob has recently amended its Issuers Regulation, as well as its resolution concerning the modalities of access to documents containing the key information on \u201cPRRIPs\u201d, establishing that, the creators of those PRIIPs that are marketed in Italy to retail investors, must make electronically available to Consob itself, from 1 January 2022, information on such products, as well as those related to structured data before their marketing.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/gazzetta\/serie_generale\/caricaDettaglio\/home?dataPubblicazioneGazzetta=2020-12-28&amp;numeroGazzetta=320\" target=\"_blank\" rel=\"noopener\"><em>Consob&#8217;s resolutions no. 21639 and 21640 on regulation of issuers and modalities of access to information regarding PRIIPs of 15<sup>th<\/sup> December 2020 (in the Official Gazette no. 320 of 28<sup>th<\/sup> December 2020).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the relevance of the intermediary\u2019 rules of conduct <\/strong><\/p>\n<p style=\"text-align: justify;\">According to the Supreme Court, the fact that the intermediary\u2019s contractual counterparty is a professional client (i.e, qualified trader) does not mean that it goes exempt from the rules of conduct applying to the same. Therefore, whenever an intermediary itself is sued by an investor for alleged damages resulting from an breach of the afore-said rules, the intermediary can be held liable, unless it proves to have acted in full compliance with the specific diligence required by the law.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.italgiure.giustizia.it\/sncass\/\" target=\"_blank\" rel=\"noopener\"><em>Joint Chambers of the Court of Cassation, decision no. 29107 of 18<sup>th<\/sup> December 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the objective scope of the intermediary\u2019s obligation to acquire a written order<\/strong><\/p>\n<p style=\"text-align: justify;\">Whether the intermediary has informed its client on the unsuitability of a given transaction, the further obligation to acquire a written order from the client itself \u2013 whose goal is to underline to the latter the relevance of his\/her investment choice and, at the same time, provide evidence for intermediary \u2013 is fulfilled by the simple reference to the warning on the afore-said unsuitability.<\/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=.\/20201022\/snciv@s10@a2020@n23131@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, decision no. 21313 of 22<sup>th<\/sup> October 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On Consob\u2019s authority aimed at ascertaining the \u201ccorporate control\u201d definition<\/strong><\/p>\n<p style=\"text-align: justify;\">The Council of State has recently ruled that the legal basis of Consob\u2019s regulation authority aimed at ascertaining the notion of \u201ccorporate control\u201d is represented by the so-called \u201cimplicit powers\u201d theory. As a result, the exception to the substantive legality principle, which is represented by the afore-said Consob\u2019s authority, must be balanced by strengthening the rules on the participation to the related administrative proceedings of the sanctionable parties.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.giustizia-amministrativa.it\/web\/guest\/ricerca?searchGenericaTheme=7972\" target=\"_blank\" rel=\"noopener\"><em>Council of State, sec. VI, decision no. 7992 of 14<sup>th<\/sup> December 2020 (text available in Italian only).<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Financial_servicesFinTech\"><\/span>Financial services\/FinTech<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>On the measures<\/strong> <strong>for a high common level of cybersecurity across the Union<\/strong><\/p>\n<p style=\"text-align: justify;\">With the aim of strengthening EU cyber resilience, the EU Commission has recently adopted a Directive proposal for repealing the existing NIS (the so-called \u201cNIS 2\u201d) and better tackling new challenges brought by the ongoing digital transformation. In particular, the proposal:<\/p>\n<ol style=\"text-align: justify;\">\n<li>extends the scope of the Directive, by adding new sectors reported as \u201ccritical\u201d for the economy and society;<\/li>\n<li>strengthens companies\u2019 security requirements, as well as the role of the Cooperation Group in shaping strategic policy decisions on emerging technologies;<\/li>\n<li>introduces more stringent supervisory measures for NCAs, in order to harmonise sanctionary regimes across the EU; and<\/li>\n<li>increases information sharing and cooperation among NCAs.