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.
New thresholds and requirements for the mandatory appointment of supervisory bodies or auditors in Italian limited liability companies
On June 17, 2019, the Italian Parliament passed Law No. 55/2019 (“Law”), thus amending and supplementing – in addition to those amendments provided for by the previous Legislative Decree No. 14/2019 – the audit and control statutory framework applicable to Italian limited liability companies.
EU Directive on unfair trading practices in the agricultural and food supply chain
On April 17, 2019, the European Parliament and the Council enacted the Directive No. 2019/633 ("Directive") on unfair trading practices in business-to-business relationships in the agricultural and food supply chain.
A look into the future: Blockchain Technologies and Smart Contracts
On February 11, 2019, the Italian Parliament enacted the Law No. 12/2019 ("Law") introducing – for the first time ever in the Italian statutory framework – a legal definition of "blockchain technologies" ("tecnologie basate su registri distribuiti") and "smart contracts".
EU Directive on Copyright in the Digital Single Market
On March 26, 2019, the European Parliament approved the Directive on Copyright in the Digital Single Market – No. 2016/0280 (COD) – (“Directive”) amending and supplementing the previous Directives No. 96/9/CE and No. 2001/29/CE.
Conclusion of First Round of NAFTA Renegotiation
On August 16, 2017, teams from the United States of America, Canada and México launched negotiations seeking to modernize the North American Free Trade Agreement (NAFTA).
The recently implemented Sistema Nacional Anticorrupción
Mexico has recently implemented the Sistema Nacional Anticorrupción (the “National Anti-Corruption System”) by the introduction of certain legal solutions to prevent bribery and corruption both in public bodies and corporations, following the trend of other countries’ legal systems.
Reform of anti-money laundering regulation
Italy has recently implemented the EU Directive no. 2015/849 (IV Anti-Money Laundering Directive) on the prevention of the use of the financial system for the purposes of money laundering or terrorism financing and has accordingly reformed the existing regulation (Legislative Decree no. 231/2007) by the Legislative Decree no. 90 dated May 25, 2017, approved by the Italian Government on May 24 and published on June 19, 2017, in the Gazzetta Ufficiale no. 14, whose relevant provisions came into force on 4 July.
"Fitness Check" of EU Consumer and Marketing Rules
On 29 May 2017, the European Commission published the results of the fitness check of EU consumer and marketing rules. Fitness Checks are comprehensive evaluations aimed at assessing whether the regulatory framework for a particular policy sector is “fit for purpose” and provide an evidence-based critical analysis of whether EU actions are proportionate to their objectives.
In April 2017, Italian Supreme Court, through three decisions, has rewritten certain rules and principles governing directors' liability.
New ICC Arbitration Rules
In October 2016 the International Chamber of Commerce ("ICC") passed a revision of its 2012 arbitration rules, aimed at increasing the efficiency and transparency of ICC arbitrations.
The new rules, entered in force on March 1, 2017, will apply to any proceedings commencing after 1 March 2017.
Attachment of director’s remuneration
The Sezioni Unite (plenary session) of the Supreme Court has recently affirmed, in the decision No. 1545/2017, dated January 20, 2017, that director's remuneration may be attached in full and not by 20% as established by Law with respect to salary of employment relationships.
Changes in the PASE (Portal de Pagos y Servicios Electrónicos - Electronic Payment and Services Portal) of IMPI (Instituto Mexicano de la Propiedad Industrial – the Mexican Institute of Intellectual Property)
According to the new rules, concerning the submission and processing of applications submitted through the PASE, and the electronic notifications, as of February 1, 2017, trademark applications and commercial notices filed online will be processed, through PASE.
Sale of a business unit as an ongoing concern
Art. 2112 of Italian Civil Code, on the sale of a business unit as an ongoing concern applies only when the parties agreed to transfer and assign to the purchaser the employees of the branch together with those essential assets belonging to the business unit and required to not impair the ability of the same to continue its operation.