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CoViD-19 and new Italian Insolvency Code

​As part of the measures aimed at containing the economic and financial consequences of the CoViD-19 pandemic, on April 8th, 2020 the Italian Government enacted the Law Decree No. 23 (the "Decree"), whose Sec. 5 postpones the effective date of the new insolvency code (i.e. Legislative Decree No. 14, dated January 12, 2019, the "Insolvency Code") from August 15th, 2020 to September 1st, 2021.

I&W Insurance Policies and IVASS Regulation No. 29/2009

​Following a series of requests for clarification submitted by market operators, on July 25th, 2019, the Italian Insurance Supervisory Authority (IVASS) issued a statement aimed at defining the relationship between Sec. 4, Par. 2 of the IVASS Regulation No. 29/2009 and Indemnities & Warranties Insurance Policies ("I&W Insurance Policies").

Anti-Dilution Clauses – Recent Opinion of the Notarial District Council of Milan

​By Position Paper No. 186 dated Dec. 3, 2019, the Notarial District Council of Milan confirmed the validity of such anti-dilution clauses embodied in Articles of Association to provide for the gratuitous allocation of a certain number of newly issued shares to one or more identified shareholders for the case of future capital increases with a subscription price-per-share below a predetermined threshold.