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/ec.europa.eu\/digital-single-market\/en\/news\/proposal-directive-measures-high-common-level-cybersecurity-across-union\" target=\"_blank\" rel=\"noopener\"><em>EU Commission&#8217;s Proposal for a Directive on measures for a high common level of cybersecurity across the Union COM (2020) 823 of 16<sup>th<\/sup> December 2020.<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Compliance\"><\/span>Compliance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Data_protection\"><\/span>Data protection<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong>On the scope of the \u201cexplicit consent\u201d envisaged by PSD2<\/strong><\/p>\n<p style=\"text-align: justify;\">By means of its guidelines on the interplay between PSD2 and GDPR, the EDPB has recently clarified that the \u201cexplicit consent\u201d required by the PSD2 for PSPs to access, process and retain personal data does not represent the legal basis for the processing of such data, but may be regarded as an additional requirement having contractual nature. As a result, PSPs must ensure that end-users are aware of the specific categories of personal data that will be processed, as well as of the purposes of the processing, by drafting specific clauses to be explicitly accepted by them.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/edpb.europa.eu\/our-work-tools\/our-documents\/guidelines\/guidelines-062020-interplay-second-payment-services_it\" target=\"_blank\" rel=\"noopener\"><em>EDPB&#8217;s Guidelines no. 06\/2020 on the interplay of PSD2 and the GDPR of 15<sup>th <\/sup>December 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>The Data Protection Authority sheds light on Brexit\u2019s impact on data protection <\/strong><\/p>\n<p style=\"text-align: justify;\">According to the Data Protection Authority, after Brexit:<\/p>\n<ol style=\"text-align: justify;\">\n<li>until 30 June 2021, the GDPR will continue to apply to transfers of data to the UK;<\/li>\n<li>the so-called \u201cone stop shop\u201d mechanism will no longer apply to cross-border disputes or complaints on data protection with UK data controllers or processors, unless a new establishment is set up by the latter in an EEA Country; and<\/li>\n<li>UK data controllers and processors must appoint a their own representative in the EEA.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.garanteprivacy.it\/temi\/trasferimento-dati-estero#brexit\" target=\"_blank\" rel=\"noopener\"><em>Data Protection Authority\u2019s Communication on data protection impact of Brexit of 7<sup>th <\/sup>January 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Can EU Member State\u2019s NCAs initiate a proceedings before a competent court for an alleged infringement of the GDPR with respect to cross-border data processing?<\/strong><\/p>\n<p style=\"text-align: justify;\">Despite the supervisory authority of the main or (single) establishment of the data controller or processor being competent to act as the \u201clead supervisory authority\u201d for the cross-border processing carried out by the same controller or processor (under the so-called \u201cone-stop-shop\u201d mechanism), the EUCJ\u2019s General Advocate has recently pointed out that the GDPR enables NCAs to take legal action for an alleged infringement thereof also with respect to cross-border data processing, provided that it does so in such situations and according to those procedures set out in the same GDPR and, in relation to conducts that have occurred after the date of entry into force of GDPR itself.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/curia.europa.eu\/juris\/document\/document.jsf?text=&amp;docid=236410&amp;pageIndex=0&amp;doclang=EN&amp;mode=req&amp;dir=&amp;occ=first&amp;part=1&amp;cid=22656783#Footnote2\" target=\"_blank\" rel=\"noopener\"><em>CJEU General Advocate&#8217;s Opinion Case C<\/em><em>\u2011<\/em><em>645\/19 of 13<sup>rd<\/sup> January 2021.<\/em><\/a><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Anti-money_laundering\"><\/span>Anti-money laundering<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong>Just published EBA\u2019s methodology for ML risk assessment<\/strong><\/p>\n<p style=\"text-align: justify;\">EBA has recently published a specific methodology for ML risk assessment, specifying how it will identify emerging ML risks and carry out the above risk assessment. More specifically, the risk identification will be followed by the setting out of the related scope, as well as the identification of NCAs (taking into account the nature of the specific risk), which will carry out the assessment in coordination with EBA and, the drafting of a report containing the consequent outcomes.