{"id":316,"date":"2020-05-29T17:43:24","date_gmt":"2020-05-29T15:43:24","guid":{"rendered":"https:\/\/carotenutolex.com\/?p=316"},"modified":"2021-04-05T21:12:34","modified_gmt":"2021-04-05T19:12:34","slug":"the-client-update-no-4-2020","status":"publish","type":"post","link":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/","title":{"rendered":"The Client Update no. 4\/2020"},"content":{"rendered":"<p style=\"text-align: right;\"><a href=\"https:\/\/carotenutolex.com\/wp-content\/uploads\/the-client-update-csl-no-4-may-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-6adac3cee4ded\" 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-6adac3cee4ded\"  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-4-2020\/#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-4-2020\/#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-4-2020\/#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-4-2020\/#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-4-2020\/#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-6\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#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-7\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#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-8\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#Data_protection\" >Data protection<\/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-4-2020\/#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-4-2020\/#Procedural_law\" >Procedural law<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#List_of_abbreviations\" >List of abbreviations<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Top_stories\"><\/span>Top stories<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>Relaunch Decree published in the Official Gazette<\/strong><\/p>\n<p style=\"text-align: justify;\">Among many measures adopted, the so-called \u201cRelaunch Decree\u201d provides for (i) the granting of a non-repayable contribution in favor of entrepreneurs and measures to strengthen SMEs and innovative start-ups, (ii) new alternative individual savings plans aimed at fostering investments both in venture and debt capital in the real economy, and (iii) with regard to the entering into of a financial contract with a retail clients, the possibility that the latter can give his\/her consent by email and the intermediary must provide him\/her with a copy of the contract on a durable medium.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/eli\/id\/2020\/05\/19\/20G00052\/sg\" target=\"_blank\" rel=\"noopener\"><em>Law Decree no. 34 of 19<sup>th<\/sup> May 2020 (published in the Official Gazette no. 128 of 19<sup>th<\/sup> May 2020, text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Main EU and Italian law provisions issued on the wake of the health emergency<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">ESMA Statement, aimed at strengthening compliance by intermediaries with product governance, information disclosure, and suitability\/appropriateness obligations vis-\u00e0-vis retail clients, as well as introducing a duty of communication of the consequences of the health emergency on the clients\u2019 personal situation.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/documents\/46180\/46181\/esma35-43-2391.pdf\/9f1a4fd5-953e-41fe-b74c-917046d65336\" target=\"_blank\" rel=\"noopener\"><em>ESMA Statement of 6<sup>th<\/sup> May 2020, on firm&#8217;s conduct of business obligations in the Covid-19 context of retail investor activity.<\/em><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">EBA Statement on the prudential identification of defaulted loans, classification of forborne loans (<em>i.e.<\/em>, those granted by banks) and their accounting treatment, so as to ensure the identification of credit impaired assets in banks\u2019 balance sheets.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/sites\/default\/documents\/files\/document_library\/News%20and%20Press\/Press%20Room\/Press%20Releases\/2020\/EBA%20provides%20clarity%20to%20banks%20and%20consumers%20on%20the%20application%20of%20the%20prudential%20framework%20in%20light%20of%20COVID-19%20measures\/Statement%20on%20the%20application%20of%20the%20prudential%20framework%20regarding%20Default%2C%20Forbearance%20and%20IFRS9%20in%20light%20of%20COVID-19%20measures.pdf\" target=\"_blank\" rel=\"noopener\"><em>EBA Statement of 25<sup>th<\/sup> March 2020 on the application of the prudential framework regarding default, forbearance and IFRS9 in light of Covid-19 measures. <\/em><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">BoI Communication granting an extension of the time limit for sending \u201charmonised\u201d supervisory reports by less significant banks and investment firms.