{"id":313,"date":"2019-12-21T11:32:25","date_gmt":"2019-12-21T10:32:25","guid":{"rendered":"https:\/\/carotenutolex.com\/?p=313"},"modified":"2021-04-05T19:45:27","modified_gmt":"2021-04-05T17:45:27","slug":"the-client-update-no-6-2019","status":"publish","type":"post","link":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-6-2019\/","title":{"rendered":"The Client Update no. 6\/2019"},"content":{"rendered":"<p style=\"text-align: right;\"><a href=\"https:\/\/carotenutolex.com\/wp-content\/uploads\/the-client-update-csl-no-6-december-2019-year-1.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-6aa7d5b3126a7\" 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-6aa7d5b3126a7\"  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-6-2019\/#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-6-2019\/#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-6-2019\/#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-6-2019\/#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-6-2019\/#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-6-2019\/#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-6-2019\/#Legislative_Decree_no_2312001\" >Legislative Decree no. 231\/2001<\/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-6-2019\/#Capital_Markets\" >Capital Markets<\/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-6-2019\/#Procedural_law\" >Procedural law<\/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>New intervention for the technological and digital transformation of SMEs<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to strengthen the competitiveness of production systems and the technological development of less developed area, the Ministry for the Economic Development has recently regulated the procedures for granting loans to small and medium-sized enterprises (\u201c<u>SMEs<\/u>\u201d) to be used for adopting innovative investment schemes. The ultimate goal being the digital transformation through the use of enabling technologies identified in the national plan called \u201cIndustry 4.0\u201d, as well as innovative solutions capable of making production processes more sustainable.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2019-12-19&amp;atto.codiceRedazionale=19A07912&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>Ministerial Decree of 30<sup>th<\/sup> October 2019 (published in the Official Gazette no. 297 of 19<sup>th<\/sup> December 2019 (text available in Italian only)).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Patent vouchers for innovative start-ups<\/strong><\/p>\n<p style=\"text-align: justify;\">The Ministry for the Economic Development has recently established some criteria for assigning vouchers in favour of innovative start-ups that intend to retain IP lawyers for one or more of the following services:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">prior search and patentability of inventions;<\/li>\n<li style=\"text-align: justify;\">patent application to be filed with the Italian Patent and Trademark Office;<\/li>\n<li style=\"text-align: justify;\">application to be filed with third countries\u2019 competent authorities in order to claim the priority of a previously filed national patent application.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2019-12-03&amp;atto.codiceRedazionale=19A07520&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>Ministry of Economic Development, decree of 18<sup>th<\/sup> November (published in the Official Gazette no. 283 of 3<sup>rd<\/sup> Dicember 2019 (text available in Italian only)).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>New EU Directive on whistleblowing<\/strong><\/p>\n<p style=\"text-align: justify;\">A new EU Directive on whistleblowing has been recently published, which sets forth minimum standards for the protection of whistleblowers within the EU in specific areas, such as public procurement, financial services, products and markets, AML, product safety and compliance, transport safety, environmental protection, nuclear safety and radiation protection, food and animal health, public health, consumer protection, data protection and cybersecurity, protection of the EU financial interests and the EU internal market. The Directive must be implemented by EU Member States within 17 December 2021.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32019L1937&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>Directive (EU) 2019\/1937 of the European Parliament and of the Council of 23<sup>rd<\/sup> October 2019 (published in the Official Journal no. 305 of 26<sup>th<\/sup> November 2019).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>IAIS reforms on prudential supervision of insurance companies<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to ensure an effective cross-border supervision of insurance groups and pursue the global financial stability, the International Association of Insurance Supervisors (\u201c<u>IAIS<\/u>\u201d) has recently adopted a comprehensive set of reforms, which includes:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">supervisory standards and guidance focusing on the effective group-wide supervision of Internationally Active Insurance Groups (\u201c<u>IAIGs<\/u>\u201d);<\/li>\n<li style=\"text-align: justify;\">the development of a common language for supervisory discussions on group solvency by IAIGs;<\/li>\n<li style=\"text-align: justify;\">assessment and consequent mitigation of systemic risks in the insurance sector, to be implemented from the beginning of 2020.