{"id":318,"date":"2020-07-25T12:14:24","date_gmt":"2020-07-25T10:14:24","guid":{"rendered":"https:\/\/carotenutolex.com\/?p=318"},"modified":"2021-04-05T21:20:36","modified_gmt":"2021-04-05T19:20:36","slug":"the-client-update-no-6-2020","status":"publish","type":"post","link":"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-6-2020\/","title":{"rendered":"The Client Update no. 6\/2020"},"content":{"rendered":"<p style=\"text-align: right;\"><a href=\"https:\/\/carotenutolex.com\/wp-content\/uploads\/the-client-update-csl-no-6-july-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-6adab210b5af2\" 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-6adab210b5af2\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-6-2020\/#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-6-2020\/#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-6-2020\/#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-6-2020\/#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-6-2020\/#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-6-2020\/#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-6-2020\/#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-6-2020\/#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-9\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-6-2020\/#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-10\" href=\"https:\/\/carotenutolex.com\/en\/publications\/the-client-update\/the-client-update-no-6-2020\/#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-6-2020\/#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>Conversion of the Relaunch Decree into law<\/strong><\/p>\n<p style=\"text-align: justify;\">The so-called Relaunch Decree has been recently converted into law, with amendments, providing, among the measures in support of joint-stock companies with a turnover exceeding 50 million euro, that the savings of taxpayers who intend to help the economic growth could go directly in the \u201crelaunch assets\u201d managed by CdP. In addition, tax measures have been strengthened, which support innovative start-ups and SMEs by providing a 50% tax deduction for investments of up to 1 million euro and a 30% tax credit for investments of up to 2 million euro.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-07-18&amp;atto.codiceRedazionale=20G00095&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>Law no. 77 of 17th July 2020, &#8220;Conversion into law, with amendments, of Decree-Law no. 34 of 19<sup>th<\/sup> May 2020, containing urgent measures on health, support for work and the economy, as well as social policies related to the epidemiological emergency by COVID-19&#8243; (published in the Ordinary Supplement no. 25 to the Official Gazette no. 180 of 18<sup>th<\/sup> July 2020 (text available in Italian only)). <\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>The so-called \u201cSimplifications Decree\u201d just published in the Official Gazette<\/strong><\/p>\n<p style=\"text-align: justify;\">The so-called \u201cSimplifications Decree\u201d has recently entered into force, setting out urgent measures aimed at reducing bureaucracy and boosting digital innovation, among which those simplifying cancellation from the Register of companies, introducing exemptions to the Civil Code provisions on stock capital increases, and experimentations, through the use of emerging technologies, having as object initiatives related to technological innovation and digitalisation.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-07-16&amp;atto.codiceRedazionale=20G00096&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>Law Decree no. 76 of 16<sup>th<\/sup> July 2020 (published in the Ordinary Supplement no. 24 to the Official Gazette no. 178 of 16<sup>th<\/sup> July 2020), which must be converted into law under penalty of ineffectiveness (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;\">FSB Statement, according to which, following the health emergency, neither the underlying markets that LIBOR seeks to measure nor the main markets which banks rely upon for funding, are sufficiently active.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fsb.org\/wp-content\/uploads\/R010720.pdf\" target=\"_blank\" rel=\"noopener\"><em>FSB\u2019s Statement of 1<sup>st<\/sup> July 2020 on the impact of COVID-19 on global benchmark reform.<\/em><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">EBA clarification on the loan moratoria treatment and the criteria that institutions should adopt to reduce losses in calculating operational risk capital requirements.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/sites\/default\/documents\/files\/document_library\/Publications\/Reports\/2020\/888311\/Report%20on%20implementation%20of%20selected%20COVID-19%20policies%20.pdf\" target=\"_blank\" rel=\"noopener\"><em>EBA\u2019s Report on the implementation of selected COVID-19 policies of 7<sup>th<\/sup> July 2020.