{"id":314,"date":"2020-01-24T16:10:24","date_gmt":"2020-01-24T15:10:24","guid":{"rendered":"https:\/\/carotenutolex.com\/?p=314"},"modified":"2021-04-05T20:59:58","modified_gmt":"2021-04-05T18:59:58","slug":"the-client-update-no-1-2020","status":"publish","type":"post","link":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/","title":{"rendered":"The Client Update no. 1\/2020"},"content":{"rendered":"<p style=\"text-align: right;\"><a href=\"https:\/\/carotenutolex.com\/wp-content\/uploads\/the-client-update-csl-no-1-january-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-6aabd4f73c8d3\" 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-6aabd4f73c8d3\"  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-1-2020\/#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-1-2020\/#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-3\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/#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-4\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/#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-5\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/#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-6\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/#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-7\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/#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-1-2020\/#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-1-2020\/#Capital_Markets\" >Capital Markets<\/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-1-2020\/#Corporate_criminal_law\" >Corporate criminal law<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/#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>The European Green Deal Investment Plan<\/strong><\/p>\n<p style=\"text-align: justify;\">The European Commission has recently published the European Green Deal Investment Plan for the transition to a climate neutral, green, competitive and inclusive economy, which aims to:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">mobilise at least one trillion Euros of sustainable investments over the next decade;<\/li>\n<li style=\"text-align: justify;\">provide incentives to unlock and redirect public and private investment; and<\/li>\n<li style=\"text-align: justify;\">create an enabling framework to facilitate the public and private investments to implement sustainable projects.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/IP_20_17\" target=\"_blank\" rel=\"noopener\"><em>European Commission\u2019s Press Release<\/em> <em>of 14<sup>th<\/sup> January 2020 &#8211; \u201cFinancing the green transition: The European Green Deal Investment Plan and Just Transition Mechanism\u201d.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>The so-called \u201c<em>Milleproroghe<\/em>\u201d Decree<\/strong><\/p>\n<p style=\"text-align: justify;\">The annual Law Decree providing for an extension of terms of law, and introducing new organisational rules for the public administrations, as well as on technological innovation, was issued at the end of 2019. Accordingly:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">the entry into force of the new class action has been extended to October 2020;<\/li>\n<li style=\"text-align: justify;\">the time limit for the Government to appoint the Data Protection Authority\u2019s and the Communications Regulatory Authority\u2019s directors has been extended to 31 March 2020; and<\/li>\n<li style=\"text-align: justify;\">the starting date of the electricity and natural gas free market for domestic customers and small enterprises has been postponed to 1<sup>st<\/sup> January 2022.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2019-12-31&amp;atto.codiceRedazionale=19G00171&amp;elenco30giorni=false\" target=\"_blank\" rel=\"noopener\"><em>Law Decree no 162 of 30<sup>th<\/sup> December 2019 (published in the Official gazette no. 305 of 31<sup>st<\/sup> December 2019), which must converted into law under penalty of ineffectiveness (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>The 2020 Budget Law <\/strong><\/p>\n<p style=\"text-align: justify;\">The 2020 Budget Law has been recently published, which sets forth provisions in favour of small and medium-sized enterprises (\u201c<u>SMEs<\/u>\u201d), among which:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">the transformation of super and hyper depreciation into a tax credit for investments in capital goods;<\/li>\n<li style=\"text-align: justify;\">the extension of the so-called \u201ctraining bonus 4.0\u201d;<\/li>\n<li style=\"text-align: justify;\">the introduction of a new tax credit for research, innovation and design, as well as the confirmation for the whole year of the tax credit to participate to international events organised in the sector;<\/li>\n<li style=\"text-align: justify;\">the provision (by means of the Law known as \u201c<em>Nuova Sabatini\u201d<\/em> ) of the Ministry of Economic Development\u2019s funding in favor of SMEs (as well as micro-enterprises) for investments in new machinery, factories and equipment; and<\/li>\n<li style=\"text-align: justify;\">the strengthening of public funding for innovative investments in Southern Italy and the purchase of machinery, factories and equipment with low environmental impact.