Italy – Product liability: important decision of the Milan Courts on defective medical devices
The protection of consumers damaged by defective products was introduced into the EU framework by Directive No. 374/1985/EEC (the "Directive") and implemented in Italy by Presidential Decree No. 224/1988, subsequently incorporated into Legislative Decree No. 206/2005 (the so called "Codice del Consumo", the "Code"). The Directive intervened to coordinate and harmonise national legislation and to avoid that the existing disparities among domestic regulations could adversely affect competition, thus jeopardising the free circulation of goods within the common market.
Green-light for the "revolving pledge" on agricultural and food products
On August 29, 2020, Decree July 23, 2020 was published in the Official Journal of the Italian Republic, on the establishment of the revolving pledge on agricultural and food products with a protected denomination of origin and a protected geographical indication, by way of implementation of Sec. 78, Paragraphs 2-duodecies, 2-terdecies and 2-quaterdecies of Law April 24, 2020, n. 27 (so-called "Cura Italia").
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.