<\/em><\/a><strong>PO<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>LIC<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">Consob Warning to issuers on (i) the assessment, in half-yearly report, of the effects of the health emergency as an indicator of impairment such as to require specific checks on the recoverability of assets, and (ii) the publication, in the interim reports on operations, of detailed information on the impact of the health emergency on strategic planning, targets identification, economic performance, financial position and cash flows.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>Consob\u2019s Warning no. 8 of 16th July 2020 on financial reporting.<\/em><\/p>\n<ul>\n<li style=\"text-align: justify;\">BoI Communication implementing EBA Guidelines on reporting and public disclosure requirements to be complied with by less significant banks and banking groups, regarding loans subject of moratorium and granting, as well as financing guaranteed by the State or other public entity.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/circolari\/c115\/Com_30giugno2020.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI\u2019s Communication of 30<sup>th<\/sup> June 2020 implementing EBA Guidelines on reporting and public disclosure requirements for exposures subject to measures applied in the light of COVID-19 (text available in Italian only).<\/em><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">IBA Circular, which has (i) extended until 30<sup>th<\/sup> September 2020 the moratoria in favor of clients who are in a state of need due to the health emergency, and (ii) established that the suspension of the repayment of loans for the time being applies also to SMEs having NPEs upon submitting their application, provided they were in good economic conditions as at 31<sup>st<\/sup> January 2020.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.abi.it\/DOC_Info\/Lettere%20circolari%20Covid\/Famiglie\/UCR-001241.pdf\" target=\"_blank\" rel=\"noopener\"><em>IBA\u2019s Circular of 26<sup>th<\/sup> June 2020 extending the moratorium granted by the banking system to deal with the COVID-19 emergency (text available in Italian only).<\/em><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">BoI Communication, which clarifies how intermediaries participating in the Central Credit Registered Data must report thereto arrangements entered into with their clients. In addition, BoI points out that public guarantees granted under laws, decrees and regulatory measures, as well as those issued automatically, must not be reported to the Central Credit Registered Data.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/circolari\/c139\/comunicazione-19-giugno-2020.pdf?pk_campaign=EmailAlertBdi&amp;pk_kwd=it\" target=\"_blank\" rel=\"noopener\"><em>BoI,\u2019s Communication of 19<sup>th<\/sup> June 2020 on reporting to the Central Credit Registered Data (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>The Court of Cassation intervenes on the new provisions of the \u201cemergency&#8221; law<\/strong><\/p>\n<p style=\"text-align: justify;\">The Supreme Court has recently analysed the law provisions issued in the health emergency concerning laws of contract, highlighting, on the one hand, the issues regarding the management of supervening debts that impinge upon the equilibrium of the contract and, on the other hand, the possible public and private remedies.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.cortedicassazione.it\/cassazione-resources\/resources\/cms\/documents\/Relazione_Tematica_Civile_056-2020.pdf\" target=\"_blank\" rel=\"noopener\"><em>Court of Cassation\u2019s Thematic Report no. 56 of 8<sup>th<\/sup> July 2020 (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>On the business judgement rule <\/strong><\/p>\n<p style=\"text-align: justify;\">The principle whereby directors&#8217; management decisions are irrevocable (the so-called \u201cbusiness judgement rule\u201d) apply also to the decisions concerning the company\u2019s organisation, since the organisational function integrates the company\u2019s managing one.<\/p>\n<p style=\"text-align: justify;\"><em><u>Court of Rome, decision of 8<sup>th<\/sup>April 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>ECB consultation on the supervisory approach to consolidation in the banking sector<\/strong><\/p>\n<p style=\"text-align: justify;\">The ECB\u2019s public consultation having as object a guide on the supervisory approach to the consolidation project of the European banks will end on 1<sup>st<\/sup> October 2020. The latter will have to (i) be based on a business and integration plan, (ii) improve the business model\u2019s sustainability, and (iii) meet high standards of governance and risk management.