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2019-12-30&amp;atto.codiceRedazionale=19G00165&amp;elenco30giorni=false\" target=\"_blank\" rel=\"noopener\"><em>Law no. 160 of 27<sup>th<\/sup> December 2019 (published in the Ordinary Supplement no. 45 to the Official Gazette no. 304 of 30<sup>th<\/sup> December 2019; 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>First interventions against<em> Banca Popolare di Bari<\/em>\u2019s crisis<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to promote the recovery of <em>Banca Popolare di Bari<\/em> (\u201c<u>BPB<\/u>\u201d), which has been recently put into special administration by the Bank of Italy (\u201c<u>BoI<\/u>\u201d), a law decree was issued last month, which established that the national agency for the attraction of investments and the undertakings\u2019 development (<em>Agenzia nazionale per l\u2019attrazione investimenti e lo sviluppo di impresa; <\/em>\u201c<em>Invitalia<\/em>\u201d) will provide capital grants in favour of BPB aimed at strengthening of <em>Banca del Mezzogiorno<\/em>\u2019s stock capital with a view to supporting the credit and entrepreneurial system in place in Southern Italy.<\/p>\n<p style=\"text-align: justify;\">Contextually, the BdI has published on its website an in-depth analysis on the supervisory activity carried out on BPB since 2010 and the reasons for the latter\u2019s current crisis.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2019-12-16&amp;atto.codiceRedazionale=19G00162&amp;elenco30giorni=false\" target=\"_blank\" rel=\"noopener\"><em>Law Decree no. 142 of 16<sup>th<\/sup> December 2019 (published in the Official Gazette no. 294 of 16<sup>th<\/sup> December 2019 (text available in Italian only)).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/media\/approfondimenti\/2019\/pop-bari\/approfondimenti-popBari.pdf\" target=\"_blank\" rel=\"noopener\"><em>Bank of Italy\u2019s Note of 16<sup>th<\/sup> December 2019 \u2013 \u201cIn-depth analysis on the <\/em>Banca Popolare di Bari\u2019s<em> crisis\u201d (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>BoI\u2019s consultation on its Risk Circular<\/strong><strong> just ended<\/strong><\/p>\n<p style=\"text-align: justify;\">The public consultation on the proposed amendments to the BoI\u2019s Risk Circular (the no. 139 of 11<sup>th<\/sup> February 1991), aimed at ensuring the protection of data stored into the Central Credit Registered Data and guaranteeing the efficiency of access to the above data, has recently terminated. Among the main amendments, it is worth mentioning those relating to the modalities of access to their data from the reported subjects, as well as to the request to access such data by legal entities or delegated third parties.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/consultazioni\/2019\/proposta-mod-139-19-aggto\/Documento_consultazione_Circ_139_19_aggto.pdf\" target=\"_blank\" rel=\"noopener\"><em>Bank of Italy\u2019s Consultation Paper of 20<sup>th<\/sup> November 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>Changes to the European System of Financial Supervision <\/strong> <strong>(\u201cESFS\u201d)<\/strong><\/p>\n<p style=\"text-align: justify;\">A package of EU law provisions has been recently issued, which modifies tasks, powers, governance and financing of the Supervisory Authorities in the banking and financial services sector (i.e., the European Banking Authority, the European Insurance and Occupational Pensions Authority, the European Securities and Markets Authority (jointly referred to as the European Supervisory Authorities (\u201c<u>ESAs<\/u>\u201d)), as well as of the European Systemic Risk Board, and strengthens the ESAs\u2019 powers, as well as the European Banking Authority\u2019s role in the AML field.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32019R2175&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>Regulation (EU) 2019\/2175 of the European Parliament and of the Council of 18<sup>th<\/sup> December 2019 amending Regulation (EU) no. 1093\/2010 establishing a European Supervisory Authority (European Banking Authority), Regulation (EU) no. 1094\/2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), Regulation (EU) no. 1095\/2010 establishing a European Supervisory Authority (European Securities and Markets Authority), Regulation (EU) no. 600\/2014 on markets in financial instruments (\u201cMIFIR\u201d), Regulation (EU) 2016\/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds, and Regulation (EU) 2015\/847 on information accompanying transfers of funds (published in the Official Journal no. 334 of 27<sup>th<\/sup> December 2019).