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/circolari\/c115\/Com_21aprile2020_covid19_misure_segnalazioni_vigilanza.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI Communication of 21<sup>th<\/sup> April 2020 on surveillance alert measures in the Covid-19 emergency (text available in Italian only).<\/em><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">IBA Circular on the operating procedures to access bank guarantees related to loans to be granted to companies affected by the health emergency, which must be based on a self-declaration by the beneficiary made through the so-called \u201cGuarantee Portal\u201d.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.abi.it\/DOC_Mercati\/Crediti\/COVID-19-%20Misure%20per%20le%20imprese%20famiglie%20enti%20locali\/COVID-19-%20Misure%20per%20le%20imprese%20-%20Famiglie\/Prot%20UCR%20000899_9%20maggio%202020.pdf\" target=\"_blank\" rel=\"noopener\"><em>IBA Communication of 21<sup>th<\/sup> April 2020 on operating modalities for the issuance of guarantee of \u201cLiquidity Decree\u201d (text available in Italian only).<\/em><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">FIU Communication on the strengthening by intermediaries of anti-money laundering procedures, as well as on the (promptly) reporting of suspicious transactions, including alleged frauds related to fundraising in the health emergency.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/uif.bancaditalia.it\/normativa\/norm-indicatori-anomalia\/Comunicazione-UIF-16.04.2020.pdf\" target=\"_blank\" rel=\"noopener\"><em>FIU Communication of 16<sup>th<\/sup> April 2020 on the prevention of organized crime related to Covid-19 emergency (text available in Italian only).<\/em><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">Consob-BoI\u2019s Joint Communication, inviting UCIs to publish annual and semi-annual financial reports within the prescribed deadlines.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/media\/comunicati\/documenti\/2020-01\/comunicazione-congiunta-CONSOB-BI_20200414.pdf\" target=\"_blank\" rel=\"noopener\"><em>Consob and the BoI\u2019s Joint Communication of 14<sup>th<\/sup> April 2020 on UCIs\u2019 periodic reports (text available in Italian only).<\/em><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">Consob Communication warning on the risk of fraud related to fictitious online offers of financial products apparently linked to the health emergency.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/newsletter\/documenti\/news\/2020\/anno_xxvi_n-14_14_aprile_2020.htm#notizia1\" target=\"_blank\" rel=\"noopener\"><em>Consob Communication of 14<sup>th<\/sup> April 2020 about savers protection from frauds (text available in Italian only).<\/em><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">BoI Recommendation inviting intermediaries to (i) advertise the remedies adopted to manage the health emergency and facilitate retail clients&#8217; access to the support measures provided by \u201c<em>Cura Italia<\/em>\u201d and &#8220;Liquidity&#8221; Decrees, and (ii) ensure compliance with anti-money laundering provisions.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/orientamenti-vigilanza\/Comunicazione-intermediari-aprile.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI Recommendation of 10<sup>th<\/sup> April 2020 on issues relating to economic support measures provided for Government for the Covid-19 emergency (text available in Italian only).<\/em><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">BoI Communication, inviting intermediaries to take into account, for the periodic reporting to the Central Credit Registered Data, of the financial support measures provided for by \u201c<em>Cura Italia<\/em>\u201d Decree, including those relating to the impossibility of a total or partial withdrawal from loans, the extension of no-installment loans, as well as to the temporary non-recovery of installment or leasing payments.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/circolari\/c139\/Decreto-Cura-Italia-Precisazioni-in-merito-alle-segnalazioni-alla-Centrale-dei-rischi.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI Communication of 23<sup>th<\/sup> March 2020 on reports to the Central Credit Registered Data (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>The illegitimacy of the <\/strong><strong>compound interests capitalisation regime<\/strong><\/p>\n<p style=\"text-align: justify;\">The unlawful adoption of the compound interests capitalisation regime implies the nullity of the interest rate clause, with the consequent replacement <em>ipso iure<\/em> of the conventional rate with the legal one.