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bankingsupervision.europa.eu\/legalframework\/publiccons\/pdf\/consolidation\/ssm.guideconsolidation_draft.en.pdf\" target=\"_blank\" rel=\"noopener\"><em>ECB\u2019s Consultation Paper of 1<sup>st<\/sup> July 2020, \u201cGuide on the supervisory approach to consolidation in the banking sector\u201d.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>EBA consultation on early intervention measures<\/strong><\/p>\n<p style=\"text-align: justify;\">EBA consultation on proposed amendments to the EU regulatory framework for the credit institutions\u2019 recovery and resolution is going to end on 25<sup>th<\/sup> September 2020. Among the main amendments proposed, it is worth mentioning the early intervention measures envisaged in the BRRD and the supervisory powers referred to in the CRD.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eba.europa.eu\/sites\/default\/documents\/files\/document_library\/Publications\/Discussions\/2020\/DP%20on%20application%20of%20early%20intervention%20measures%20in%20the%20European%20Union%20according%20to%20Articles%2027%E2%80%9029%20of%20the%20BRRD\/886710\/Discussion%20Paper%20on%20the%20application%20of%20EIMs%20under%20the%20BRRD.pdf\" target=\"_blank\" rel=\"noopener\"><em>EBA\u2019s Discussion Paper of 26th June 2020, \u201cApplication of early intervention measures in the European Union according to Articles 27-29 of the BRRD\u201d.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Updated the BoI\u2019s Supervisory Provisions for banks <\/strong><\/p>\n<p style=\"text-align: justify;\">Among the main changes, the regulation of risk activities and conflicts of interest of banks and banking groups vis-\u00e0-vis related parties, in order to implement national provisions to the evolution of the European framework. Such provisions are to be applied by banks by 31 December 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bancaditalia.it\/compiti\/vigilanza\/normativa\/archivio-norme\/circolari\/c285\/AE_Circ_285_33_AGG_TO.pdf\" target=\"_blank\" rel=\"noopener\"><em>BoI, 33<sup>rd<\/sup> Update of 24<sup>th<\/sup> June 2020 to &#8220;Supervisory Provisions for Banks&#8221; (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Basel Committee consultation on the amendments to prudential regulations on the treatment of NPLs<\/strong><\/p>\n<p style=\"text-align: justify;\">The Basel Committee on Banking Supervision has recently launched a consultation (ending on 23<sup>rd<\/sup> August 2020) on a proposal to amend its standard on the capital treatment of NPL securitisations. Among the main changes proposed, the introduction of a standard definition of NPL securitisation, a fixed weight floor of 100% for all NPL securitisation\u2019s exposures, as well as of a fixed 100% risk weight applicable to the most senior <em>tranche<\/em> of qualifying NPL securitisations.<\/p>\n<p style=\"text-align: justify;\"><em><a href=\"https:\/\/www.bis.org\/bcbs\/publ\/d504.pdf\" target=\"_blank\" rel=\"noopener\">Basel Committee on Banking Supervision\u2019s Consultation Paper of 23<sup>rd<\/sup> July 2020, \u201cCapital treatment of securitisations of non- performing loans\u201d.<\/a><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>People&#8217;s banks: the EU Court of Justice rules on redemption limits for withdrawing shareholders and the assets threshold<\/strong><\/p>\n<p style=\"text-align: justify;\">A EU Member State&#8217;s law provision does not breach EU law, whether:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">it prohibits people\u2019s banks established in such Member State from refusing the redemption of their shares or other financial instruments, by allowing the same banks to defer, for an unlimited period, the redemption of shares held by a withdrawing shareholder and limit the amount to be redeemed in full or in part, provided that limitations on redemption do not go beyond what is necessary, in light of the prudential situation of the interested banks; and<\/li>\n<li style=\"text-align: justify;\">it sets out an assets threshold on the exercise of banking activities by people\u2019s banks established in such Member State as limited liability cooperatives, above which the banks themselves must be converted into companies limited by shares, reduce their assets to below that threshold or be liquidated, provided that such law is adequate for securing achievement of general interest objectives and does not exceed what is necessary to attain them.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/HTML\/?uri=CELEX:62018CJ0686&amp;qid=1595327919879&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>EU Court <\/em><em>of Justice,<\/em><em> First Chamber, judgment of 6<sup>th<\/sup> July 2020 In Case C\u2011686\/18.