{"id":315,"date":"2020-02-24T15:24:24","date_gmt":"2020-02-24T14:24:24","guid":{"rendered":"https:\/\/carotenutolex.com\/?p=315"},"modified":"2021-04-05T21:06:01","modified_gmt":"2021-04-05T19:06:01","slug":"the-client-update-no-2-2020","status":"publish","type":"post","link":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-2-2020\/","title":{"rendered":"The Client Update no. 2\/2020"},"content":{"rendered":"<p style=\"text-align: right;\"><a href=\"https:\/\/carotenutolex.com\/wp-content\/uploads\/the-client-update-csl-no-2-february-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-6aa7cbe0ec44c\" 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-6aa7cbe0ec44c\"  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-2-2020\/#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-2-2020\/#CorporateLaws_of_contract\" >Corporate\/Laws of contract<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-2-2020\/#Banking_law\" >Banking law<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-2-2020\/#Financial_law\" >Financial law<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-2-2020\/#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-2-2020\/#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-7\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-2-2020\/#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-8\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-2-2020\/#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-9\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-2-2020\/#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-10\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-2-2020\/#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>Law Decree on Tax wedge<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to reduce the tax burden on employees and extend the number of people who receive the so-called &#8220;Irpef bonus&#8221; (i.e., a relief on the tax on individual\u2019s revenue), new provisions have been recently introduced which envisage that, effective 1<sup>st<\/sup> July 2020, public and private employees can benefit from:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">a monthly bonus of 100 Euro, if their annual gross income does not exceed 28,000 Euro; and<\/li>\n<li style=\"text-align: justify;\">a pay packet tax deduction in case of annual income higher that 28,000 Euro, but lower than 40,000 Euro.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-02-05&amp;atto.codiceRedazionale=20G00013&amp;elenco30giorni=false\" target=\"_blank\" rel=\"noopener\"><em>Law Decree no. 35 of 5<sup>th<\/sup> February 2020 (published in the Official Gazette no. 29 of 5<sup>th<\/sup> February 2020), which must be converted into law within 60 days under penalty of ineffectiveness (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the launch of the National Innovation Fund <\/strong><\/p>\n<p style=\"text-align: justify;\">To accelerate the growth of the Italian venture capital ecosystem, <em>Cassa Depositi e Prestiti<\/em> (a joint-stock company under public control; whose acronym in Italian is \u201c<u>CDP<\/u>\u201d) has recently announced the launch of a National Innovation Fund managed by CDP Venture Capital SGR, which is aimed at:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">expanding direct and indirect investment in start-ups companies;<\/li>\n<li style=\"text-align: justify;\">promoting the creation of new investment instruments in order to facilitate the active involvement of Italian companies in corporate venture capital projects;<\/li>\n<li style=\"text-align: justify;\">facilitating the connection between investors and start-ups; and<\/li>\n<li style=\"text-align: justify;\">fostering a dialogue between the latter and firms in which CDP Group has an interest.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/cdp.it\/resources\/cms\/documents\/CS_VENTURE_ENG.pdf\" target=\"_blank\" rel=\"noopener\"><em>CDP&#8217;Press Release of 21<sup>st<\/sup> January 2020 &#8211; &#8220;Announcing the creation of CDP Venture Capital SGR \u2013 Fondo Nazionale Innovazione &#8220;.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Innovative start-ups: the new \u201cSmart&amp;Start Italia\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to promote the development of innovative start-ups in the whole national territory, the Ministry of Economic Development has recently issued a circular, which defines timing and modalities for the submission of applications for the \u201cSmart&amp;Start Italia\u201d grants for the purpose of financing the production of goods and exchange of services with a high technological and innovative content. Effective 20<sup>th<\/sup> January 2020, the related applications can be filed on the national agency for the attraction of investments and undertakings\u2019 development (<em>Agenzia nazionale per l\u2019attrazione investimenti e lo sviluppo di impresa<\/em>; \u201cInvitalia\u201d)\u2019s website.