<\/p>\n<p style=\"text-align: justify;\"><em>Court of Campobasso, decision no. 158 of the 26<sup>th<\/sup> March 2020.<\/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>Recent amendments to the Consolidated Law on Banking and Legislative Decrees on payment services<\/strong><\/p>\n<p style=\"text-align: justify;\">Some changes have been recently introduced to the Consolidated Law on Banking concerning electronic money institutions, account information service providers, controls on contractual transparency, as well as pecuniary administrative sanctions for breach of the provisions contained therein. In addition, sanctions applicable to interchange fees on card-based payment transactions, as set out in the Legislative Decrees on payment services in the EU internal market, have also been amended.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-05-26&amp;atto.codiceRedazionale=20G00053&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>Legislative Decree no. 36 of 8<sup>th<\/sup> April 2020 amending the TUB and Legislative Decrees on payment services (published in the Official Gazette no. 134 of 26<sup>th<\/sup> May 2020 (text available in Italian only)).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>The German Federal Constitutional Court rules on the ECB\u2019s Quantitative Easing program<\/strong><\/p>\n<p style=\"text-align: justify;\">Ruling on a petition filed by a private individual, the German Constitutional Court has recommended that the Bundestag and the Federal Government ask the ECB to adequately assess, in compliance with the principle of proportionality, the measures adopted under the Public Sector Purchase Program (establishing, <em>inter alia<\/em>, large-scale purchases of public debt securities of highly indebted EU Countries, including Italy), with regard to their impact on the national public finance policy.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bundesverfassungsgericht.de\/SharedDocs\/Entscheidungen\/EN\/2020\/05\/rs20200505_2bvr085915en.html\" target=\"_blank\" rel=\"noopener\"><em>German Federal Constitutional Court, decision 2 BvR 859\/15 of 5<sup>th <\/sup>May 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>BoI Instructions for implementing PSD2<\/strong><\/p>\n<p style=\"text-align: justify;\">In implementation of the PSD2, the BoI has recently specified how payment service providers can avail themselves of the exemption from the contingency procedure obligation (online interface for third-party service providers&#8217; access), as well as from the strong client authentication one envisaged for corporate payments and from the reporting procedure of issues with dedicated interfaces.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/circolari\/c285\/direttiva-psd2\/Istruzioni_Procedure_BI_PSD2.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI Instructions of 8<sup>th<\/sup> April 2020 on procedures relating to PSD2 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>BoI Supervisory Instructions on securitisations<\/strong><\/p>\n<p style=\"text-align: justify;\">The BoI has recently clarified that intermediaries carrying out securitisation transactions must apply the prudential supervision provisions set forth at national level, pending the identification of the competent national authority responsible for the supervision on risk retention, transparency requirements, prohibition of re-securitisation and compliance with the criteria for granting loans envisaged under EU law.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/comunicazioni\/com-20200410\/index.html?com.dotmarketing.htmlpage.language=102\" target=\"_blank\" rel=\"noopener\"><em>BoI Communication of 27<sup>th<\/sup> March 2020 on securitisation (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>Amendments to the Issuers Regulations<\/strong><\/p>\n<p style=\"text-align: justify;\">In implementation of the so-called Budget Law for 2020, which has raised to at least two-fifth the quota of seats reserved to the less represented gender in listed companies\u2019 management and control bodies, Consob has recently amended the Issuers Regulations, confirming that, for bodies composed of three members, the afore-said ratio should be rounded down. Such a provision will apply for six consecutive terms of office, running from the first renewal of the corporate bodies following 1<sup>st<\/sup> January 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/bollettino\/documenti\/bollettino2020\/d21359.htm\" target=\"_blank\" rel=\"noopener\"><em>Consob Resolution no. 21359 of 13<sup>th<\/sup> May 2020 (published in the Official Gazette no. 133 of 25<sup>th<\/sup> May 2020 (text available in Italian only)).