On June 25th, the “Round Table on sustainable finance” – promoted by the Italian Ministry of Economy and Finance and composed of the Ministry of Environment and Energy Security, the Ministry of Enterprises and Made in Italy, the Bank of Italy, the National Commission for Companies and the Stock Exchange (CONSOB), the Institute for Insurance […]
On June 19th, the Institute for Insurance Supervision (IVASS) published the results of a market survey on policies covering catastrophic risks available on the Italian market. The survey arises in compliance with the obligation introduced by the 2024 Budget Law, which requires companies to take out insurance coverage against catastrophic risks within December 31, 2024. […]
With order no. 16745 of 15 June 2024, the Italian Court of Cassation clarified the responsibilities of the construction manager. According to the Court, the construction manager is obliged to ensure that the works are executed in accordance with the project and comply with building regulations. However, this does not imply that the construction manager […]
On June 25, 2024, Commission Delegated Regulation (EU) 2024/1772 of March 13, 2024, was published in the Official Journal of the European Union, supplementing Regulation (EU) 2022/2554 (the “DORA” Regulation). In accordance with the objective of the DORA Regulation, which aims to harmonize and streamline reporting obligations related to information and communication technology (ICT) incidents, […]
With Provision 147/2024 dated June 20, 2024, IVASS has introduced significant amendments to: Regulation 40/2018, laying down provisions on insurance and reinsurance distribution; Regulation 41/2018, on transparency, disclosure, and design of insurance products. IVASS acknowledged that the current provisions on distribution and pre-contractual disclosure have increased significantly the costs for operators to provide the information […]
On June 19, 2024, the 6th AML Directive (Directive (EU) 2024/1640 of May 31, 2024), the AML Regulation (Regulation (UE) 2024/1624 of May 31 2024) and the AMLA Regulation (EU) 2024/1620 of May 31, 2024 (so-called “AML Package“) were published in the Official Journal of the European Union. The main objectives of the package include: reform […]
On June 19, 2024 the 6th AML Directive (Directive (EU) 2024/1640 of May 31, 2024), the AML Regulation (Regulation (UE) 2024/1624 of May 31, 2024) and the AMLA Regulation (Regulation (EU) 2024/1620 of May 31, 2024) (so-called “AML Package“) were published in the Official Journal of the European Union. The main objectives of the AML […]
In decision no. 13897 of 20 May 2024, the Court of Cassation ruled once again in the matter of professional indemnity insurance. In case at hand, an insurer filed an appeal with the Court of Cassation against a ruling an Appeal Court, which had recognized a lawyer’s right to direct indemnification in the event of […]
On June 11th, the Bank of Italy launched a public consultation concerning the amendment of provisions related to counterparty credit risk for financial intermediaries under Article 106 of the TUB (Consolidated Law on Banking). The aim of the public consultation is to extend the prudential regulations on counterparty credit risk, which already apply to banks […]
The Italian Data Protection Authority, with Order No. 364 of 6 June 2024, issued updated guidelines on computer programs and services for managing e-mail in the work context and on the processing of metadata in employees’ e-mails. The document specifies that it does not introduce new prescriptions, but offers a reconstruction of the applicable provisions, […]