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.sviluppoeconomico.gov.it\/images\/stories\/normativa\/CIRCOLARE-16-dicembre-2019-SMART-START.pdf\" target=\"_blank\" rel=\"noopener\"><em>Ministry of Economic Development &#8211; General Directorate for Enterprise Incentives, circular no. 439196 of 16<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=\"CorporateLaws_of_contract\"><\/span>Corporate\/Laws of contract<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>Consob\u2019s interpretative clarifications on gender quotas<\/strong><\/p>\n<p style=\"text-align: justify;\">By means of Budget Law for 2020 and in the context of the conversion into law of the Tax Decree, a new provision on gender quotas has been recently introduced, on the basis of which listed companies\u2019 management and control bodies must be composed, for at least two-fifth, of member of the less represented gender. In this regard, the <em>Commissione Nazionale per la Societ\u00e0 e la Borsa<\/em> (the national financial markets authority; \u201c<u>Consob<\/u>\u201d) has clarified that, in case of a body belonging to one of the above categories is composed of three members only, the afore-said prescribed ratio should be rounded down (and not up, as currently envisaged under the Issuers Regulations). In order to update the latter, a public consultation has been launched by Consob, which will end on 16<sup>th<\/sup> March 2020.<\/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<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/bollettino\/documenti\/bollettino2020\/c20200130_1.htm\" target=\"_blank\" rel=\"noopener\"><em>Consob\u2019s Communication no. 1 of 30<sup>th<\/sup> January 2020 (text available in Italian only);<\/em><\/a><em><u> and <\/u><\/em><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/consultazioni?viewId=consultazioni_concluse\" target=\"_blank\" rel=\"noopener\"><em>Consultation Paper of 23<sup>rd<\/sup> January 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>New Corporate Governance Code for listed companies<\/strong><\/p>\n<p style=\"text-align: justify;\">The Italian Corporate Governance Committee, established at <em>Borsa Italiana S.p.A<\/em>. (the Italian Stock Exchange\u2019s managing company), has recently published the new Corporate Governance Code, which will apply to listed companies starting from the first financial year following 31<sup>st<\/sup> December 2020. The underlying goal is to promote the adoption of sustainability strategies and a dialogue with the market through engagement policies, as well as to encourage the listing of SMEs and\/or companies with a highly-concentrated ownership.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.borsaitaliana.it\/comitato-corporate-governance\/codice\/2020.pdf\" target=\"_blank\" rel=\"noopener\"><em>C<\/em>o<em>rporate Governance Committee, \u201c<\/em>Corporate Governance Code<em>\u201d of 31<sup>st<\/sup> January 2020 (text available in Italian only). <\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Nullity of a loan agreement granted by a cooperative bank<\/strong><\/p>\n<p style=\"text-align: justify;\">The loan agreement granted, even partially, by a cooperative bank (in the case at issue, <em>Banca Popolare di Vicenza<\/em>) to a client for the purchase of the former\u2019s own shares is null and void, for it breaches Article 2358 of the Italian Civil Code on the prohibition of financial aid provided by.<\/p>\n<p style=\"text-align: justify;\"><em><u>Court of Udine, decision of 8<sup>th<\/sup> January 2020.<\/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>Bank of Italy\u2019s provision on the client\u2019s suitable verification and data storage <\/strong><\/p>\n<p style=\"text-align: justify;\">The Bank of Italy (\u201c<u>BoI<\/u>\u201d) has recently issued a provision on the client\u2019s suitable verification and data storage for anti-money laundering, which applies only to the processing of euro notes by non-financial operators. The latter must adopt specific measures whose frequency and extent is graduated to the level of anti-money laundering risk relating to each client.