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Damage for wrongful reporting to the Central Credit Registered Data <\/strong><\/p>\n<p style=\"text-align: justify;\">In ascertaining the damages caused by the wrongful reporting to the Central Credit Registered Data, it is necessary to consider the previous financial and economic conditions of the reported company in order to assess whether they have caused, concurred or merely accelerated the damages for which it claims damages.<\/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=.\/20200701\/snciv@s63@a2020@n13264@tO.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, order no. 13264 of 1<sup>st<\/sup> July 2020.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>The intermediary cannot be held liable for the financial advisor&#8217;s illicit conduct in case of the investor\u2019s anomalous behavior<\/strong><\/p>\n<p style=\"text-align: justify;\">The intermediary cannot be held liable for the financial advisor\u2019s illicit conduct to the detriment of the investor, if it proves that the such conduct was facilitated by the collusive behavior of the latter and capable of interrupting the causal link between illicit conduct and damages incurred.<\/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=.\/20200622\/snciv@s30@a2020@n12110@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, decision no. 12110 of 22<sup>nd<\/sup> June 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Nullity or redemption of collateral to secure an assignment of credit<\/strong><\/p>\n<p style=\"text-align: justify;\">If an assigned receivable is not secured by the collateral promised by the assignor, the assignee can claim damages vis-\u00e0-vis the latter in an amount equal to the reduction in the circulation value of the receivable in question, even before calling the debtor.<\/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=.\/20200615\/snciv@s30@a2020@n11583@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. III, decision no. 11583 of 15<sup>th<\/sup> June 2020 (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>Consob communication on the prospectus\u2019 control criteria <\/strong><\/p>\n<p style=\"text-align: justify;\">In order to facilitate the preparation of a prospectus to the advantage of potential investors, Consob has recently clarified that the inclusion of information therein must pursue the goals of investor protection, as well as of simplification and clarity of information.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.consob.it\/web\/area-pubblica\/bollettino\/documenti\/bollettino2020\/c20200709_7.htm\" target=\"_blank\" rel=\"noopener\"><em>Consob\u2019s Communication no. 7\/2020 of 9<sup>th<\/sup> July 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Published the ABF and ACF Reports on the activity carried out in 2019 and the first half of 2020, respectively<\/strong><\/p>\n<p style=\"text-align: justify;\">In the report on ABF\u2019s activity for 2019, its role as an alternative dispute resolution entity was emphasized by pointing out the work of its local colleges, which are autonomous, independent and highly-qualified in banking and financial law.<\/p>\n<p style=\"text-align: justify;\">Moreover, in its report on the activity carried out in the first half of this year, ACF has highlighted that, despite the health emergency, it has continued to carry out its role as an extra-judicial dispute resolution entity, as well as a guide for intermediaries in dealing with their clients\u2019 complaints.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.arbitrobancariofinanziario.it\/novita\/notizia\/relazione-anno-2019\/\" target=\"_blank\" rel=\"noopener\"><em>ABF\u2019s Report of 8<sup>th<\/sup> July on the activity carried out in 2019 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.acf.consob.it\/documents\/20184\/0\/Comunicato+stampa+7+luglio+2020\/fdaeeff5-1cca-448e-9efb-292913cabff9\" target=\"_blank\" rel=\"noopener\"><em>ACF\u2019s Report of 7<sup>th <\/sup>July 2020 on the activity carried out during the first half of 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>EU regulation in favor of sustainable investments<\/strong><\/p>\n<p style=\"text-align: justify;\">In order to remove barriers to the functioning of the internal market with regard to raising funds for sustainability projects, EU Regulation 2020\/852 has recently introduced the criteria for determining whether an economic activity qualifies as environmentally sustainable, which establish the degree to which an investment is environmentally sustainable.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32020R0852&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>Regulation (EU) 2020\/852 of the European Parliament and of the Council of 18<sup>th<\/sup> June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019\/2088(published in the Official Journal no. 198 of 22<sup>nd<\/sup> June 2020).