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Consob Recommendation on the transparency of costs of investment services<\/strong><\/p>\n<p style=\"text-align: justify;\">To protect the investor\u2019s interests in receiving clear, correct and not misleading information, Consob has recently clarified the modalities by which carrying out the <em>ex post<\/em> reporting of costs and charges related to the provision of investment and ancillary services. Among others, it has pointed out structure and content of the aggregated information, relationship between the latter and the analytical one, and timing for dissemination of the report.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/bollettino\/documenti\/bollettino2020\/racc_20200507_01.htm\" target=\"_blank\" rel=\"noopener\"><em>Consob Recommendation no. 1\/20 of 7<sup>th<\/sup> May 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>ESMA public consultation on SMEs\u2019 growth markets<\/strong><\/p>\n<p style=\"text-align: justify;\">On 15<sup>th<\/sup> July 2020 will end a public consultation launched by ESMA to promote the use of SMEs\u2019 growth markets. It contains some proposal to amend MIFID II and MAR, having as object, on the one hand, SMEs growth markets\u2019 regime, and, on the other hand, technical standards on liquidity contracts and list of insiders of issuers on such markets.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.esma.europa.eu\/press-news\/consultations\/functioning-regime-sme-growth-markets-under-markets-in-finan-cial\" target=\"_blank\" rel=\"noopener\"><em>E<\/em><em>SMA Consultation Paper of 6<sup>th<\/sup> May 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Joint ESAs consultation on ESG disclosure<\/strong><\/p>\n<p style=\"text-align: justify;\">To strengthen the protection of investors in relation to sustainable investments, EBA, EIOPA and ESMA (jointly referred to as the \u201cESAs\u201d) have recently launched a public consultation, which will end on 1<sup>st<\/sup> September 2020, on regulatory technical standards having as object content, methodology and presentation of information on ESG factors, both at issuer and product level.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.esma.europa.eu\/document\/joint-esa-consultation-esg-disclosures\" target=\"_blank\" rel=\"noopener\"><em>ESAs\u2019 Consultation Paper of 23<sup>rd<\/sup> April 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Enhanced transparency requirements for 104 Italian listed companies<\/strong><\/p>\n<p style=\"text-align: justify;\">In implementation of the so-called \u201cBusiness Decree\u201d, Consob has recently introduced an enhanced transparency regime, which applies for three months (running from 11<sup>th<\/sup> April 2020) to 104 Italian listed issuers having extensive shareholding structure. It is therein provided, <em>inter alia<\/em>, the obligation to report changes in major shareholdings and those to disclose investment objectives for the following six months when certain thresholds are exceeded.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/bollettino\/documenti\/bollettino2020\/d21326.htm\" target=\"_blank\" rel=\"noopener\"><em>Consob Resolutions nos. 21326<\/em><\/a> <a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/bollettino\/documenti\/bollettino2020\/d21327.htm\" target=\"_blank\" rel=\"noopener\"><em>and 21327 of 9<sup>th<\/sup> April 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Consob market practice on liquidity support activity<\/strong><\/p>\n<p style=\"text-align: justify;\">Consob has recently adopted a new market practice on the market liquidity support activity, whereby the latter must be carried out by an intermediary on behalf of the issuer\/manager, independently of any specialist activity carried out on the same financial instruments in the same trading venue.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-04-17&amp;atto.codiceRedazionale=20A02165&amp;elenco30giorni=false\" target=\"_blank\" rel=\"noopener\"><em>Consob Resolution no. 21318 of 7<sup>th<\/sup> April 2020 (published in the Official Gazette no. 101 of 17<sup>th<\/sup> April 2020 (text available in Italian only)).