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">In execution of such reforms, the Financial Stability Board, in consultation with IAIS and national competent authorities (\u201c<u>NCAs<\/u>\u201d), has decided to suspend the Global Systemically Important Insurers (G-SII) identification, effective January 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.ivass.it\/media\/avvisi\/documenti\/2019\/Media_Release_-_IAIS_adopts_first_global_frameworks.pdf\" target=\"_blank\" rel=\"noopener\"><em>IAIS&#8217; press release of 14<sup>th<\/sup> November 2019, \u201cIAIS adopts first global frameworks for supervision of internationally active insurance groups and mitigation of systemic risk in the insurance sector\u201d.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.ivass.it\/media\/avvisi\/documenti\/2019\/FSB_Press_realease.pdf\" target=\"_blank\" rel=\"noopener\"><em>FSB&#8217;s press release of 14<sup>th<\/sup> November 2019, \u201cFSB welcomes insurance holistic framework&#8221;.<\/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>New EU Directive on cross-border conversions, mergers and divisions<\/strong><\/p>\n<p style=\"text-align: justify;\">A new EU Directive on cross-border conversions, mergers and divisions was recently published (to be transposed within 31<sup>st<\/sup> January 2023), which provides for:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">new procedures for conversions and divisions;<\/li>\n<li style=\"text-align: justify;\">new rules on cross-border mergers of limited liability companies;<\/li>\n<li style=\"text-align: justify;\">procedures to verify the legality of operations and allow NCAs to block the transaction at issue if the latter is set up for abusive or fraudulent purposes;<\/li>\n<li style=\"text-align: justify;\">procedures to ensure employees\u2019 participation;<\/li>\n<li style=\"text-align: justify;\">greater protection for minority shareholders and those with no voting rights;<\/li>\n<li style=\"text-align: justify;\">strengthening of creditors\u2019 protection;<\/li>\n<li style=\"text-align: justify;\">the use of digital tools in the procedures relating to the disclosure of the project, the application for a pre-operation certificate and the submission of information and documents; as well as<\/li>\n<li style=\"text-align: justify;\">the use of the national registers interconnection system for sharing pre-operation certificates issued by NCAs.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32019L2121&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>Directive (EU) 2019\/2121 of the European Parliament and of the Council of 27<sup>th<\/sup> November 2019 (published in the Official Journal no. 321 of 12<sup>th<\/sup> December 2019). <\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the liability of the quota-holders of a limited liability company<\/strong><\/p>\n<p style=\"text-align: justify;\">The quota-holders of a limited liability company are held jointly and severally liable with the directors of the same company for damages caused to the latter, as well as to other quota-holders or third persons for breach of their duties of correct administration, deriving from <em>ad hoc<\/em> decisions or authorisations of management deeds, except for the approval of yearly financial statements or ratification of directors&#8217; actions during approval of the yearly financial statements.<\/p>\n<p style=\"text-align: justify;\"><em><u>Court of Appeal of Venice, decision no. 5219 of 21<sup>st<\/sup> November 2019.<\/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>Update to the Bank of Italy\u2019s Supervisory Provisions for banks <\/strong><\/p>\n<p style=\"text-align: justify;\">The Bank of Italy (\u201c<u>BoI<\/u>\u201d) has recently updated its Supervisory provisions for banks. The main amendments concern:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">authorisation procedures of Italian and third countries\u2019 banks; and<\/li>\n<li style=\"text-align: justify;\">the authorisation application for the provision of investment services and activities in Italy by EU banks and by Italian banks in other EU Member States.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/circolari\/c285\/aggiornamenti\/Agg-n30-4122019.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI Circular no. 285 of 17<sup>th<\/sup> December 2013, &#8220;Supervisory provision for banks&#8221;. Update of 4<sup>th<\/sup> December 2019 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>BoI\u2019s guidelines on loans\u2019 early redemption <\/strong><\/p>\n<p style=\"text-align: justify;\">Following a recent decision of the EU Court of Justice (issued on 11<sup>th<\/sup> September 2019; case C-383\/18, known as the \u201cLexitor\u201d case), the BoI has issued guidelines on consumer credit agreements, envisaging, <em>inter alia<\/em>, that, in consequence of the exercise of the early redemption right, a bank or a financial intermediary must ensure the reduction of the credit\u2019s total costs, including all costs to be borne by their client, excluding taxes.<\/p>\n<p style=\"text-align: justify;\"><em><u>Communication from the BoI of 4th December 2019, \u201cConsumer credit. BoI&#8217;s guidelines on loans\u2019 early redemption\u201d.<\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>Non-executive directors\u2019 duty to be informed<\/strong><\/p>\n<p style=\"text-align: justify;\">The duty to be informed, to be respected by non-executive directors, cannot be limited to a mere request for information to the Board, but must result in actual proposals to correct the issues faced by the company in question. In order to go exempt from liability, non-executive directors must ensure that their objection to organisational and management acts that do not comply with the principles of good administration or applicable banking regulations is clearly noted in the Board meeting\u2019s minutes.<\/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=.\/20191004\/snciv@s20@a2019@n24851@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. II, decision no. 2485 of 4<sup>th<\/sup> October 2019 (text available in Italian only).