In 2022, anti-money laundering ("AML") and sanctions controls were at the center of regulatory and enforcement activities in the United States and abroad. Globally, governments have continued to recognize the impact of AML...more
On 23 January 2023, the technical standards issued by the Italian Tax Authority relating to the form and the procedure to be adopted for the statutory registration of the Italian non-possessory pledge were published in the...more
2021 was a precedent-setting year for anti-money laundering (“AML”) enforcement and legislation. The digital assets industry continued to grow exponentially, driving the associated AML risks to the forefront of regulatory...more
3/10/2022
/ AML/CFT ,
Anti-Money Laundering ,
BSA/AML ,
Corruption ,
Cryptoassets ,
Economic Sanctions ,
Financial Crimes ,
FinCEN ,
Justice Against Sponsors of Terrorism Act (JASTA) ,
Terrorist Financing Regulations ,
Virtual Currency
The Italian government has postponed again the entry into force of Legislative Decree No. 14 dated 12 January 2019 (the "Insolvency Code"), taking into account the COVID-19 impact on the socio-economic scenario and the...more
In Short The Situation: As of the close of the Brexit transition period ending on December 31, 2020 ("Withdrawal Date"), UK banks, UK investment firms, and UK electronic money institutions ("UK Financial Institutions") can...more
The Situation: The economic crisis caused by COVID-19 has triggered an unprecedented response from European governments to support their economies with government-backed financial support....more
A company or group's financial distress causes significant turmoil for its owners, directors, managers, employees and often its suppliers and other creditors. For directors in particular, there are significant...more
12/3/2020
/ Commercial Bankruptcy ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Corporate Restructuring ,
Debt Restructuring ,
Directors ,
Duties & Responsibilities ,
EU ,
Financial Distress ,
Insolvency ,
Personal Liability
The economic crisis caused by the spread of the coronavirus triggered an unprecedented response from European governments to support their economies with various measures of support.
This overview summarizes the various...more
7/6/2020
/ Business Interruption ,
Coronavirus Large Business Interruption Loan Scheme (the CLBILS) ,
Coronavirus/COVID-19 ,
EU ,
European Commission ,
Infectious Diseases ,
Member State ,
Public Health Emergency ,
Relief Measures ,
State Aid ,
State of Emergency
A company or group's financial distress causes significant turmoil for its owners, directors, managers, employees and often its suppliers and other creditors. For directors in particular, there are significant...more
The Situation: The COVID-19 pandemic is having an impact on businesses across various sectors in Italy.
The Action: Further to the Law Decree No. 18 of March 17, 2020 (the "Cura Italia Decree"), the Italian Government...more
Italy recently enacted a new insolvency code (the "New Insolvency Code"), which takes effect August 14, 2020. The New Insolvency Code sets up, inter alia, (i) a new preemptive restructuring framework; (ii) new rules...more
The Situation: In the last years the Italian legislature reformed the Italian securitization law to foster investments in NPLs/UTPs by Italian and foreign professional investors. A recently approved law decree provides for...more
The Situation: After joining the Blockchain Partnership and setting up a task force dedicated to digital innovation, Italy enacted a set of rules establishing an overarching legal foundation for the validity and...more
The Situation: The European Central Bank ("ECB") has announced that it will set bank-specific supervisory expectations for the provisioning of non-performing loans ("NPLs") in a consistent way across comparable banks, which...more
Law no. 124 of August 4, 2017 ("Law 124") provides important new rules on financial leases in Italy. It introduces a statutory definition of "financial lease" and deals with the event of serious breach (grave inadempimento)...more
8/30/2017
/ Banking Sector ,
Banks ,
Breach of Contract ,
Commercial Bankruptcy ,
Commercial Leases ,
Finance Lease Contract ,
Financial Institutions ,
Italy ,
Lessee ,
Lessor ,
New Rules
On June 15, 2017, the Italian Parliament approved the Conversion Law of Decree no. 50 of April 25, 2017 ("Conversion Law"). The Conversion Law includes a review of the legal framework applicable to Italian securitization...more
6/27/2017
/ Banks ,
Distressed Debt ,
Financial Institutions ,
Foreign Investment ,
Insolvency ,
Investors ,
Italy ,
Leases ,
Non-Performing Loans (NPL) ,
Reorganizations ,
Securitization ,
Special Purpose Vehicles
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments...more
3/28/2017
/ Anti-Corruption ,
Avoidance ,
BaFin ,
Corporate Taxes ,
Creditors ,
Cross-Border ,
Debtors ,
EU ,
Foreign Investment ,
France ,
Germany ,
Insolvency ,
Italy ,
Netting Agreements ,
Sapin II