On 8 November 2022, the President of IVASS, Luigi Federico Signorini, taking part during the Insurance Summit, organized by Il Sole 24 Ore in Milan, affirmed and praised the resilience of the Italian economy despite pandemic and the new crisis caused by Russia’s war. At the international level, indeed, the economy is suffering from war-related […]
By Order No. 241 of 7 July 2022, the Italian Privacy Authority issued a favourable opinion in relation to the proposed amendment to Legislative Decree No. 231/2007 on the prevention of the use of the financial system for the purpose of laundering the proceeds of crime and financing terrorism. The aforementioned opinion had been requested […]
With urgent measure issued on 7 July 2022, the Italian Privacy Authority warned the Tik Tok platform that, in the absence of explicit consent, it is unlawful to process personal data stored on users’ devices in order to profile them and send them personalised advertising. The case had resulted from the announcement in June 2022 […]
The coexistence of main and secondary proceedings has given rise to numerous practical difficulties related mainly to the correct identification of the COMI, since the possibility that more than one State may consider itself competent to open the main procedure is not remote. Thus, the need arose to find a solution that did not involve […]
On 18 May 2022, the Italian Data Protection Authority issued an interesting opinion, at the request of an insurance company, concerning the correct identification of the subjective role of credit institutions that process customers’ personal data in the activity of distributing insurance policies. In providing the above-mentioned opinion, the Authority referred to the general regulatory […]
Last 12 April, ESMA published on its website the official Italian translation of the “Guidelines on certain aspects of the MiFID II appropriateness and execution-only requirements” (hereinafter, also, “the Guidelines”), adopted pursuant to Article 16 of Regulation 1095/2010/EU, on 3 January 2022. The Guidelines are also available on the institutional website of Consob, which declares […]
On 27 May 2022, the Italian Customs Agency (Agenzia Delle Dogane” or “AD”) with Circular Letter no. 20/2022 (the “Circular”) provided important clarifications that simplify the procedures for non-European flagged pleasure yachts entering EU waters to carry out maintenance and refitting works at Italian shipyards. The main simplified features are: exemption from guarantees and VAT for maintenance […]
With an injunction order dated 7 April 2022, the Italian Data Protection Authority sanctioned a commercial company for €20,000.00, as it had used a customer’s data without consent and had also failed to comply with a request to exercise the data subject’s rights to obtain information on the processing of his data. The latter, in […]
Pursuant to Section VI (“Assessment of money laundering and terrorist financing risks”) of Chapter II of IVASS Regulation No. 44 of 12 February 2019, insurance undertakings with their registered office in a Member State of the European Union or in a country adhering to the European Economic Area are required to transmit, on an annual […]
ARTICLE 36 OF REGULATION 2015/848: CRISIS AND INSOLVENCY[1] ‘NEGOTIATION LAW‘: SYNTHETIC SECONDARY PROCEEDINGS. Article 36 of Regulation 2015/848 represents an important innovation in insolvency proceedings as its enforcement may have the effect of avoiding the opening of secondary proceedings. According to such an Article, the insolvency practitioner in the main proceedings may give an undertaking […]