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/emissione-euro\/gestori-contante\/normativa\/Provvedimento_BI_04022020.pdf\" target=\"_blank\" rel=\"noopener\"><em>Bank of Italy\u2019s provision of 4<sup>th<\/sup> February 2020 \u2013 \u201c<\/em>Provisions on the client\u2019s suitable verification and data storage for non-financial operators registered in the list referred to in Article 8 of Decree-Law no. 350 of 25<sup>th<\/sup> September 2001<em>\u201d (published in the Official Gazette no. 38 of 15<sup>th<\/sup> February 2020; text available in Italian only). <\/em><\/a><u> <\/u><\/p>\n<p style=\"text-align: justify;\"><strong>Published the results of the Supervisory Review and Evaluation Process <\/strong><\/p>\n<p style=\"text-align: justify;\">The European Central Bank (\u201c<u>ECB<\/u>\u201d) has recently published the results of its Supervisory Review and Evaluation Process (\u201cSREP for 2019\u201d), which shows that Common Equity Tier 1 (CET1) capital remained stable (i.e., at the same level of 2018). For the first time ever, ECB has provided therein for aggregate data by business model and bank-by-bank information on the so-called Pillar 2 requirements, pointing out that the overall level of capital adequacy of the significant financial institutions under its supervision is satisfactory, even if some concerns remain with regard to their business models, internal governance and operational risks.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/media\/bce-comunicati\/documenti\/2020\/ssm.pr200128.en.pdf?language_id=1\" target=\"_blank\" rel=\"noopener\"><em>European Central Bank\u2019s press release of 28<sup>th <\/sup>January 2020 \u2013 \u201c<\/em>ECB keeps capital requirements and guidance for banks stable and increases transparency<em>\u201d.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Updated EBA\u2019s Guidelines on fraud reporting in payment services <\/strong><\/p>\n<p style=\"text-align: justify;\">The European Banking Authority (\u201c<u>EBA<\/u>\u201d) has recently updated its Guidelines setting out requirements on how fraud data should be reported by all payment service providers, as well as by the national competent authorities, so as to ensure that card-based payments are reported in compliance with the European Commission\u2019s clarifications on the application of requirements on strong customer authentication (\u201c<u>SCA<\/u>\u201d). In particular, two additional data fields have been introduced for reporting transactions where SCA does not apply.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/sites\/default\/documents\/files\/document_library\/Guidelines%20amending%20EBA%20GL%20on%20Fraud%20reporting%20under%20PSD2.pdf\" target=\"_blank\" rel=\"noopener\"><em>EBA Guidelines amending Guidelines EBA\/GL\/2018\/05 on fraud reporting under the Payment Services Directive (PSD2) of 22<sup>nd<\/sup> January 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>The nullity of the loan for exceeding the limit of financing<\/strong><\/p>\n<p style=\"text-align: justify;\">With regard to a mortgage loan, the limit of financing referred to in Article 38, paragraph 2, of Legislative Decree no. 385 of 1<sup>st<\/sup> September 1993 (the Consolidated Banking Act), which is fixed by the BoI on the basis of the value of the mortgaged assets or the cost of the works to be carried out on the afore-said assets in order to encourage the mobilization of real estate and facilitate the entrepreneurial activity, constitutes an essential element of the contract, with the consequence that the lack of compliance with such element determines the nullity of the loan.<\/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=.\/20200121\/snciv@s10@a2020@n01193@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. I, order no. 1193 of 21<sup>st<\/sup> January 2020 (text available in Italian only)<\/em>.<\/a><\/p>\n<p style=\"text-align: justify;\"><strong>On the report of non-performing loans to the Central Credit Register<\/strong><\/p>\n<p style=\"text-align: justify;\">A bank may report a non-performing loan to the Central Credit Register, if, regardless of the mere delay in payment of the debt or the voluntary default of the same, it ascertains that the client is in a default financial situation or in serious and non-temporary economic difficulties, even if the latter do not coincide with the condition of incapacity and insolvency typical of the bankruptcy regime.<\/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=.\/20191206\/snciv@s10@a2019@n31921@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, decision no. 31921 of 6<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=\"Financial_law\"><\/span>Financial law<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>ESMA\u2019s strategy on sustainable finance<\/strong><\/p>\n<p style=\"text-align: justify;\">The European Securities and Markets Authority (\u201c<u>ESMA<\/u>\u201d) has published its strategy on sustainable finance, which sets out how it will place sustainability at the core of its activities, by embedding the environmental, social, and governance factors (so-called \u201cESG\u201d) in its work. In such strategy, there are highlighted some key priorities that include transparency obligations, risk analysis on green bonds, ESG investing, convergence of national supervisory practices on ESG factors, taxonomy, and supervision.