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.eba.europa.eu\/eba-explains-how-it-will-use-its-new-power-carry-out-risk-assessments-fight-against-money-laundering\" target=\"_blank\" rel=\"noopener\"><em>EBA&#8217;s methodology for ML assessments of 17<sup>th<\/sup> December 2020.<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Procedural_law\"><\/span>Procedural law<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>Investors and non-actual subscribers of a company\u2019s capital increase can constitute themselves as civil parties in a criminal proceedings<\/strong><\/p>\n<p style=\"text-align: justify;\">Investors and non-actual subscribers of a company\u2019s capital increase can constitute themselves as civil parties in a criminal proceedings acting for damages. The former with regard to the offence of obstruction to supervisory functions, since it is irrelevant that the offended party (namely, the NCAs in question) and the (alleged) damaged one are not the same, and the latter with regard to the offence of false statements in prospectus, should the same prove to have purchased the shares at issue by relying on the false information contained in the prospectus.<\/p>\n<p style=\"text-align: justify;\"><em><u>Court of Treviso, Judge\u2019s office for Preliminary Investigations, order of 12<sup>th<\/sup> December 2020<\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>On the evidence of claims\u2019 ownership in \u201cen bloc\u201d assignment of claims<\/strong><\/p>\n<p style=\"text-align: justify;\">The publication in the Italian Official Gazette of a notice having as object an \u201cen bloc\u201d assignment of claims, made by the assignee, is aimed at making the assignment effective with respect to the assigned debtor, but does not prove the claims\u2019 ownership, since the assignee is required to prove the existence of the relevant assignment contract and its content.<\/p>\n<p style=\"text-align: justify;\"><em><u>Civil Court of Catanzaro, decision of 22<sup>nd<\/sup> November 2020.<\/u><\/em><\/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>AI<\/strong>: artificial intelligence.<br \/>\n<strong>AIFMD<\/strong>: Directive (EU) 2011\/61 of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers.<br \/>\n<strong>AMCs<\/strong>: asset management companies.<br \/>\n<strong>BCBS<\/strong>: Basel Committee on Banking Supervision.<br \/>\n<strong>BoI<\/strong>: Bank of Italy.<br \/>\n<strong>CNDCEC: <\/strong>The National Council of Accountants and Tax Experts<br \/>\n<strong>Consob<\/strong>: the National Financial Markets Authority.<br \/>\n<strong>DLT<\/strong>: distributed ledger technology.<br \/>\n<strong>EDPB: <\/strong>European Data Protection Board.<br \/>\n<strong>EEA:<\/strong> european economic area.<br \/>\n<strong>EUCJ: <\/strong>Court of Justice of the European Union.<br \/>\n<strong>Fondo Patrimonio PMI<\/strong>: it has been introduced by Law Decree no 34 of 19 May 2020 (Relaunch Decree) in order to support companies which decide to invest in their own relaunch.<br \/>\n<strong>Issuers Regulation<\/strong>: Consob Regulation no.11971\/1999, as amended.<br \/>\n<strong>ESMA<\/strong>: European and Securities Market Authority.<br \/>\n<strong>GDPR<\/strong>: Regulation (EU) 2016\/679 of the European Parliament and of the Council of 27 April 2016, on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (General Data Protection Regulation).<br \/>\n<strong>Invitalia<\/strong>: the national agency for inward investment and economic development, owned by the Ministry of Economic and Finance.<br \/>\n<strong>ML<\/strong>: money laundering.<br \/>\n<strong>NIS<\/strong>: Directive (EU) 2016\/1148 of the European Parliament and of the Council of 6 July 2016 concerning measures for a high common level of security of network and information systems across the Union.<br \/>\n<strong>NCAs<\/strong>: National Competent Supervisory and Regulatory Authorities.<br \/>\n<strong>NPLs<\/strong>: non performing loans.<br \/>\n<strong>PSD2<\/strong>: Directive (EU) 2015\/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002\/65\/EC, 2009\/110\/EC and 2013\/36\/EU and Regulation (EU) no. 1093\/2010, and repealing Directive 2007\/64\/EC.<br \/>\n<strong>PRIIPS<\/strong>: packaged retail and insurance-based investment products.<br \/>\n<strong>PSPs<\/strong>: payment initiation service providers.<br \/>\n<strong>SMEs<\/strong>: small and medium sized enterprises.<br \/>\n<strong>UCITS<\/strong>: Directive2014\/91\/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009\/65\/EC, on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as regards depositary functions, remuneration policies and sanctions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 2021 Italian Budget Law 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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