As part of a series of recent FDI reviews, the Italian government has determined that the grant of a pledge over shares of Italian companies in strategic sectors triggers the filing requirement under the Italian FDI regime,...more
The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure.
The new rules relate to, inter alia, the following:
The issuance of unlisted debt...more
The Italian legislature enacted new measures , effective from March 27, 2024, to attract new investors to the Italian capital markets and rationalize corporate governance dynamics (the "Capital Markets Law")....more
European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024.
-Rising interest...more
1/30/2024
/ Acquisitions ,
Banking Sector ,
Buyouts ,
Debt ,
Debt Market ,
EU ,
Financial Institutions ,
Interest Rates ,
Investment ,
Leveraged Finance ,
Loans ,
Mergers ,
Private Equity ,
Refinancing
The attention of financial regulators on environmental, social and governance factors is significantly and rapidly increasing. A proper integration of ESG features in the business model of financial and non-financial entities...more
6/9/2023
/ Bank of Italy ,
Climate Change ,
Environmental Social & Governance (ESG) ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Institutions ,
Financial Regulatory Agencies ,
Italy ,
Non-Financial Firms ,
SFDR ,
Sustainable Finance
The past six months have seen difficult economic times in much of Europe, with governments and central banks seeking to respond to both the increases in costs of living and the need to curb inflation. Notwithstanding the...more
5/16/2023
/ Belgium ,
EMEA ,
EU ,
Germany ,
Italy ,
Legislative Agendas ,
Luxembourg ,
Popular ,
Real Estate Investments ,
Spain ,
UK
The recent conflict in Ukraine is affecting the entire global economy and causing severe consequences for many Italian companies. To address the current scenario, the Italian legislators introduced:
(i) a specific first...more
On 12 January 2019, the Italian Government enacted Legislative Decree No. 14 (so called "business crisis and insolvency code (codice della crisi d’impresa e dell’insolvenza)", which entered into force on 15 July 2022 (the...more
11/3/2022
/ Ad-Hoc Mandates ,
Chamber of Commerce ,
Clawbacks ,
Creditors ,
Debt Restructuring ,
Enforcement Actions ,
Financial Distress ,
Insolvency ,
Italy ,
Joint Liability ,
Liquidation ,
Recapitalization ,
Recovery Plans ,
Sustainable Finance
Borsa Italiana has released a new regulation, effective October 3, 2022, that simplifies the Euronext listing admission process.
Consistent with the listing rules of EU peer securities exchanges, the issuer and the...more
On 27 August 2022, the 2021 Annual Law for Competition (Law No. 118 of 5 August 2022) will enter into force.
The final law reflects the key provisions of the draft law issued by the Government on 4 November...more
The Italian Securities Commission (Consob) has enacted rules that allow the use of an English language prospectus for IPOs and rights issues in Italy and shorten the prospectus review period.
On August 1st, Consob...more
The Italian Competition Authority updated its merger control turnover thresholds. Effective 21 March 2022, Section 16(1) of Law No. 287 of 10 October 1990 requires prior notification of all mergers and acquisitions...more
Consob initiated a public consultation concerning important new IPO rules aimed at simplifying and shortening the prospectus approval process and to reduce listing costs, which would bring Italian practice closer in line with...more
After several delays, on November 4, 2021, the Italian Council of Ministers examined and finally approved the draft Annual Law for Competition ("Draft") pursuant to Article 47 of Law No. 99/2009.
The Draft reflects most...more
Since March 2020, the Italian Government has enacted a package of measures designed to help Italian businesses survive the dramatic effects of the coronavirus ("COVID-19") pandemic. The measures include guarantee schemes from...more
Artificial intelligence (AI) is increasingly transforming business processes and strategies across industry sectors. Companies are figuring out how to take advantage of AI, focusing primarily on customers' needs and...more
11/19/2020
/ Artificial Intelligence ,
Big Data ,
Board of Directors ,
Business Judgment Rule ,
Corporate Governance ,
Decision-Making Process ,
Duty of Care ,
Fiduciary Duty ,
Machine Learning ,
Risk Management ,
Technology
Over the last three months, the Italian Government has enacted a package of financial assistance designed to help Italian businesses survive the dramatic short-term effects of the coronavirus ("COVID-19") pandemic. The...more
7/14/2020
/ Board of Directors ,
Borrowers ,
Business Continuity Plans ,
Coronavirus/COVID-19 ,
Creditors ,
Federal Loans ,
Financial Assistance Policies ,
Italy ,
Liquidity ,
Privately Held Corporations ,
Publicly-Traded Companies ,
Relief Measures ,
SACE Guarantee Scheme ,
Shareholders ,
Small and Medium-Sized Enterprises (SMEs) ,
Small Business
As part of our periodic updates, here is an overview of recent developments of relevance to participants in the real estate finance market across certain key jurisdictions in Europe.
Europe -
COVID-19 -
First and...more
On 8 April 2020, the Italian Government enacted Law Decree no. 23 of 2020 (the "Restore Liquidity" Decree). In combination with Law Decree no. 18 of 17 March 2020 (the "Cure Italy" Decree), it provides businesses affected by...more
4/10/2020
/ Directors ,
Fiduciary Duty ,
Financial Assistance Policies ,
Funding ,
Italy ,
Liquidity ,
Midsize and Large Business Loans ,
SACE Guarantee Scheme ,
Shareholders ,
Small and Medium-Sized Enterprises (SMEs) ,
Small Business Loans
On March 27, 2020, the United States Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") became effective. The primary purposes of the CARES Act is to provide businesses affected by the novel coronavirus...more
4/9/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Dividends ,
Employee Retention ,
Executive Compensation ,
Federal Loans ,
Foreign Subsidiaries ,
Interest Rates ,
Midsize and Large Business Loans ,
Relief Measures ,
Shareholder Distributions ,
Stock Repurchases
The novel coronavirus (COVID-19) pandemic is presenting the global markets with unprecedented challenges. Governments, corporations and the financial markets have been struggling to evaluate and adapt to the social and...more
As part of our periodic updates, here is an overview of recent developments of relevance to participants in the real estate finance market across certain key jurisdictions in Europe....more
12/4/2019
/ Apartments ,
Consumer Lenders ,
EU ,
EURIBOR ,
Foreign Entities ,
France ,
Germany ,
Insolvency ,
Italy ,
Leaseholds ,
Libor ,
Loans ,
Mortgage-Backed Securities ,
Poland ,
Real Estate Financing ,
Real Estate Investments ,
Real Estate Transactions ,
Rental Property ,
Residential Leases ,
Secured Overnight Funding Rate (SOFR) ,
Securitization ,
Spain ,
Special Purpose Vehicles ,
Sterling Overnight Index Average (SONIA) ,
UK ,
Withholding Tax
On January 24, 2019 the Italian Ministry of Economy and Finance ("MEF") published a press release announcing that the Italian government has readied a set of measures necessary to ensure full continuity for financial markets...more
1/31/2019
/ Cross-Border Transactions ,
EU ,
Financial Markets ,
Foreign Corporations ,
Investment Funds ,
Investor Protection ,
Italy ,
Member State ,
No-Deal Brexit ,
Passporting ,
Proposed Legislation ,
Transitional Arrangements ,
UK