<\/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>EU Regulation on sustainability<\/strong><strong>\u2010<\/strong><strong>related disclosures in the financial services sector<\/strong><\/p>\n<p style=\"text-align: justify;\">An EU Regulation on sustainability\u2010related disclosures in the financial services sector has been recently published, which will entered into application from 10<sup>th<\/sup> March 2021 and lays down harmonised rules for financial market participants and financial advisers on transparency of sustainability risk policies, adverse sustainability impacts at entity and financial product level, promotion of environmental or social characteristics in pre\u2010contractual disclosures, as well as in periodic reports and on websites.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=OJ:L:2019:317:FULL&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>Regulation (EU) 2019\/2088 of the European Parliament and of the Council of 27<sup>th<\/sup> November 2019 (published in the Official Journal no. 317 of 9<sup>th<\/sup> December 2019).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>BoI\u2019s Regulation in implementation of MIFID II<\/strong><\/p>\n<p style=\"text-align: justify;\">In implementation of Directive 2014\/65\/EU (\u201c<u>MIFID II<\/u>\u201d) and Regulation (EU) no. 600\/2014 (\u201c<u>MIFIR\u201d<\/u>), the BoI has recently issued a new Regulation on the obligations of intermediaries providing investment services and activities, as well as collective asset management service, with regard to:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">corporate governance and general organisational requirements (including internal systems for reporting infringements);<\/li>\n<li style=\"text-align: justify;\">remuneration and incentive schemes;<\/li>\n<li style=\"text-align: justify;\">business continuity;<\/li>\n<li style=\"text-align: justify;\">administrative and accounting organization (including the establishment of compliance, risk management and internal audit functions);<\/li>\n<li style=\"text-align: justify;\">outsourcing of relevant operational functions; and<\/li>\n<li style=\"text-align: justify;\">deposit and sub-deposit of clients\u2019 money and assets.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/regolamenti\/20191205\/regolamento_mifid_2_autenticato.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI, Regulation<\/em> <em>of 5<sup>th<\/sup> December 2019 implementing Articles 4-<\/em>undecies<em> e 6, paragraph 1, letters b) e c-<\/em>bis<em>), of Legislative Decree no. 58 of 24<sup>th<\/sup> February 1998 (the \u201cAct\u201d).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Bank\u2019s liability in the sale of diamonds to clients<\/strong><\/p>\n<p style=\"text-align: justify;\">Where a client enters into a diamonds purchase agreement upon proposal of his\/her bank acting as an intermediary, the bank\u2019s liability is measured on the correct fulfillment of information or client protection obligations, as well as on the classification of the sale of diamonds among the activities related and instrumental to the banking one. Among others, the bank must prove to have correctly complied with its obligation to identify the real value of the diamonds in the total sale price.<\/p>\n<p style=\"text-align: justify;\"><em><u>Civil Court of Mantova, order of 19<sup>th<\/sup> November 2019.<\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>Intermediary\u2019s liability for infringement of MIFID obligations<\/strong><\/p>\n<p style=\"text-align: justify;\">With regard to financial intermediation, the chain of causation between incorrect or omitted information and damages suffered by the client that claims for damages can be presumed, unless the breach of disclosure obligations at issue is marginal and of minor importance. The intermediary is not liable when it can prove that the client would have made the investment even if the MIFID obligations in question had not been breached.<\/p>\n<p style=\"text-align: justify;\"><em><u>Court of Appeal of Milan, decision of 5<sup>th<\/sup> February 2019.<\/u><\/em><\/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>ROFIEG recommendations on Innovative technologies<\/strong><\/p>\n<p style=\"text-align: justify;\">With the aim of creating an accommodating framework for FinTech, the Expert Group on Regulatory Obstacles to Financial Innovation set up by the European Commission in June 2018 (the \u201c<u>ROFIEG<\/u>\u201d), has recently published a report, having as object:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">innovative use of technology in finance;<\/li>\n<li style=\"text-align: justify;\">maintenance of a level playing field in the sector;<\/li>\n<li style=\"text-align: justify;\">access to data and data protection;<\/li>\n<li style=\"text-align: justify;\">financial inclusion; and<\/li>\n<li style=\"text-align: justify;\">impact of Fintech on final consumers.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/ec.europa.eu\/info\/files\/191113-report-expert-group-regulatory-obstacles-financial-innovation_en\" target=\"_blank\" rel=\"noopener\"><em>ROFIEG\u2019s final report, \u201cThirty recommendations on regulation, innovation and finance\u201d, of 13<sup>th<\/sup> December 2019.<\/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=\"Legislative_Decree_no_2312001\"><\/span>Legislative Decree no. 231\/2001<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong>Guidelines on GDPR\u2019s territorial scope<\/strong><\/p>\n<p style=\"text-align: justify;\">The European Data Protection Board (\u201c<u>EDPB<\/u>\u201d) has just adopted the final version of its guidelines on the territorial scope of Regulation 2016\/679\/EU of 27<sup>th<\/sup> April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (\u201c<u>GDPR<\/u>\u201d), providing for a definition of \u201cestablishment criterion\u201d, \u201ctargeting criterion\u201d, as well as \u201cprocessing in a place where national law applies by virtue of public international law\u201d, expressly referred to in Article 3 of the GDPR itself.