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Towards MIFID III<\/strong><\/p>\n<p style=\"text-align: justify;\">A public consultation, launched by the EU Commission last February on the review of the MIFIDII\/MIFIR package, has recently ended. In particular, some areas have been identified that are likely to be amended (e.g., consumer protection, integrated reporting system of price and volume data for trades on financial instruments, and transparency of commodity derivative contracts).<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/ec.europa.eu\/info\/consultations_it?page=1\" target=\"_blank\" rel=\"noopener\"><em>European Commission Consultation Paper of 17<\/em><em><sup>th<\/sup><\/em><em> February 2020 on reviewing of regulatory package MIFID II\/MIFIR.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>The intermediary may oppose the good faith exception in an action for damages<\/strong><\/p>\n<p style=\"text-align: justify;\">The intermediary that has been sued by its client for damages for alleged breach of disclosure obligations can invoke the good faith exception for the purpose of recalculating the claimed damages, if the intermediary has assisted the client on his\/her investments for about a decade and the afore-said legal action has been brought only after a significant period of time.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.acf.consob.it\/web\/guest\/decisioni-del-collegio\/ricerca-per-oggetto-del-ricorso?p_p_id=ricercadecisionioggetto_WAR_acfClientPortlet&amp;p_p_lifecycle=2&amp;p_p_state=normal&amp;p_p_mode=view&amp;p_p_resource_id=downloadFile&amp;p_p_cacheability=cacheLevelPage&amp;p_p_col_id=column-1&amp;p_p_col_pos=1&amp;p_p_col_count=2&amp;_ricercadecisionioggetto_WAR_acfClientPortlet_param=goToResults&amp;_ricercadecisionioggetto_WAR_acfClientPortlet_implicitModel=true&amp;uuid=dd956e86-2c87-4dd6-a493-e631797378bd\" target=\"_blank\" rel=\"noopener\"><em>Securities and Market Ombudsman, decision no. 2517 of 29<sup>th<\/sup> April 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Irrelevance of the client\u2019s risk tolerance <\/strong><\/p>\n<p style=\"text-align: justify;\">In order to prove the absence of a causation chain between the alleged breach of disclosure obligations and the actual damages suffered by the client, the intermediary cannot leverage upon the general risk tolerance of the same client, as the latter must be able to make each investment choice by comparing the investment at issue with the similar ones available on the market, taking also into account the risk factors to be highlighted to him\/her by the intermediary.<\/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=.\/20200417\/snciv@s10@a2020@n07905@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. I, decision no. 7905 of 17<sup>th<\/sup> April 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>\u201c4YOU\u201d loan agreement is null and void<\/strong><\/p>\n<p style=\"text-align: justify;\">The loan agreement named \u201c4YOU\u201d is null and void, as it is not suitable to achieve an interest capable of being protected by our legal system, due to the abnormal imbalance between the mutual performances of the parties to the agreement.<\/p>\n<p style=\"text-align: justify;\"><em>Court of Appeal of L\u2019Aquila, decision no. 537 of 8<sup>th<\/sup> April 2020.<\/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>Blockchain\u2019s operativity in Italy<\/strong><\/p>\n<p style=\"text-align: justify;\">\u201cTick Bank DLT\u201d, a project promoted by IBA to transit from the traditional Tick system to one based on a distributed ledger technology, has been successfully tested. Consequently, banks operating in Italy can now rely on a sector blockchain for mutual accounts reporting.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.abi.it\/DOC_Info\/Comunicati-stampa\/28-04-%20Comunicato%20stampa%20Spunta.pdf\" target=\"_blank\" rel=\"noopener\"><em>IBA Press Release of 28<sup>th<\/sup> April 2020 \u201cFintech, banks: Tick, sector blockchain is in place\u201d (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>European Consultation on \u201cFintech Action Plan\u201d <\/strong><\/p>\n<p style=\"text-align: justify;\">On 26<sup>th<\/sup> June will end the EU Commission\u2019s public consultation on a policy to support digital finance. It is therein pointed out the need to ensure that the EU financial services regulatory framework be fit for the digital age, in order to enable clients and investment firms to take advantage of the opportunities offered by the online financial market and enhance their operational resilience.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/ec.europa.eu\/info\/sites\/info\/files\/business_economy_euro\/banking_and_finance\/documents\/2020-digital-finance-strategy-consultation-document_en.pdf\" target=\"_blank\" rel=\"noopener\"><em>European Commission Consultation Paper of 3<sup>rd<\/sup> April 2020 on a new Fintech Action Plan.