Offer and admission

Consob on 9 July 2020 approved the Communication no. 7/2020 on the control criteria of the offer prospectus and admission to trading of securities under the new regulations set by EU Regulation 1129/2017 and by EU Delegated Regulation 980/2019.

Distribution of profits

Bank of Italy updated the Recommendation on distribution of profits and variable remuneration policies and clarified the expiry date of the flexibility in the use of capital and liquidity buffers.

Procurement Law of the Holy See

On June 1, 2020 with the Apostolic Letter in the form of a Motu Proprio, containing “Regulations on the transparency, control and competition of public contracts of the Holy See and of the Vatican City State”, was approved in scope of the complex of economic reforms initiated by Pope Francis.

ESG Regulation (EU) 2020/852

ESG Regulation (EU) 2020/852 published in the Official Journal of the European Union. It establish a framework that favors sustainable investments by setting the criteria for determining whether an economic activity can be considered environmentally sustainable and the degree of eco-sustainability of an investment.

PIF Directive

New predicate offenses under Legislative Decree 231/2001. On 6 July the italian Government approved the legislative decree 75/2020 implementing Directive (EU) 2017/1371, relating to the fight against fraud affecting the financial interests of the European Union through criminal law (so-called PIF Directive). The decree makes important changes in the administrative liability of entities pursuant to Legislative Decree no. lgs. n. 231/2001, expanding the number of predicate offenses and tightening the sanctions.

Transfer of personal data to the USA

The European Court of Justice ruled with the Scherms II judgment the invalidity of the so-called Privacy Shield, which guaranteed the transfer of personal data from the European Union to companies established in the USA. The Court stated that the legal shield ensured by the Commission Decision 2016/1250 did not give adequate guarantees, enforceable rights and effective remedies in the USA at the same level established by the GDPR, since access by the public authorities of that country was possible.

Electronic invoicing

Statement of the Privacy Authority. It is not allowed, because it is disproportionate, the acquisition, together with electronic invoices, of data that are extremely relevant to the private life of taxpayers, but are fiscally irrelevant and unable to make any improvement to curbing tax evasion.

Merger of Lexacta and Studio PPP

Signed the new statute which establishes the merger of Lexacta – Global Legal Advice and Piccinelli Del Pico Pardi Sirabella & Associati. A new consultancy firm is born with more than forty professionals with a strong multidisciplinary imprint in business advisory.