ADMINISTRATIVE & COMPETITION LAW
1) EU Commission: Italian aid scheme for hydrogen development approved
On 30 March 2026, the European Commission approved, under the State aid rules, an Italian scheme worth EUR 6 billion in support of the production of renewable hydrogen for the transport and industrial sectors. The decision forms part of the framework of the 2020 European Hydrogen Strategy and the Clean Industrial Deal.
2) Council of State: on the annulment in self-redress (annullamento in autotutela) of a building permit and the applicability of Article 38 of Presidential Decree No. 380/2001
By judgment No. 2542/2026, published on 26 March 2026, the Council of State confirmed the lawfulness of a demolition order in respect of a construction carried out pursuant to a building permit subsequently annulled for lack of entitlement on the part of the applicant, due to the fact that the erected construction also stood on land belonging to third parties.
3) Council of State: the decision to extend an ongoing service contract does not entail an implicit favourable assessment of the contractor’s professional reliability
By judgment No. 2464/2026, published on 24 March 2026, the Council of State clarified that the decision of the contracting authority to grant a technical extension of a framework agreement during execution, pending the launch of a new tender procedure, does not entail an implicit favourable assessment of the professional reliability of the contractor.
4) ANAC: the balancing point between participation requirements and competition among economic operators
By Resolution No. 86/2025 of 11 March 2026, the National Anti-Corruption Authority addressed the relationship that must exist between participation requirements and the general principles of market access and competition provided for by European and national legislation on public contracts.
STRUCTURED FINANCE, CAPITAL MARKETS & FINTECH
5) Consob: proposed amendments to reduce the impact of reporting obligations on securitisations open for consultation
On 7 April 2026, the National Commission for Companies and the Stock Exchange launched a public consultation relating to certain proposed amendments to its provisions on securitisations, issued pursuant to Article 4-septies.2 of Legislative Decree 58/1998.
6) EBA: RTS on the assessment of the materiality of changes to IRB models published
On 30 March 2026, the European Banking Authority published the regulatory technical standards on material changes to internal ratings based models, by means of which the EBA aims to significantly reduce the number of changes classified as material, enabling supervisory authorities to apply a more risk-based approach in the supervision of IRB models and reducing the administrative burden on both banks and supervisory authorities.
EMPLOYMENT LAW
7) Smart working: new employer disclosure obligations
Law No. 34 of 11 March 2026 decisively intervened in the area of health and safety with reference to work activity performed in smart working arrangements in environments that do not fall within the legal control of the employer, amending Article 3 of Legislative Decree No. 81/2008.
M&A
8) ESG Factors in business valuation
On 1 April 2026, the National Council of Chartered Accountants and Accounting Experts (Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili) published a guide on ESG factors in business valuation, dedicated to the integration of ESG (Environmental, Social, Governance) factors into business valuation processes.
REAL ESTATE
9) Italian Supreme Court: on the identification of the common parts of a building forming part of a condominium
On 25 March 2026, judgment No. 7222 of the Supreme Italian Supreme Court (Section II Civil) was filed, concerning condominium law and the criteria for overcoming the presumption of co-ownership (presunzione di comunione) under Article 1117 of the Civil Code.
BANKING / FINANCIAL / INSURANCE REGULATION
10) Regulation on the Collective Management of Savings
On 7 April 2026, the Bank of Italy Measure of 23 March 2026, containing the sixth update to the Regulation on the collective management of savings set out in the Bank of Italy Measure of 19 January 2015, as subsequently amended and supplemented, was published in the Official Gazette (Official Gazette, General Series No. 80, Ordinary Supplement No. 13).
11) Bank of Italy: proposed amendments to the rules on the preparation of financial statements of banks and IFRS intermediaries open for consultation
On 31 March 2026, the Bank of Italy launched a consultation on the proposed amendments to Circular No. 262 and to the Measure of 17 November 2022, which govern the formats and rules for the preparation of the financial statements of banks and ”IFRS intermediaries”, as defined by Article 1, paragraph 1, letter c), of Decree No. 136/2015, other than banking intermediaries.
12) EIOPA: ITS on Solvency II reporting amended
On 30 March 2026, the European Insurance and Occupational Pensions Authority published the final report relating, inter alia, to two implementing technical standards concerning the supervisory reporting and disclosure requirements provided for under Directive (EC) 2009/138, as recently amended.
13) AIFMD II — implementing decree published in the Official Gazette
On 27 March 2026, Legislative Decree No. 39 of 13 March 2026, implementing Directive (EU) 2024/927 of the European Parliament and of the Council of 13 March 2024 (the so-called AIFMD II), was published in the Official Gazette (Official Gazette, General Series No. 72 of 27 March 2026).
RESTRUCTURING AND INSOLVENCY PROCEEDINGS
14) The Second Insolvency Directive published in the Official Journal of the EU
On 1 April 2026, Directive (EU) 2026/799 of the European Parliament and of the Council of 30 March 2026, harmonizing certain aspects of insolvency law (the so-called Second Insolvency Directive), was published in the Official Journal of the European Union.
15) Italian Supreme Court: on the cross-class cram-down in continuity-based composition with creditors (concordato preventivo in continuità), the approval of a single class of voting creditors is sufficient
On 30 March 2026, the Italian Supreme Court published judgment No. 7663 concerning the interpretation of Article 112, paragraph 2, letter d), of the Code of Business Crisis and Insolvency (Codice della crisi d’impresa e dell’insolvenza), on the subject of the cross-class cram-down in continuity-based composition with creditors (concordato preventivo in continuità).
16) Italian Supreme Court: the reopening of bankruptcy proceedings assumes the prior resolution or annulment of the composition with creditors (concordato)
On 24 March 2026, the Italian Supreme Court published Order No. 7054 concerning the conditions necessary for the reopening of bankruptcy proceedings already closed following the confirmation of a bankruptcy composition with creditors (concordato fallimentare).
17) Italian Supreme Court: provisional continuation of business (esercizio provvisorio) by the liquidator and assessment of the state of insolvency
The Italian Supreme Court, by Order No. 6666 of 24 February 2026, published on 20 March 2026, ruled on the powers of the liquidator during the winding-up phase of a company.
CASE LAW
18) Italian Supreme Court, Sec. I, 25 March 2026, no. 7134
The extension of credit to an insolvent undertaking (impresa decotta) enabling the entrepreneur to delay the declaration of bankruptcy while worsening the state of insolvency, in violation of criminal law, entails the nullity of the loan agreement for breach of mandatory rules and the irrecoverability of the disbursed sums on grounds of contrariety to public morality (buon costume)
OTHER RELEVANT NEWS
19) Italian Tax Authority: on the tax regime of controlled foreign companies
On 31 March 2026, by means of ruling No. 106520/2026, the Italian Tax Authority (Agenzia delle Entrate) replaced the previous ruling, which had become obsolete following the amendments made by Article 4 of Decree-Law No. 84/2025, converted with amendments by Law No. 108/2025, to the optional regime set out in paragraph 4-ter of Article 167 of Presidential Decree No. 917/1986.
20) The Fiscal Decree published in the Official Gazette
On 27 March 2026, Decree-Law No. 36 of 27 March 2026 (also known as the “tax decree”) was published in the Official Gazette, introducing a coordinated set of measures for the rationalization of the tax system in the areas of corporate income taxation, compliance obligations and incentives schemes.