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>New White Paper on Libra<\/strong><\/p>\n<p style=\"text-align: justify;\">Libra Association has recently published a white paper on the changes made to Libra (Facebook\u2019s crypto-activity) so as to ensure that it integrates smoothly with national monetary and macroprudential policies, as well as with existing currencies. Among the main changes proposed, it is worth mentioning:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">the offer of \u201csingle-currency\u201d stable coins in addition to \u201cmulti-currency\u201d ones;<\/li>\n<li style=\"text-align: justify;\">an increased safety of the related payment system;<\/li>\n<li style=\"text-align: justify;\">the renunciation to a transition towards a \u201cpermissionless\u201d system; and<\/li>\n<li style=\"text-align: justify;\">the strengthening of the Libra Reserve.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/libra.org\/en-US\/white-paper\/\" target=\"_blank\" rel=\"noopener\"><em>Libra Association Members&#8217;s White Paper on Libra of April 2020.<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Compliance\"><\/span>Compliance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"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>Administrative liability of foreign legal entities operating in Italy<\/strong><\/p>\n<p style=\"text-align: justify;\">A legal entity may be held liable pursuant to the Decree 231 for the predicate offences committed by its senior managers or employees in Italy, regardless of the country where it has its registered office or carries out its activities. The fact that such entity\u2019s decision-making centre is abroad or the organisational gap, relevant pursuant to Decree 231, has not been committed in Italy, does not constitute an exemption from the related liability.<\/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=.\/20200407\/snpen@s60@a2020@n11626@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Criminal Court of Cassation, Sec. VI, decision no. 11626 of 7<sup>th <\/sup>April 2020 (text available in Italian only).<\/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>Restrictions on the right to be forgotten<\/strong><\/p>\n<p style=\"text-align: justify;\">The right of information prevails over that to be forgotten of the interested person, whenever the public interest in being informed about the fact(s) contained in the news remains, regardless of the online newspaper\u2019s obligation to update the news at issue in the course of the time. In order to ensure a fair balance amongst the afore-said interests and protect the dignity of the interested person, the news may also be deindexed, so as to make it available only through specific research carried out on the online newspaper\u2019s website only and not also on general online browsers.<\/p>\n<p style=\"text-align: justify;\"><em><u>Civil Court of Cassation, order no. 7759 of 27<sup>th<\/sup> March 2020.<\/u><\/em><\/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>Amendments to the Market Regulation <\/strong><\/p>\n<p style=\"text-align: justify;\">Consob has recently modified the Market Regulation in respect of trading ticks (i.e., minimum variations between two prices of a given security), with the aim of ensuring a level playing field between trading venues and systematic internalisers as far as large transactions concluded at the median point of current purchase and sale prices are concerned.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/bollettino\/documenti\/bollettino2020\/d21339.htm\" target=\"_blank\" rel=\"noopener\"><em>Consob\u2019s Resolution no. 21339 of 29<sup>th<\/sup> April 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>Unlawful reporting to the Central Credit Registered Data<\/strong><\/p>\n<p style=\"text-align: justify;\">A client reported by a bank to the Central Credit Registered Data, who has not been informed beforehand, may sue the bank pursuant to Article 700 of the Italian Code of Civil Procedure in order to obtain the deletion\/rectification of his\/her name, as the above reporting implies <em>per se<\/em> a lack of creditworthiness of the person reported.<\/p>\n<p style=\"text-align: justify;\"><em><u>Court of Venice, decree of 26<sup>th<\/sup> March 2020.