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/edpb.europa.eu\/our-work-tools\/our-documents\/guidelines\/guidelines-32018-territorial-scope-gdpr-article-3-version_en\" target=\"_blank\" rel=\"noopener\"><em>EDPB, guidelines no. 3\/2018 on the territorial scope of the GDPR (Article 3), of 16<sup>th<\/sup> November 2019.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Nullity of the clause infringing privacy provisions<\/strong><\/p>\n<p style=\"text-align: justify;\">The clause whereby transaction of transactions requested by the client is subject to the latter\u2019s necessary consent to the processing of sensitive data that are not adequate and relevant to the purposes for which the data themselves were collected or processed is null and void on the ground of infringement of a mandatory law provision. Consequently, in case of freezing of current account and securities deposit in execution of the above clause, the bank may be held liable for damages suffered by the client for breach of contract.<\/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=.\/20191021\/snciv@s10@a2019@n26778@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. I, order no. 26778 of 21<sup>st<\/sup> October 2019 (text available in Italian only).<\/em><\/a><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Capital_Markets\"><\/span>Capital Markets<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong>Amendments to the Issuers Regulations under public consultation<\/strong><\/p>\n<p style=\"text-align: justify;\">The <em>Commissione Nazionale per la Societ\u00e0 e la Borsa<\/em> (\u201c<u>Consob<\/u>\u201d) has recently launched a public consultation (which will end on 10<sup>th<\/sup> January 2010) on the amendments to be made to the Issuers Regulations (Resolution no. 11971 of 14<sup>th<\/sup> May 1999, as amended) concerning the admission to trading of reserved open-ended alternative investment funds (\u201c<u>AIFs<\/u>\u201d), as well as fine-tuning measures concerning AIFs\u2019 marketing and advertising activities. The proposed amendments are intended to:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">establish when a prospectus is required, or when, if there is a prospectus drawn up in accordance with laws of another EU Member State, it is sufficient to submit a listing document instead;<\/li>\n<li style=\"text-align: justify;\">coordinate the national rules governing AIFs\u2019 listing and marketing;<\/li>\n<li style=\"text-align: justify;\">review the content of the prospectus and listing document schedule in order to make them applicable also to reserved open-ended AIFs;<\/li>\n<li style=\"text-align: justify;\">update the information that undertakings for collective investment in transferable securities (UCITS) admitted to trading on a regulated market are required to make available through publication on the website of the fund and market manager at issue.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><em>Consob, Consultation Paper, \u201camendments concerning the admission to trading of reserved open-ended Alternative Investment Funds (AIFs), as well as further fine-tuning measures concerning the marketing of AIFs and advertising activities\u201d of 9<sup>th<\/sup> December 2019 (text available in Italian only).<\/em><\/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>On the test of evidence for simple presumption to be applied for insider trading<\/strong><\/p>\n<p style=\"text-align: justify;\">In the procedure for simple presumptions, evidence of insider trading must be grounded on a known fact constituting historical evidence, whereas it will not be possible to rely on a fact previously proven on a presumptive basis.<\/p>\n<p style=\"text-align: justify;\"><em><u>Court of Appeal of Brescia, decision no. 1766 of 5<sup>th<\/sup> December 2019.<\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>The Court\u2019s specialised business sections are not competent on financial intermediation <\/strong><\/p>\n<p style=\"text-align: justify;\">The specialised business sections of Civil Courts are competent to settle disputes in which there is a direct link with company relations and shareholdings, whilst the disputes between investors and intermediaries for the recovery of undue payment, as well as damages, do not fall within the competence of such sections. To this end, are not relevant the purchases having as object shares issued by the same intermediary, that has proposed the investment transaction to the client.<\/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=.\/20191125\/snciv@s61@a2019@n30622@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Court of Cassation, Sec. VI, order no. 30622 of 25<sup>th <\/sup>November 2019 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>The civil judge\u2019s jurisdiction on the BoI\u2019s administrative sanctions <\/strong><\/p>\n<p style=\"text-align: justify;\">With regard to the appeal against BoI\u2019s sanctionary measures, the civil judge is competent to rule on disputes relating not only to the sanctionary measure at issue, but also to the acts or regulations that are at the base thereof.<\/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=.\/20191002\/snciv@sU0@a2019@n24609@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Joint Chambers, decision no. 24609 of 2<sup>nd<\/sup> October 2010 (text available in Italian only).<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New intervention for the technological and digital transformation of SMEs.<\/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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