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/library\/esma22-105-1052_sustainable_finance_strategy.pdf\" target=\"_blank\" rel=\"noopener\"><em>ESMA\u2019s Strategy on Sustainable Finance of 6<sup>th<\/sup> February 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Resolution of swap contracts<\/strong><\/p>\n<p style=\"text-align: justify;\">Statements given by a bank\u2019s client within a framework agreement are not suitable to outline either the client\u2019s financial situation or his\/her status as professional investor, for such agreement is represented by general terms and conditions provided by the bank. Consequently, if the latter has failed to inform the client of the swap\u2019s underlying risks, the afore-said framework agreement and the actual swap contract can be terminated on the ground of the bank\u2019s serious breach of the agreement, for it can be assumed that a properly informed client would not have been exposed him\/herself to the risk of losing, in whole, the capital invested.<\/p>\n<p style=\"text-align: justify;\"><em><u>Court of Appeal of Cagliari, decision no. 5 of 9<sup>th<\/sup> January 2020.<\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>Recent case-law on \u201cselective nullity\u201d of investment contracts<\/strong><\/p>\n<p style=\"text-align: justify;\">The general principles established by the Jointed Chambers of the Supreme Court have been applied in some recent decisions having as object the possibility for the intermediary to oppose the exception of good faith to the client, in case the latter claims the nullity of specific purchase orders of financial instruments (the so-called \u201cselective nullity\u201d), causing an unjustified damage to the intermediary itself. In particular, it has been specified that:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">such exception cannot be raised <em>ex officio<\/em>;<\/li>\n<li style=\"text-align: justify;\">it may be raised even in the absence of a framework agreement or if the client&#8217;s signature is apocryphal; and<\/li>\n<li style=\"text-align: justify;\">the selective nullity can be also ratified by the client by means of conclusive facts, since it is provided for its own protection.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><em><u>Securities and Financial Ombudsman, decision no. 2127 of 8<sup>th<\/sup> January 2020.<\/u><\/em><\/p>\n<p style=\"text-align: justify;\"><em><u>Court of Appeal of Lecce, decision no. 282 of 30<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=\"Data_protection\"><\/span>Data protection<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong>Final report on Big Data<\/strong><\/p>\n<p style=\"text-align: justify;\">For the purpose of monitoring the growing role of data in the production and exchange of goods and services, the final report on \u201cBig Data\u201d survey conducted jointly by the national authorities competent for communications, competition and data protection has been recently published, which contains some remarks on the impact of such data on the electronic communications and media sector, protection of personal data, as well as on consumer protection and antitrust law. In addition, the afore-said authorities have issued some guidelines addressed to the law-maker, committing themselves to establish a permanent cooperation table for monitoring the impact of big data on companies, consumers and citizens, at large.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.garanteprivacy.it\/web\/guest\/home\/docweb\/-\/docweb-display\/docweb\/9264204\" target=\"_blank\" rel=\"noopener\"><em>Data Protection Authority\u2019s Press Release of 10t<sup>h <\/sup>February 2020 &#8211; &#8220;<\/em>Big data: AGCOM, AGCM and Data protection Authority\u2019s survey is published<em>&#8221; (text available in Italian only).<\/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>In consultation the amendments to the guidelines on risk factors<\/strong><\/p>\n<p style=\"text-align: justify;\">EBA has recently issued a public consultation on the European Supervisory Authorities (\u201cESAs\u201d)\u2019s Guidelines on AML risk factors, which will end on 5<sup>th<\/sup> May 2020. The main novelties concern the introduction of new guidance having as object:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">how to comply with the provisions on enhanced customer due diligence related to high-risk third countries;<\/li>\n<li style=\"text-align: justify;\">crowdfunding platforms, corporate finance, payment initiation services providers (PISPs) and account information service providers (AISPs), as well as currency exchange firms.