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Bank of Italy published the transparency regulation, as amended after public consultation ended on September 10, 2018.

On March 19 2019, after public consultation ended on September 10, 2018, the Bank of Italy enacted amendments to the “Transparency Regulation” dated July 29, 2009 (as amended), in order to complete implementation in Italy of the Directive 2015/2366/UE (the “Payment Services Directive 2 -PSD 2”), and other law provisions (i.e. the Benchmark Regulation 2016/1011/UE, the EBA Guidelines on remuneration policies and practices in the sale of retail banking products and services, etc.).
Such amendments shall be effective starting from July 1st 2019, except for: (a) amendments to Section VI on payment services, and (b) amendments to Section XI, par. 3, on terms to respond to customers’ complaints, that (since are still subject to other public consultations) shall be effective on the date to be indicated by the Bank of Italy by future regulation.

Requalification for registration tax purposes, by the Tax Authorities, of the transfer/constitution of surface rights in a company sale agreement, in the renewable energy sector.

The intent of amendment of the art. 20 of d.P.R. no. 131/86 (T.U. Registry Tax), firstly through the art. 1, p. 87, of Law no. 205/2017 and then with art. 1, p. 1084, of Law no. 145/2018, was to bound the practice of Tax Authorities of qualifying differently the effects of the acts notarized, for the redetermination of the higher registration taxes. Two recent judgments, in the renewable energy sector, give us the opportunity to evaluate the process of requalification of contracts (in accordance with the art. 20 before the adaptations), but above all consider how the case law marks the boundaries of the Tax Authorities action.

Amendments to the Bank of Italy regulation on sanctions.

On February 7th, 2019, it was published on the Official Gazette nr. 32 the Bank of Italy Regulation that has amended the Bank of Italy “Regulation on sanctions and administrative sanctions procedure” dated December 18th 2012 (as amended).
The new provisions mainly aim at updating the sanctions procedure in compliance with the amendments set forth on the anti-money laundering sanction regime, by the Legislative Decree of May 25th 2017, no. 90, that has implemented in Italy the 4th Anti-money laundering Directive (i.e. Directive no 2015/849/UE).

Action for liability: limits of the compensable damage.

The bankruptcy receiver, in the action for liability against the directors, has to demonstrate not only the breach and the damage suffered by the company or by the creditors, but also the causal link between the aforesaid damage and the conduct censured. Compensable damages, in fact, are only those directly attributable to specific acts of maladministration.
This is what stated by the Court of Cassation with the ordinance n. 2659 of the 30th January 2019.

Community contributions and VAT deduction on purchases.

The Tax Revenue Agency clarified the treatment, for VAT purposes, of the contribution disbursed by European Economic Community, through an Italian Region, and of the purchases of goods and services referable to the same: in particular it qualifies the contribution obtained as “allocation of funds”, with the consequent exclusion from the scope of VAT; on the other hand it admits the deduction of the tax paid on purchases of goods and services made using the aforementioned contribution.

Recent decisions of Supreme Court of Cassation.

The Court of Cassation establishes the following principles:
1) For the Cassation, the objective negative economic course of the society doesn’t constitute a presupposition that the employer necessarily has to feel for justified objective motive in case of dismissal of an employee
2) For the Supreme Court the “giustificatezza”, typical of the managerial category, in fact, can be based (due to the particular nature of the relationship of trust) on objective questions, provided they are appreciable in terms of law.
3) For the Cassation, the intimidating acts of the employer, by means of sentences aimed at obtaining the resignation of their employee, would endanger the moral and mental freedom of the latter.
4) For the Cassation, the employer’s trust may be compromised, not only as a result of specific contractual defaults, but also due to extra-business practices that have a reflection, even if only potential but objective, on the functionality of the employment relationship .
5) For the Court of Cassation, where the economic-functional link between the companies is such as to lead to the simultaneous and indistinct use of the same work performance in each of them, there is a single center for assigning work relationships.

The Horn of Africa galloping.

Our partners Nicola Spadafora and Carlo Scarpa were speakers at the Conference of CUOA Business School on “Geopolitical