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32019R2176&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>Regulation (EU) 2019\/2176 of the European Parliament and of the Council of 18<sup>th<\/sup> December 2019 amending Regulation (EU) no. 1092\/2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (published in the Official Journal no. 334 of 27<sup>th<\/sup> December 2019).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32019L2177&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>Directive (EU) 2019\/2177 of The European Parliament and of the Council of 18<sup>th<\/sup> December 2019 amending Directive 2009\/138\/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), Directive 2014\/65\/EU on markets in financial instruments (\u201cMIFID II\u201d) and Directive (EU) 2015\/849 on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing (published in the Official Journal no. 334 of 27<sup>th<\/sup> December 2019).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Amendments to the Regulation on Securities and Financial Ombudsman 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 3<sup>rd<\/sup> February 2020, proposing some amendments to its Regulation on Securities and Financial Ombudsman aimed at simplifying the procedure before it and improving how it works. Among the main amendments, it is worth noting:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">the update of the key definitions contained therein in order to bring them into line with the most recent changes made to the Consolidated Financial Act;<\/li>\n<li style=\"text-align: justify;\">the extension of the Ombudsman\u2019s scope of activity and competences;<\/li>\n<li style=\"text-align: justify;\">the composition of its Board and the professionalism and integrity requirements to be held by the latter\u2019s members;<\/li>\n<li style=\"text-align: justify;\">the rules governing the proceedings before it; and<\/li>\n<li style=\"text-align: justify;\">the enforcement of its decisions.<\/li>\n<\/ol>\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<\/em> <em>of 19<sup>th<\/sup> December 2019 &#8211; \u201cAmendments concerning the Regulation on Securities and Financial Ombudsman (Resolution no. 19602 of 4<sup>th<\/sup> May 2016)\u201d (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>Consob and the BoI\u2019s common strategy on cyber security<\/strong><\/p>\n<p style=\"text-align: justify;\">Consob and the BoI has just defined a common strategy for the strengthening of the cyber security of the Italian financial system, fight the cyber threats related to the use of new technologies and, in general, ensure the reliability of the above system. To this end, regulatory and supervisory measures will be established for promoting public-private cooperation and awareness on cyber risks with regard to payment systems, central counterparties, central depositories and trading venues.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/documents\/46180\/46181\/press_release_cnsb_bi_20200116.pdf\/0a0bda4b-2a38-46c2-88b0-c849bd4d479d\" target=\"_blank\" rel=\"noopener\"><em>Consob\u2019s and Bank of Italy\u2019s Press Release of 16<sup>th <\/sup>January 2020 \u2013 \u201cCyber Security: Consob-Bank of Italy joint strategy for the cyber security of the financial sector&#8221;.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Consob\u2019s report on crypto-activities<\/strong><\/p>\n<p style=\"text-align: justify;\">Consob has recently published a<a href=\"http:\/\/www.consob.it\/documents\/46180\/46181\/ICOs_rapp_fin_20200102.pdf\/70466207-edb2-4b0f-ac35-dd8449a4baf1\" target=\"_blank\" rel=\"noopener\"> report<\/a> on the initial coin offering (\u201cICOs\u201d) and exchanges of crypto-activities that are not comparable to financial instruments, as a contribution to the long-awaited issuance of the related regulatory regime. The report proposes definitions of the said activities, as well as provisions concerning offering and trading platforms, and digital portfolio services for safe keeping and transfer of crypto-assets.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/documents\/46180\/46181\/ICOs_rapp_fin_20200102.pdf\/70466207-edb2-4b0f-ac35-dd8449a4baf1\" target=\"_blank\" rel=\"noopener\"><em>Consob\u2019s Final Report<\/em> <em>of 2<sup>nd<\/sup> January 2020, \u201cThe initial coin offers and exchanges of crypto-activities\u201d (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>The European Commission has launched two consultations on digital finance<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to promote digital finance in Europe and make the financial sector more secure and resilient, the European Commission has recently launched two public consultation (that will end on 12<sup>th<\/sup> March 2020), having as object the development of an EU regulatory framework for crypto-assets, as well as the requirements on information and communication technology and security risk management.