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>ESRB\u2019s recommendation on liquidity risks in investment funds<\/strong><\/p>\n<p style=\"text-align: justify;\">To avoid future adverse shocks that could severely reduce financial market liquidity, with adverse implications for financial stability conditions in the EU, ESRB has recently recommended ESMA to coordinate with the NCAs to supervise investment funds that have significant exposures to corporate debt and real estate assets and report to ESRB itself on its analysis and related conclusions regarding the preparedness of the relevant investment funds.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32020Y0615(01)&amp;from=IT\" target=\"_blank\" rel=\"noopener\"><em>ESRB&#8217;s Recommendation of 6<sup>th<\/sup> May 2020 on liquidity risks in investment funds (published in the Official Journal no. 200 of 15<sup>th<\/sup> June 2020).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Transactions with related parties: statutory auditors&#8217; control duties<\/strong><\/p>\n<p style=\"text-align: justify;\">In case of transactions with related parties, the statutory auditors must disclose all the critical issues arisen from the lack of substantial fairness and independence of the advisor, as well as from the non-compliance of the procedure with the law, as they cannot limit themselves to verify the compliance thereof with the legal procedures.<\/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=.\/20200710\/snciv@s20@a2020@n14708@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, decision no. 14708 of 10<sup>th<\/sup> July 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Reduction of administrative sanctions applied for market abuse behavior<\/strong><\/p>\n<p style=\"text-align: justify;\">According to the Supreme Court, in a market abuse case, following the declaration of unconstitutionality of the provision that excluded the retroactive application to the offence at issue of the more lenient sanctionary regime introduced by Legislative Decree no. 72\/2015, the competent Court of Appeal must redetermine the less favourable administrative sanction applied pursuant to the provision in force at the time the market abuse was committed.<\/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=.\/20200630\/snciv@s20@a2020@n13150@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Civil Court of Cassation, Sec. II, decision no. 13150 of 30<sup>th<\/sup> June 2020 (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Validity of the IRS contract<\/strong><\/p>\n<p style=\"text-align: justify;\">According to the ACF, the \u201cMark to Market\u201d clause solely indicates the value of an IRS contract in a given time. Therefore, the absence thereof in the contract does imply neither the indeterminacy of its object nor a defect in its purpose.<\/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=ec180ed4-1e16-4687-b439-2db578309ed1\" target=\"_blank\" rel=\"noopener\"><em>ACF\u2019s decision no. 2678 of 16<sup>th<\/sup> June 2020 (text available in Italian only).<\/em><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Financial_servicesFinTech\"><\/span>Financial services\/FinTech<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>Completed the work of the MISE\u2019s Group of Experts<\/strong><\/p>\n<p style=\"text-align: justify;\">The results of the work carried out by the MISE\u2019s Group of Experts on an Italian Strategy for Artificial Intelligence have been recently published, which include:<\/p>\n<ol style=\"list-style-type: lower-roman;\">\n<li style=\"text-align: justify;\">an analysis of the global, European and national market of artificial intelligence;<\/li>\n<li style=\"text-align: justify;\">the fundamental elements of such strategy;<\/li>\n<li style=\"text-align: justify;\">the proposed governance for the Italian artificial intelligence; and<\/li>\n<li style=\"text-align: justify;\">some recommendations for the implementation, monitoring and communication of the same.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.mise.gov.it\/images\/stories\/documenti\/Proposte_per_una_Strategia_italiana_AI.pdf\" target=\"_blank\" rel=\"noopener\"><em>Ministry of Economic Development, Paper of 2<sup>nd<\/sup> July 2020, &#8220;Proposal for an Italian Strategy for artificial intelligence\u201d (text available in Italian only).<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>IOSCO\u2019s public consultation on artificial intelligence and machine learning<\/strong><\/p>\n<p style=\"text-align: justify;\">IOSCO consultation on the definition of a regulatory frameworks to supervise market intermediaries and asset managers utilising artificial intelligence and machine learning will end on 26<sup>th<\/sup> October next. The IOSCO\u2019s guidance aims to ensure that intermediaries and managers have appropriate characteristics of (i) governance, internal control and oversight, (ii) knowledge, skills and experience of personnel, (iii) development and testing processes, and (iv) transparency and disclosure.