Studio Legale Pavan Website

EU capital market: new agreement on reviving securitisation market

Last Tuesday, the European Parliament, the Council and the Commission agreed on a package that sets out criteria for simple, transparent and standardised securitization (STS). Securitisation is the process where a financial instrument is created, typically by a lender such as a bank, by pooling assets for investors to purchase. The target is to facilitate access to a greater ran...

The reduction of deliberative quorum does not allow a shareholder to withdraw

Pursuant to article 2437, lett. g), of the Italian Civil Code, a corporation’s shareholders who did not consent to modifications of the charter concerning voting rights or participation rights, are allowed to exercise the right of withdrawal from the corporation itself for all or part of their shares. By Judgment of 1st June 2017, no. 13875, the Court of Cassation has stated that abs...

According to the EU law, disclosing data to a third party for the realization of a legitimate interest is not compulsory

Article 7 of Directive 95/46/EC (transposed, in Italy, by Legislative Decree no. 196/2003), on the protection of personal data, allows Member States to provide for an obligation to disclose personal data to a third party. With Judgment of 4th May in the case C-13/16, the European Court of Justice has explained that article 7 does not require Member States to impose an obligation to disc...

Is the web tax arriving?

The so-called web tax is a tax to be charged to web service multinationals (Google, Apple, Amazon, Facebook), which operate in Italy and nonetheless pay taxes in Countries where the fiscal regime is more favorable.    On May 22, the Italian House Budget Committee approved a mechanism for fostering the cooperation between the Tax Authority and those web-companies which boast co...

State aid: the European Commission simplifies rules for public investment in ports, airports, culture and outermost regions.

On May 17, the European Commission approved new rules on state aid so as to allow Member States to intervene in certain sectors without a prior scrutiny by the Commission. Already in 2014, the “General Block Exemption Regulation” introduced similar measures to support public intervention in research, development and innovation. With the present intervention, rules for public...

Costs for security are not to be declared in a public procurement for intellectual services

Article 87, paragraph 4, of the old Italian Public Procurement Code (Legislative Decree no. 163/2006), provides that a tender may be considered odd if costs for security are not clearly indicated or are not appropriate with respect to the characteristics of the service or of the supply. On this issue, in a public procurement for intellectual services, the “Consiglio di Stato” was re...

True business data for the approval of the “concordato preventivo”

According to article 162, paragraph 2, of the Italian Insolvency Law, among the conditions required for the admissibility of the “concordato preventivo” is the veracity of company data displayed in the documents produced together with the application. Article 173, paragraph 3, of the Insolvency Law, provides that if during the procedure it appears that this condition was missing at ...

Advocate General: areas within airports for ground-handling services may be allocated without a selection procedure

As regards the allocation of areas within airports for the execution of ground-handling services, the TAR Lombardia asked the European Court of Justice to determine whether it represents a service contract, according to Directive 2004/17/EC, which always requires a selection procedure, or instead a concession service, pursuant to Directive 96/67/EC, which does not compulsorily require a selecti...

Corporate affiliation: the notion must be interpreted broadly.

According to art. 2359, paragraph 3, cc, companies are considerated affiliated to another company when the latter exerts a significant influence unpon the former. There is a presumption of influence in the event that at least one fifth of the votes may be exercised at the ordinary meeting or a tenth if the company is listed on the regulated markets. By judgment no. 10726 of 3 May 2017, ...

Termination of public contracts for grave professional misconduct only if the decision has a final effect

Article 80, paragraph 5, letter c), of the new Italian Public Procurement Code (Legislative Decree no. 50/2016), provides that contracting authorities exclude from participation in a procurement procedure an economic operator which is guilty of grave professional misconduct. Among such misconduct are significant deficiencies in the performance of a prior public contract or of a prior co...

Evaporated the distinction between communication and notification?

With regard to the appeal of a decree of bankruptcy, the Supreme Court, by judgment of 20 April 2017, no. 9974, ruled that it was inadmissible on the assumption that the time-limit for appeals does not start from the notification by the bailiff but from the notification by the Chancellery. In the present case, the Chancellery had informed the attorney, by PEC, of ​​the full text of ...

Published a Guide for the implementation of the European Regulation on the protection of personal data

The new Regulation no. 679/2016, published on the European Official Gazette on 4th May 2016, abrogates the previous Directive 95/46/EC and so redefines the European legislation on the protection of personal data. The Regulation will be fully effective as of 25th May 2018. By the date, undertakings and public entities, so-called “controllers”, will have to comply with the amendments...