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/ec.europa.eu\/info\/law\/better-regulation\/initiatives\/crypto-assets-2019\/public-consultation_en\" target=\"_blank\" rel=\"noopener\"><em>European Commission&#8217;s Public Consultation on &#8220;Financial services \u2013 EU regulatory framework for crypto-assets&#8221; of 19<sup>th <\/sup>December 2019.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><em><u>European Commission&#8217;s Public Consultation on &#8220;Financial services \u2013 improving resilience against cyberattacks&#8221; of 19<sup>th<\/sup> December 2019.<\/u><\/em><\/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>Configurability of entities\u2019 liability also for tax offences<\/strong><\/p>\n<p style=\"text-align: justify;\">By means of the newly-enacted \u201cTax Decree\u201d, the following tax offences has been included among the predicate offences referred to in Legislative Decree no. 231\/01:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">fraudulent declaration through the use of invoices or other documents for non-existent transactions (even for amounts lower than EUR100,000);<\/li>\n<li style=\"text-align: justify;\">fraudulent declaration by means of other deceptions;<\/li>\n<li style=\"text-align: justify;\">issue of invoices or other documents for non-existent operations;<\/li>\n<li style=\"text-align: justify;\">concealment and destruction of accounting documents; and<\/li>\n<li style=\"text-align: justify;\">fraudulent deduction from the tax returns.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">An increase of the envisaged penalties has been also introduced, whether the legal entity in question gains a significant profit as a result of the commission of one or more of the aforesaid offences.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2019-12-24&amp;atto.codiceRedazionale=19G00164&amp;elenco30giorni=false\" target=\"_blank\" rel=\"noopener\"><em>Law no. 157 of 19<sup>th<\/sup> December 2019, conversion into law, with amendments, of Law Decree no. 124 of 26<sup>th<\/sup> October 2019, containing urgent provisions on tax matters and for non-deferrable needs (published in the Official Gazette no. 301 of 24<sup>th<\/sup> December 2019).<\/em><\/a><\/p>\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>Court\u2019s judgements on the personal data\u2019s economic value<\/strong><\/p>\n<p style=\"text-align: justify;\">Partially confirming the Italian Antitrust Authority\u2019s decision of 2018, which sanctioned Facebook for unfair commercial practices, the Regional Administrative Court of Lazio has recently ruled that, with regard to the contract for use of a social network service, the economic value of the subscribers\u2019 personal data implies that the social network provider must comply with the duties of clarity, completeness and no-deceptiveness of the information to be provided to the end-users for consumer protection\u2019s purpose. Consequently, the provider must priorly inform end-users that the latter\u2019s personal data will be used for commercial purposes.<\/p>\n<p style=\"text-align: justify;\"><em><u>Regional Administrative Court of Lazio\u2019s decisions nos. 260 and 261 of 10<sup>th<\/sup> January 2020.<\/u><\/em><\/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>On the implementation of the Financial Action Task Force (\u201cFATF\u201d)\u2019s recommendations<\/strong><\/p>\n<p style=\"text-align: justify;\">The FATF has recently published a table containing the ratings obtained by each assessed country with regard to the level of effectiveness of national AML legislation and compliance with its own recommendations. In particular, with reference to the AML Italian legislation, it appears to need moderate improvements, as far as its effectiveness is concerned, being it largely compliant with FATF\u2019s recommendations.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.fatf-gafi.org\/media\/fatf\/documents\/4th-Round-Ratings.pdf\" target=\"_blank\" rel=\"noopener\"><em>FATF, Consolidated table of assessment ratings updated on 7<sup>th<\/sup> January 2020.<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Capital_Markets\"><\/span>Capital Markets<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>New regime of EU covered bonds <\/strong><\/p>\n<p style=\"text-align: justify;\">For the purpose of implementing the Capital Markets Union and ensuring a greater investor protection, the following EU provisions (which will entered into application from 8<sup>th<\/sup> July 2022) have recently been adopted:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">a regulation on the additional requirements to be held by EU covered bonds in order to benefit from the favourable capital treatment already envisaged under the applicable laws; and<\/li>\n<li style=\"text-align: justify;\">a directive, which sets out the requirements for issuing the afore-said covered bonds, as well as for the latter\u2019s structural features, aimed at establishing a common framework, for the smooth and continuous development of a bond market and a reduction of potential risks to financial stability.