Latest updates
COVID-19-tested flights: an extra weapon in the fight against the pandemic
Studio Pierallini- Aviation
- Italy
- 27 January 2021
Rome Fiumicino Airport is the first Italian airport, and one of the first worldwide, to have implemented a protocol to operate COVID-19-tested flights. Pursuant to the applicable ministerial decree, in order to be exempt from mandatory quarantine on arrival in Italy, passengers must show a certificate proving a negative molecular COVID-19 test or an antigen rapid test, carried out within 48 hours before the flight. Otherwise, they must undergo an antigen rapid test at the departure airport directly before boarding.
Budget Law 2021: tax incentive for business combinations
Studio Legale e Tributario Biscozzi Nobili Piazza- Corporate Tax
- Italy
- 22 January 2021
Parliament recently enacted the Budget Law 2021 which, among other things, enables a portion of deferred tax assets to be converted into a tax credit relating to tax losses carried forward and excess aid to economic growth, accrued up to the fiscal year prior to that in which a business combination occurs. The rule aims to encourage business combinations and more structured and competitive realities on the market, especially in a crisis situation, such as that brought about by COVID-19.
Capital loss coverage postponed until 2025
Grieco e Associati- Corporate & Commercial
- Italy
- 18 January 2021
Pursuant to Paragraph 266 of the new Budget Law 2021, several duties relating to the mandatory coverage of company losses borne in 2020 have been postponed for five financial years, up until 2025. The new rules ease companies' financial commitments. Similarly, Article 44 of Law 120/2020 has postponed the requirement for a two-thirds qualified majority of stock capital quorum to pass resolutions of extraordinary shareholders' meetings until 30 April 2021.
Updated transfer pricing documentation requirements
Studio Legale e Tributario Biscozzi Nobili Piazza- Corporate Tax
- Italy
- 15 January 2021
A new provision establishes the requirements for the suitability of transfer pricing documentation. In order to align the domestic transfer pricing framework with the Organisation for Economic Cooperation and Development standards, the provision updates the rules relating to the content of transfer pricing documentation, which must be prepared in order to support the application of the arm's-length principle to intercompany transactions.
Supreme Court rules on defence of lack of jurisdiction due to state immunity
Dardani Studio Legale- Shipping & Transport
- Italy
- 23 December 2020
The Supreme Court recently ruled in a case concerning the defence of lack of jurisdiction due to state immunity claimed by Rina SpA in the matter concerning the sinking of the Al-Salam Boccaccio 98. The decision contains precise guidance as to immunity from jurisdiction with regard to the classification and certification of ships, thereby making it improbable that any such defence will be successfully pleaded in the future by a classification society before an Italian court.
Third-party litigation funding agreements
ARBLIT Radicati di Brozolo Sabatini Benedettelli Torsello- Litigation
- Italy
- 22 December 2020
Third-party litigation funding is essentially unknown under Italian law. For instance, Italian contract law does not regulate litigation funding agreements and there is little case law on the matter. However, Italian law includes no mandatory rules or public policy principles that expressly preclude third-party funding. Therefore, it is likely to become an increasingly attractive litigation feature under Italian law, especially considering the national provisions governing the allocation of litigation costs.
OnDemand Corporate and commercial: trends and issues – Italy
Grieco e Associati- Italy
- 07 December 2020
The COVID-19 pandemic has had a significant impact on the Italian corporate and commercial world. As part of its response, the government suspended certain corporate obligations for companies (including with regard to bankruptcy law and the increase of stock capital) and granted state guarantees concerning financing loans. This video discusses these matters and the potential impact that they may have on companies in Italy.
Rome Court of Appeal rules on Russian roulette clause
Grieco e Associati- Corporate & Commercial
- Italy
- 30 November 2020
The Rome Court of Appeal recently ruled on a Russian roulette clause included in a shareholders' agreement which had been entered into on a 50:50 basis. The validity of Russian roulette clauses has been disputed as several scholars consider them to be against the mandatory provisions of company law relating to a shareholder's withdrawal from a company and their assessment.
COVID-19: suspension of dismissals and extension of financial support and family leave
Stanchi Studio Legale- Employment & Immigration
- Italy
- 18 November 2020
Law Decree 137/2020, the so-called 'Ristori Decree', recently came into force. This article provides a summary of the relevant provisions of immediate interest relating to employment, including the suspension of dismissals, financial support available to companies and family leave relating to a child's school suspending teaching.
New ANIA self-regulation codes for co-insurance in non-life and life insurance
DLA Piper- Insurance
- Italy
- 10 November 2020
In March 2020 the National Association of Insurance Companies approved the new self-regulation codes for co-insurance in non-life and life insurance, replacing the previous codes. Essentially, the new codes set out standard clauses governing the relationship between co-insurers. They apply to co-insurance agreements entered into effective from 1 January 2020. The previous codes can be used only up until 31 December 2020.