<\/u><\/em><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"List_of_abbreviations\"><\/span>List of abbreviations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>BoI<\/strong>: Bank of Italy<br \/>\n<strong>CONSOB<\/strong>: The national financial markets authority<br \/>\n<strong>Decree 231<\/strong>: Legislative Decree no. 231\/01<br \/>\n<strong>DLT<\/strong>: Distributed Ledger Technology<br \/>\n<strong>EBA<\/strong>: European Banking Authority<br \/>\n<strong>ECB<\/strong>: European Central Bank<br \/>\n<strong>EIOPA<\/strong>: European Insurance and Occupational Pensions Authority<br \/>\n<strong>ESAs:<\/strong> European Supervisory Authorities<br \/>\n<strong>ESMA<\/strong>: European and Securities Market Authority<br \/>\n<strong>FIU<\/strong>: Financial Intelligence Unit for Italy<br \/>\n<strong>IBA<\/strong>: Italian Banking Association<br \/>\n<strong>MAR<\/strong>: Regulation no. 596\/2014\/EU on market abuse<br \/>\n<strong>MIFID II<\/strong>: Directive no. 2014\/65\/EU on markets in financial instruments<br \/>\n<strong>MIFIR<\/strong>: Regulation no. 600\/2014\/EU on markets in financial instruments<br \/>\n<strong>PSD2<\/strong>: Directive no. 2015\/2366\/EU on payment services in the internal market<br \/>\n<strong>SMEs<\/strong>: Small and medium enterprises<br \/>\n<strong>UCIs<\/strong>: Undertakings for Collective Investment<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Relaunch Decree published in the Official Gazette.<\/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. 4\/2020 - Carotenuto Studio Legale<\/title>\n<meta name=\"description\" content=\"Relaunch Decree published in the Official Gazette\" \/>\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-4-2020\/\" \/>\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. 4\/2020\" \/>\n<meta property=\"og:description\" content=\"Relaunch Decree published in the Official Gazette\" \/>\n<meta property=\"og:url\" content=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Carotenuto Studio Legale\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-29T15:43:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-05T19:12:34+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=\"12 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-4-2020\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/\"},\"author\":{\"name\":\"Carotenuto Studio Legale\",\"@id\":\"https:\/\/carotenutolex.com\/en\/#\/schema\/person\/b5054dce8b91d81b67e68fc17191d0dc\"},\"headline\":\"The Client Update no. 4\/2020\",\"datePublished\":\"2020-05-29T15:43:24+00:00\",\"dateModified\":\"2021-04-05T19:12:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/\"},\"wordCount\":2567,\"publisher\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#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-4-2020\/\",\"url\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/\",\"name\":\"The Client Update no. 4\/2020 - Carotenuto Studio Legale\",\"isPartOf\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png\",\"datePublished\":\"2020-05-29T15:43:24+00:00\",\"dateModified\":\"2021-04-05T19:12:34+00:00\",\"description\":\"Relaunch Decree published in the Official Gazette\",\"breadcrumb\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#primaryimage\",\"url\":\"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png\",\"contentUrl\":\"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png\",\"width\":1280,\"height\":640},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/carotenutolex.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Client Update no. 4\/2020\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/carotenutolex.com\/en\/#website\",\"url\":\"https:\/\/carotenutolex.com\/en\/\",\"name\":\"Carotenuto Studio Legale\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/carotenutolex.com\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/carotenutolex.com\/en\/#organization\",\"name\":\"Carotenuto Studio Legale\",\"url\":\"https:\/\/carotenutolex.com\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/carotenutolex.com\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/carotenutolex.com\/wp-content\/uploads\/logo-organizzazione.png\",\"contentUrl\":\"https:\/\/carotenutolex.com\/wp-content\/uploads\/logo-organizzazione.png\",\"width\":638,\"height\":639,\"caption\":\"Carotenuto Studio Legale\"},\"image\":{\"@id\":\"https:\/\/carotenutolex.com\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.linkedin.com\/company\/carotenuto-studio-legale\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/carotenutolex.com\/en\/#\/schema\/person\/b5054dce8b91d81b67e68fc17191d0dc\",\"name\":\"Carotenuto Studio Legale\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/carotenutolex.com\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c500cb1f221f3d6d71f08d11bac61576?