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In its decision no. 5032/2011 of 7 September 2011, the Council of State had ruled that a local authority could, subject to certain conditions, unilaterally revoke its decision to enter into certain derivative transactions, thus retroactively setting aside the...

In data 7 agosto 2012, il Parlamento italiano ha convertito con la legge n. 134 (la "Legge di Conversione") le disposizioni contenute nel decreto-legge del 22 giugno 2012, n. 83, recante misure urgenti per la crescita del Paese (il "Decreto"). Nel...

On 7 August 2012, the Italian Parliament converted the urgent measures to implement growth in Italy set forth in Decree Law No. 83 of 22 June 2012 (the "Decree") into Law No. 134 ("Law No. 134").   Our briefing note dated June 2012...

The European Union (EU) agenda for regulatory reform in the financial sector continues to take shape. The EU has played a leading role in the development of the G20's action plan to respond to the financial crisis and many of the actions being taken aim to...

On 15 June 2012 the Council of Ministers approved a set of urgent measures to implement part of the so-called "Agenda for Sustainable Growth" (the "Decree"). The Decree proposes measures to broaden access to capital markets for Italian...

Il Consiglio dei Ministri del 15 giugno 2012 ha approvato un pacchetto contenente un insieme di misure urgenti e strutturali che realizzano una parte ulteriore della c.d. "Agenda per la Crescita sostenibile" (il "Provvedimento"). Una delle...

The Eurozone crisis continues to dominate the global economic landscape, raising questions among market participants as to the implications for market standard derivatives documentation should a Eurozone member leave the currency union, albeit this remains an...

The Italian government has reacted to the financial crisis by adopting Legislative Decree No. 201/2011 (the "Decree") which contemplates several stability measures. As far as the Italian banking system is concerned, Article 8 of the Decree provides...

The European Union (EU) agenda for regulatory reform in the financial sector continues to take shape. The EU has played a leading role in the development of the G20's action plan to respond to the financial crisis and many of the actions being taken aim to...

For some years now, regulators in Italy and at the European level have focused on the need for greater transparency for holdings of cash-settled derivative instruments, mainly because these instruments may be used with an intent to elude the law. While debate...