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32019R2160&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>Regulation (EU) 2019\/2160 of the European Parliament and of the Council of 27<sup>th<\/sup> November 2019 amending Regulation (EU) no. 575\/2013 as regards exposures in the form of covered bonds (published in the Official Journal no. 328 of 18<sup>th<\/sup> December 2019).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32019L2162&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>Directive (EU) 2019\/2162 of the European Parliament and of the Council of 27<sup>th<\/sup> November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009\/65\/EC and 2014\/59\/EU (published in the Official Journal no. 328 of 18<sup>th<\/sup> December 2019).<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Corporate_criminal_law\"><\/span>Corporate criminal law<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>Market abuse: prohibition on double penalties and proportionality of the sanctionary regime<\/strong><\/p>\n<p style=\"text-align: justify;\">With regard to market abuse, there is no violation of the principle of <em>\u201cne bis in idem<\/em>\u201d (whereby sanctions cannot be imposed twice for one and the same illicit conduct), whenever the penalties inflicted on the offender at the end of the criminal proceeding, as well as of the administrative one before Consob is proportionate to the overall disvalue of the relevant fact, with the consequence that it is left to the competent judge to assess such proportionality on the basis not only of the criminal offence, but also of the administrative (yet substantially criminal) one.<\/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=.\/20200109\/snpen@s50@a2020@n00397@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Penal Court of Cassation, Sec. V, decision no. 397 of 9<sup>th<\/sup> January 2020 (text available in Italian only).<\/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>Qualification of \u201cserious and irreparable damages\u201d for the stay execution of a judgement <\/strong><\/p>\n<p style=\"text-align: justify;\">For the purpose of ascertaining the existence of the serious and irreparable damage, necessary for granting the stay of execution of a decision appealed before the Court of Cassation, one must provide evidence of the state of inactivity of the creditor company, the latter\u2019s balance sheets with a loss, as well as absence of own real estate properties that can be subjected to a forced expropriation. Such elements shall be considered as indexes of the creditor company\u2019s insolvency and, foreseeable irrecoverableness of the sums paid to such company in execution of the appealed decision.<\/p>\n<p style=\"text-align: justify;\"><em><u>Rome Court of Appeal, decision of 13<sup>th<\/sup> November 2019.<\/u><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Green Deal Investment Plan.<\/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) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Client Update no. 1\/2020 - Carotenuto Studio Legale<\/title>\n<meta name=\"description\" content=\"The European Green Deal Investment Plan\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Client Update no. 1\/2020\" \/>\n<meta property=\"og:description\" content=\"The European Green Deal Investment Plan\" \/>\n<meta property=\"og:url\" content=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Carotenuto Studio Legale\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-24T15:10:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-05T18:59:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Carotenuto Studio Legale\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Carotenuto Studio Legale\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/\"},\"author\":{\"name\":\"Carotenuto Studio Legale\",\"@id\":\"https:\/\/carotenutolex.com\/en\/#\/schema\/person\/b5054dce8b91d81b67e68fc17191d0dc\"},\"headline\":\"The Client Update no. 1\/2020\",\"datePublished\":\"2020-01-24T15:10:24+00:00\",\"dateModified\":\"2021-04-05T18:59:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/\"},\"wordCount\":2243,\"publisher\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png\",\"keywords\":[\"newsletter\"],\"articleSection\":[\"The Client Update\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/\",\"url\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-1-2020\/\",\"name\":\"The Client Update no. 1\/2020 - 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