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/calendar\/draft-guidelines-under-articles-17-and-184-directive-eu-2015849-customer\" target=\"_blank\" rel=\"noopener\"><em>EBA\u2019s Consultation Paper of 5<sup>th<\/sup> February 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>Recent amendments to Consob Regulation on crowdfunding<\/strong><\/p>\n<p style=\"text-align: justify;\">Among the main amendments recently introduced to the Regulation on the raising of capital through online portals (the so-called \u201cCrowdfunding Regulation\u201d), it is worth pointing out the elimination of the mandatory participation in a compensation scheme that portal managers had to meet in order to enter the <em>ad hoc<\/em> Register kept by Consob. Therefore, it remains in place the obligation on the already authorised portal operators to activate an adequate insurance policy by 1<sup>st<\/sup> July 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/bollettino\/documenti\/bollettino2020\/d21259.htm\" target=\"_blank\" rel=\"noopener\"><em>Consob, decision no. 21259 of 6<sup>th<\/sup> February 2020 (published in the Official Gazette no. 38 of 15<sup>th<\/sup> February 2020; text available in Italian only).<\/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>The prohibition on double penalties (\u201c<em>ne bis in idem<\/em>\u201d) must be observed even if the one applied in the criminal proceeding has been suspended<\/strong><\/p>\n<p style=\"text-align: justify;\">In the market abuse field, the provision whereby, should criminal and administrative charges apply for one and the same offence, the pecuniary sanction to be imposed for such offence must be limited to the part exceeding that already applied by the administrative authority, does not avoid the infringement of the <em>ne bis in idem<\/em> principle \u2013 whereby sanctions cannot be imposed twice for one and the same illicit conduct \u2013, where the above combination of charges includes also a conviction. Therefore, it is left to the competent judge to assess the proportionality of the imposed penalties with the seriousness of the offence committed, even if the penalty in the criminal proceedings has been suspended.<\/p>\n<p style=\"text-align: justify;\"><em><u>Milan Court of Appeal, decision of 22<sup>nd<\/sup> May 2019.<\/u><\/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>Securitisations: the assigned debtor cannot raise exception to the assignee creditor concerning the relationship with the assignor<\/strong><\/p>\n<p style=\"text-align: justify;\">Credit receivables that are object of a securitisation transaction constitute segregated assets from the SPV\u2019s one. Indeed, the latter being exclusively destined to satisfy the rights incorporated in the securities issued to finance the purchase of the receivables, as well as to pay the transaction\u2019s costs, with the result that the assigned debtor cannot raise to the assignee creditor any exception relating to a set-off or a counterclaim based on the receivables he\/she could claim against the assignor.<\/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=.\/20190830\/snciv@s30@a2019@n21843@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. III, decision no. 21843 of 30<sup>th<\/sup> August 2019 (text available in Italian only).<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Law Decree on Tax wedge.<\/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. 2\/2020 - Carotenuto Studio Legale<\/title>\n<meta name=\"description\" content=\"Law Decree on Tax wedge\" \/>\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-2-2020\/\" \/>\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. 2\/2020\" \/>\n<meta property=\"og:description\" content=\"Law Decree on Tax wedge\" \/>\n<meta property=\"og:url\" content=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-2-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Carotenuto Studio Legale\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-24T14:24:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-05T19:06:01+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-2-2020\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-2-2020\/\"},\"author\":{\"name\":\"Carotenuto Studio Legale\",\"@id\":\"https:\/\/carotenutolex.com\/en\/#\/schema\/person\/b5054dce8b91d81b67e68fc17191d0dc\"},\"headline\":\"The Client Update no. 2\/2020\",\"datePublished\":\"2020-02-24T14:24:24+00:00\",\"dateModified\":\"2021-04-05T19:06:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-2-2020\/\"},\"wordCount\":2277,\"publisher\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-2-2020\/#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-2-2020\/\",\"url\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-2-2020\/\",\"name\":\"The Client Update no. 2\/2020 - 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