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.iosco.org\/library\/pubdocs\/pdf\/IOSCOPD658.pdf\" target=\"_blank\" rel=\"noopener\"><em>IOSCO&#8217;s Consultation Report of 25th June 2020, &#8220;The use of artificial intelligence and machine learning by market intermediaries and asset managers&#8221;.<\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>Public consultation on the proposals for an Italian strategy on DLT and blockchain<\/strong><\/p>\n<p style=\"text-align: justify;\">MISE consultation on \u201cProposals for an Italian strategy on DLT and blockchain\u201d issued by a group of 30 experts appointed to this end will end on 20<sup>th<\/sup> July next. Among the main recommendations, it is worth mentioning: (i) ensuring the development and spread of such technologies, (ii) defining the context for a national strategy, (iii) providing Italy with a competitive regulatory framework, (iv) increasing public and private investments, (v) proposing new fields of application, and (vi) encouraging European and international cooperation.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.mise.gov.it\/images\/stories\/documenti\/Proposte_registri_condivisi_e_Blockchain_-_Sintesi_per_consultazione_pubblica.pdf\" target=\"_blank\" rel=\"noopener\"><em>MISE, Summary for the public consultation of 18<sup>th<\/sup> June 2020, &#8220;Proposals for the Italian Strategy on shared registry technologies and blockchain&#8221; (text available in Italian only). <\/em><\/a><\/p>\n<p style=\"text-align: justify;\"><strong>SMEs\u2019 digital transformation<\/strong><\/p>\n<p style=\"text-align: justify;\">By means of MISE\u2019s decree, criteria and requirements for granting facilities to support projects for the technological and digital transformation of SMEs&#8217; production processes through the implementation of enabling technologies identified in the National Enterprise Plan 4.0 (<em>Piano Nazionale Impresa 4.0<\/em>) and those related to digital technological solutions of the supply chain have recently been defined. Both individual and associated enterprises can access these facilities through network contracts or other forms of collaboration, in which a digital innovation hub or a digital ecosystem for innovation is the lead partner.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-07-01&amp;atto.codiceRedazionale=20A03408&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>Ministry of Economic Development\u2019s decree of 9th June 2020 (published in the Official Gazette no. 164 of 1st July 2020 (text available in Italian only)).<\/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>Implementation of the PIF Directive<\/strong><\/p>\n<p style=\"text-align: justify;\">In implementation of the PIF Directive, Decree 231 has recently been amended, expanding the catalogue of predicate offences, by including the following ones:<\/p>\n<ol style=\"list-style-type: lower-alpha;\">\n<li style=\"text-align: justify;\">unfaithful declaration, omission of declaration and undue compensation, if committed within cross-border fraudulent systems and in order to evade value added tax for a total amount of not less than 10 million euro;<\/li>\n<li style=\"text-align: justify;\">embezzlement and abuse of office; and<\/li>\n<li style=\"text-align: justify;\">fraud in public supply, agricultural fraud and smuggling.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.gazzettaufficiale.it\/atto\/serie_generale\/caricaDettaglioAtto\/originario?atto.dataPubblicazioneGazzetta=2020-07-15&amp;atto.codiceRedazionale=20G00091&amp;elenco30giorni=true\" target=\"_blank\" rel=\"noopener\"><em>Legislative Decree. no. 75 of 14th July 2020 (published in the Official Gazette no. 177 of 15th July 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>The US-EU Privacy Shield is no longer valid<\/strong><\/p>\n<p style=\"text-align: justify;\">The European Court of Justice has deemed no longer valid the so-called Privacy Shield, which regulates the transfer of data between United States and the EU, as it is not suitable to ensure that data subjects, whose personal data are transferred to a third country, are afforded a level of protection essentially equivalent to that guaranteed within the EU by GDPR, in light of the EU Charter of Fundamental Rights.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/curia.europa.eu\/juris\/document\/document.jsf;jsessionid=4AB6277410DDDA8A8A83428019DBF024?text=&amp;docid=228677&amp;pageIndex=0&amp;doclang=EN&amp;mode=req&amp;dir=&amp;occ=first&amp;part=1&amp;cid=10146065\" target=\"_blank\" rel=\"noopener\"><em>EU Court of Justice, Grand Chamber, judgment of 16<sup>th<\/sup> July 2020, in Case C-311\/18.