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c500cb1f221f3d6d71f08d11bac61576?s=96&d=mm&r=g\",\"caption\":\"Carotenuto Studio Legale\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The Client Update no. 4\/2020 - Carotenuto Studio Legale","description":"Relaunch Decree published in the Official Gazette","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/","og_locale":"en_US","og_type":"article","og_title":"The Client Update no. 4\/2020","og_description":"Relaunch Decree published in the Official Gazette","og_url":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/","og_site_name":"Carotenuto Studio Legale","article_published_time":"2020-05-29T15:43:24+00:00","article_modified_time":"2021-04-05T19:12:34+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png","type":"image\/png"}],"author":"Carotenuto Studio Legale","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Carotenuto Studio Legale","Est. reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#article","isPartOf":{"@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/"},"author":{"name":"Carotenuto Studio Legale","@id":"https:\/\/carotenutolex.com\/en\/#\/schema\/person\/b5054dce8b91d81b67e68fc17191d0dc"},"headline":"The Client Update no. 4\/2020","datePublished":"2020-05-29T15:43:24+00:00","dateModified":"2021-04-05T19:12:34+00:00","mainEntityOfPage":{"@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/"},"wordCount":2567,"publisher":{"@id":"https:\/\/carotenutolex.com\/en\/#organization"},"image":{"@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#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-4-2020\/","url":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/","name":"The Client Update no. 4\/2020 - Carotenuto Studio Legale","isPartOf":{"@id":"https:\/\/carotenutolex.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#primaryimage"},"image":{"@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png","datePublished":"2020-05-29T15:43:24+00:00","dateModified":"2021-04-05T19:12:34+00:00","description":"Relaunch Decree published in the Official Gazette","breadcrumb":{"@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#primaryimage","url":"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png","contentUrl":"https:\/\/carotenutolex.com\/wp-content\/uploads\/newsletter.png","width":1280,"height":640},{"@type":"BreadcrumbList","@id":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-4-2020\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/carotenutolex.com\/en\/"},{"@type":"ListItem","position":2,"name":"The Client Update no. 4\/2020"}]},{"@type":"WebSite","@id":"https:\/\/carotenutolex.com\/en\/#website","url":"https:\/\/carotenutolex.com\/en\/","name":"Carotenuto Studio Legale","description":"","publisher":{"@id":"https:\/\/carotenutolex.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/carotenutolex.com\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/carotenutolex.com\/en\/#organization","name":"Carotenuto Studio Legale","url":"https:\/\/carotenutolex.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/carotenutolex.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/carotenutolex.com\/wp-content\/uploads\/logo-organizzazione.png","contentUrl":"https:\/\/carotenutolex.com\/wp-content\/uploads\/logo-organizzazione.png","width":638,"height":639,"caption":"Carotenuto Studio Legale"},"image":{"@id":"https:\/\/carotenutolex.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/carotenuto-studio-legale\/"]},{"@type":"Person","@id":"https:\/\/carotenutolex.com\/en\/#\/schema\/person\/b5054dce8b91d81b67e68fc17191d0dc","name":"Carotenuto Studio Legale","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/carotenutolex.com\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c500cb1f221f3d6d71f08d11bac61576?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c500cb1f221f3d6d71f08d11bac61576?s=96&d=mm&r=g","caption":"Carotenuto Studio Legale"}}]}},"_links":{"self":[{"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/posts\/316"}],"collection":[{"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/comments?post=316"}],"version-history":[{"count":0,"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/posts\/316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/media\/162"}],"wp:attachment":[{"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/media?parent=316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/categories?post=316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carotenutolex.com\/en\/wp-json\/wp\/v2\/tags?post=316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}