Michael Immordino

Michael Immordino

White & Case LLP

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EBA published results of EU-wide stress test of banks

On Friday 29 July 2016 after the close of financial markets, the European Banking Authority ("EBA") published the results of its 2016 stress test exercise of European banks....more

8/3/2016 - Banking Sector Capital Requirements EEA EU European Banking Authority Stress Tests

Italian banks: Thoughts on recapitalisation and sharing the burden

Recapitalisation is in the air. Falling investor confidence has contributed to a sharp decline in Italian banks' share values, in particular since the UK's 'Brexit' vote to leave the European Union. Total gross non-performing...more

7/20/2016 - Bail-In Provisions Bank of Italy Banking Sector Bonds BRRD EBA EU Insolvency Interest Rates Italy Recapitalization Retail Investors State Aid UK Brexit

Steps taken to backstop the Italian Banking System: Atlas fund, NPL state guarantee and insolvency reforms

On 11 April 2016, the Italian government announced the launch of the Atlante ("Atlas") fund, a private fund which will acquire shares in Italian banks and purchase non-performing loans ("NPLs"). On 15 April 2016, Law...more

5/7/2016 - Alternative Investment Funds Banking Sector Bankruptcy Reform Italy Non-Performing Loans (NPL) Private Investment Funds Securitization

Important changes to listed companies' and shareholders' disclosure requirements

A new law modifies the existing disclosure requirements applicable to companies trading on an Italian regulated market and companies trading on other EU markets that have elected Italy as a home Member State ("Listed...more

4/1/2016 - Disclosure Requirements EU Financial Statements Italy Publicly-Traded Companies Shareholders

Maggiorazione del diritto di voto e azioni a voto plurimo: un primo bilancio

La maggiorazione del diritto di voto e le azioni a voto plurimo sono state introdotte nel 2014 dal Decreto Competitività. La normativa ha superato il principio one share-one vote e reso possibili strumenti flessibili che...more

3/1/2016 - Corporate Issuers Institutional Investors Italy Minority Shareholders Shareholder Votes Shareholders Voting Rights

New Italian rules to permit direct lending by alternative investment funds to Italian companies

On February 14, 2016, the Italian Government approved Law Decree No. 18/2016 (the “Decree”) which sets out, inter alia, the direct lending regime by EU alternative investment funds (“AIFs”) to Italian borrowers. The...more

2/19/2016 - AIF Alternative Investment Funds EU Italy Lenders Loans Member State Non-Bank Lenders Proposed Legislation

New measures to incentivize NPL market in Italy

On February 10, the Italian Government announced the approval of new measures to address the recent market volatility caused by the banking sector. The newly approved measures introduce, amongst other things, (i) a State...more

2/12/2016 - Banking Sector Capitalization Italy Liquidity Loans Real Estate Market Secured Debt Securitization

Italy implements the Bank Recovery and Resolution Directive

On January 1, 2016, two Italian legislative decrees that implement the Bank Recovery and Resolution Directive No. 2014/59/EU ("BRRD") in Italy came into force in full. Executive Summary - The Bank Recovery and...more

2/10/2016 - Bank of Italy Banking Sector Bonds BRRD EU Investment Companies Italy MREL SMEs

M&A Attractiveness Index, EMEA – Italy

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, Italy is now ranked 23rd out of a total of 147 countries in terms of its attractiveness for M&A purposes (i.e., its...more

12/1/2015 - Acquisitions EU Foreign Investment Inbound Investments Investment Funds Italy Mergers Outbound Transactions

New Italian rules require filing with the Bank of Italy when issuing and offering financial instruments

The new Bank of Italy rules will apply from October 1, 2016. The Bank of Italy has implemented the provisions of article 129 of Legislative Decree no. 385 of 1 September 1993 (the Consolidated Banking Act or CBA) (the...more

9/28/2015 - Bank of Italy Filing Requirements Financial Instruments Foreign Issuers Italy Offerings Penalties Public Offerings Reporting Requirements

Insigh: Capital Markets: Tips for Taps

Following a successful bond issuance, an issuer may consider a “tap” issuance as a way to access further funding. White & Case offers some “Tips for Taps” for issuers and underwriters in accessing the capital markets...more

3/3/2015 - Capital Markets Corporate Bonds EU

Important changes to Italian mandatory tender offer Rules

The Decreto Competitività (as converted into Law with amendments, the “Decree”), published on August 20, 2014, in the Italian Official Gazette (Gazzetta Ufficiale della Repubblica Italiana), has made some important changes to...more

9/2/2014 - EU New Regulations Tender Offers

New Italian finance law to facilitate company financings

On August 20, 2014, the Decreto Competitività (as converted into Law with amendments, the “Decree”), was published in the Italian Official Gazette (Gazzetta Ufficiale della Repubblica Italiana). The Decree is part of a...more

8/26/2014 - EU Financial Institutions Financial Regulatory Reform Foreign Banks

Italy further facilitates financing transactions for Italian issuers (Destinazione Italia Decree)

On December 13, 2013 the Italian Government approved Law Decree Destinazione Italia (the “Destinazione Italia Decree”), aimed at further facilitating financing transactions for Italian issuers. The most significant...more

12/17/2013 - Bonds Corporate Bonds Financing Securitization

Bank of Italy rules to implement Capital Requirements Directive IV – consultation document on prudential supervision for banks...

On November 27, 2013 the Bank of Italy submitted for public consultation a draft circular setting forth the new prudential supervision rules (“disposizioni di vigilanza prudenziale”) for banks and banking groups (the “Draft...more

12/5/2013 - Capital Requirements EU Foreign Banks

How Tobin Tax and certain regulatory duties affect Block Trades in Italy

Italian Law No. 228 dated December 24, 2012, which approved the 2013 budget, contemplates, among others, a new tax applicable to certain financial transactions (the “Tobin Tax”). The Tobin Tax will apply to transactions,...more

1/17/2013 - Buyers Derivatives Duties Foreign Banks High Frequency Trading International Finance Securities Sellers

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