<\/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>Updated Basel Committee on Banking Supervision\u2019s Guidelines<\/strong><\/p>\n<p style=\"text-align: justify;\">Basel Committee on Banking Supervision has recently updated its guidelines on the management of money laundering and financing of terrorism risks, with the aim of enhancing cooperation and information exchange amongst NCAs active in the field of prudential supervision and anti-money laundering both in the national and cross-border context.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bis.org\/bcbs\/publ\/d505.pdf\" target=\"_blank\" rel=\"noopener\"><em>Basel Committee on Banking Supervision&#8217;s Guidelines updated to July 2020, &#8220;Sound management of risks related to money laundering and financing of terrorism&#8221;.<\/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>Abusive exercise of financial activities<\/strong><\/p>\n<p style=\"text-align: justify;\">Pool financing transactions can integrate the offence of abusive financial activity even if the latter is carried out indirectly through the formal screen of an authorised bank, which has been granted a mandate without representation.<\/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=.\/20190322\/snpen@s50@a2019@n12777@tS.clean.pdf\" target=\"_blank\" rel=\"noopener\"><em>Criminal Court of Cassation, decision no. 12777\/2019 (text available in Italian only).<\/em><\/a><\/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>ABF<\/strong>: Banking and Financial Ombudsman<br \/>\n<strong>ACF<\/strong>: Securities and Financial Ombudsman<br \/>\n<strong>BoI<\/strong>: Bank of Italy<br \/>\n<strong>BRRD<\/strong>: Directive 2014\/59\/EU of the European Parliament and of the COUNCIL of 15<sup>th<\/sup> May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82\/891\/EEC, and Directives 2001\/24\/EC, 2002\/47\/EC, 2004\/25\/EC, 2005\/56\/EC, 2007\/36\/EC, 2011\/35\/EU, 2012\/30\/EU and 2013\/36\/EU, and Regulations (EU) No 1093\/2010 and (EU) No 648\/2012, of the European Parliament and of the Council Bank Recovery and Resolution Directive<br \/>\n<strong>CONSOB<\/strong>: The national financial markets Authority<br \/>\n<strong>CdP<\/strong>: <em>Cassa Depositi e Prestiti S.p.A.<\/em><br \/>\n<strong>CRD<\/strong>: Directive 2013\/36\/EU of the European parliament and of the Council of 26<sup>th<\/sup> June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002\/87\/EC and repealing Directives 2006\/48\/EC and 2006\/49\/EC<br \/>\n<strong>Decree 231<\/strong>: Legislative Decree no. 231 of 8th June 2001<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>ESMA<\/strong>: European and Securities Market Authority<br \/>\n<strong>ESRB<\/strong>: European Systemic Risk Board<br \/>\n<strong>EU<\/strong>: European Union<br \/>\n<strong>FSB<\/strong>: Consiglio per la Stabilit\u00e0 Finanziaria (<em>Financial Stability Board<\/em>)<br \/>\n<strong>GDPR<\/strong>: Regulation (EU) 2016\/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95\/46<br \/>\n<strong>IBA<\/strong>: Italian Banking Association<br \/>\n<strong>IOSCO<\/strong>: International Organization of Securities Commissions<br \/>\n<strong>IRS<\/strong>: Interest Rate Swap<br \/>\n<strong>Legislative Decree no. 72\/15<\/strong>: Legislative Decree no. 72 of 12<sup>th<\/sup> May 2015, Implementation of Directive 2013\/36\/EU, amending Directive 2002\/87\/EC and repealing Directives 2006\/48\/EC and 2006\/49\/EC, as regards access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms<br \/>\n<strong>LIBOR<\/strong>: London Interbank Offered Rate<br \/>\n<strong>MISE<\/strong>: Ministry of Economic Development<br \/>\n<strong>NCAs<\/strong>: National Competent supervisory Authorities<br \/>\n<strong>NPEs<\/strong>: Non-Performing Exposures<br \/>\n<strong>NPLs<\/strong>: Non-Performing Loans<br \/>\n<strong>PIF Directive<\/strong>: Directive (EU) 2017\/1371 of the European Parliament and of the Council of 5<sup>th<\/sup> July 2017 on the fight against fraud to the Union&#8217;s financial interests by means of criminal law<br \/>\n<strong>Privacy Shield<\/strong>: Commission Implementing Decision (EU) 2016\/1250 of 12 July 2016 pursuant to Directive 95\/46 on the adequacy of the protection provided by the EU-US Privacy Shield<br \/>\n<strong>SMEs<\/strong>: Small and Medium Enterprises<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Conversion of the Relaunch Decree into law.<\/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. 6\/2020 - Carotenuto Studio Legale<\/title>\n<meta name=\"description\" content=\"Conversion of the Relaunch Decree into law\" \/>\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-6-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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