Transport Regulatory Authority introduces changes to airport charge models
Studio Pierallini- Aviation
- Italy
- 04 November 2020
With Decision 136/2020, the Transport Regulatory Authority has once again addressed the regulatory models for airport charges, introducing significant amendments that companies which manage Italian airports open to commercial traffic of passengers, cargo and mail must follow. The authority is the independent national entity responsible for the oversight, regulation and negotiation of airport charges between airport managing companies on the one hand and airport users (airlines and operators) on the other.
Supreme Court rules on apportionment of salvage reward among shipowner and cargo interests
Dardani Studio Legale- Shipping & Transport
- Italy
- 21 October 2020
The Supreme Court recently issued a significant decision on the apportionment of a salvage reward among a shipowner and cargo interests. The decision has confirmed the principle already expressed in previous Supreme Court judgments that the shipowner is liable towards the salvor for an entire salvage reward, subject to recourse action by said shipowner against the cargo interests. However, the Supreme Court's conclusions are debatable, as is its interpretation of Article 497 of the Code of Navigation.
Premium interest rate payable to creditors which file claims before Italian courts
ARBLIT Radicati di Brozolo Sabatini Benedettelli Torsello- Litigation
- Italy
- 20 October 2020
Creditors taking legal action before the Italian courts to secure payment against their debtors have long regarded this as a nightmare option due to the length and complexity of Italian civil proceedings. However, recently introduced legislation may render this nightmare a dream, as claimants bringing actions for payment are now entitled to a premium interest rate equal to that available in respect of late payments in commercial transactions under the relevant EU legislation.
Supreme Court of Cassation rules on directors' revocation and spoil system
Grieco e Associati- Corporate & Commercial
- Italy
- 19 October 2020
The Supreme Court of Cassation recently ruled on the revocation of the board chair of a listed company controlled by a public entity shareholder. The court clarified the concept of just cause with regard to directors' revocation under Article 2383 of the Civil Code. The court also stated that directors' revocation must be specifically provided for in the shareholders' meeting resolution. If the company cannot prove the revocation's just cause, the director must be compensated for damages borne.
Italy nominates Milan as third head office of UPC instead of London
IP Law Galli- Intellectual Property
- Italy
- 19 October 2020
At a recent Unified Patent Court (UPC) Preparatory Committee meeting on the effects of the United Kingdom's withdrawal of its ratification of the court's founding agreement, Italy announced its intention to nominate Milan as the new branch of the UPC headquarters instead of London. Although Milan is not a mandatory choice, this nomination should be taken seriously for many reasons.
New step-up option on taxpayer assets introduced
Studio Legale e Tributario Biscozzi Nobili Piazza- Corporate Tax
- Italy
- 16 October 2020
Decree-Law 104/2020 recently introduced a new opportunity for Italian companies to step up the cost of tangible and intangible assets (real estate and other immovable properties which are built or for resale are excluded) and participation in controlled and associated companies included in financial statements as of 31 December 2019. Therefore, for taxpayers for which the fiscal year matches the calendar year, the revaluation option can be exercised for the fiscal year ending 31 December 2020.
Patent implications of COVID-19 crisis: current solutions according to Italian law
Trevisan & Cuonzo- Healthcare & Life Sciences
- Italy
- 14 October 2020
The current health emergency has highlighted the need to reconcile the urgency in offering a response to the spread of COVID-19 with the need to continue ensuring the effectiveness of patent protection. For this purpose, the Italian legal system offers a number of solutions based on legitimising the use of a pre-existing patent without the owner's consent on the one hand and guaranteeing the accessibility of patented inventions to the most people without having to deny the owner's exclusive rights on the other.
Insurance Distribution Directive and product oversight and governance – new IVASS measures enacted
DLA Piper- Insurance
- Italy
- 06 October 2020
With two measures introduced in August 2020, IVASS (the Italian insurance regulator) has approved changes and certain rules – effective as of 31 March 2021 – to various IVASS regulations concerning distribution and product oversight and governance for insurers and distributors. This article highlights the main changes.
Renewable future: government incentives to increase biomethane production
Norton Rose Fulbright- Energy & Natural Resources
- Italy
- 05 October 2020
Biomethane is an emerging source of renewable energy which may be a suitable substitute for fossil fuels. The prospects for biomethane as an energy source in Italy are promising; it has the potential to become one of the main protagonists in Italy's future energy sector and would facilitate the transition to a circular economy model. This article considers recent developments under Italian law to incentivise biomethane production.
Temporary rules for redundancy
Stanchi Studio Legale- Employment & Immigration
- Italy
- 30 September 2020
Due to the ongoing COVID-19 pandemic, the government has extended the ban on individual and collective redundancies due to organisational or economic reasons until the end of 2020 (Law Decree 104/2020). However, terminations can proceed in certain situations.
