ADMINISTRATIVE & COMPETITION LAW
1) Regulation (EU) 2026/1386 on the screening of foreign investments in the Union was published in the Official Journal of the European Union
On 26 June 2026, Regulation (EU) 2026/1386 was published in the Official Journal of the European Union, through which the European Union strengthens the common framework for foreign investment screening in the Union, repealing the previous Regulation (EU) 2019/452.
STRUCTURED FINANCE, CAPITAL MARKETS AND FINTECH
2) EBA: MiCAR Sanctions Against Significant Token Issuers Open for Consultation
On 26 June 2026, the European Banking Authority published a consultation paper concerning the draft methodology for determining the pecuniary sanctions provided for under Article 131 of Regulation (EU) 2023/1114 (MiCAR) against issuers of significant tokens (asset-referenced tokens – ART) and electronic money tokens (e-money tokens – EMT) subject to the EBA’s direct supervision pursuant to Article 117 of MiCAR.
EMPLOYMENT LAW
3) Law converting the so-called “May Day Decree” published in the Official Gazette
On 27 June 2026, Law No. 112 of 25 June 2026, converting Decree-Law No. 62/2026 (the so-called “decreto primo maggio”), was published in the Official Gazette. The decree contains urgent provisions on fair wages, employment incentives and the fight against digital labour exploitation (caporalato digitale) and entered into force on 28 June 2026.
4) COVIP: Guidelines on automatic enrolment in pension funds
On 19 June 2026, the Supervisory Commission for Pension Funds (COVIP) adopted the resolution containing Guidelines on automatic enrolment in pension funds, pursuant to Article 8 of Legislative Decree No. 252/2005, as amended by Law No. 199/2025.
M&A
5) Consob: in consultation the amendments to the Issuers’ Regulation concerning the whitewash mechanism
On 1 July 2026, Consob published a consultation document containing proposals to amend the Issuers’ Regulation aimed at identifying the concept of joint holding of shareholdings for the purposes of applying the whitewash mechanism provided for under the rules applicable to newly listed issuers introduced by the Capital Markets Law.
REAL ESTATE
6) Law converting the so-called “Piano Casa” (Housing Plan) published in the Official Gazette
On 3 July 2026, Law No. 116 of 2 July 2026 was published in the Official Gazette, converting into law, with amendments, Decree-Law No. 66/2026 containing urgent provisions for the so-called Housing Plan.
7) Italian Supreme Court: on the unfairness of penalty clauses in preliminary real estate sale agreements concluded by consumers
By judgment No. 21771/2026, published on 25 June 2026, the Italian Supreme Court, Second Civil Section, ruled on the unfairness of penalty clauses in preliminary real estate sale agreements concluded between professionals and consumers, clarifying that the provision allowing the promissory seller, in the event of failure to execute the final deed, to retain the entire advance payment made as a penalty is not excluded from an assessment of unfairness.
BANKING / FINANCIAL / INSURANCE REGULATION
8) CRR III: Delegated Regulation (EU) 2026/807 on RTS concerning real estate exposures published
On 7 July 2026, Delegated Regulation (EU) 2026/807 was published in the Official Journal of the European Union. Through this Regulation, the regulatory technical standards set out in Delegated Regulation (EU) 2023/206 are amended, updating references and terminology following the amendments made to Regulation (EU) No 575/2013 by Regulation (EU) 2024/1623.
9) EBA: Guidelines on the authorization of third-country branches under CRD VI published
On 7 July 2026, the European Banking Authority published the final Guidelines on the authorization of third-country branches of credit institutions pursuant to Directive (EU) 2024/1619. through which the EBA provides European competent authorities with harmonized criteria for evaluating authorization requests.
10) AMLA: consultation on ITS concerning SOS and transmission of transaction registers
On 2 July 2026, the Anti-Money Laundering Authority launched a public consultation on the draft Implementing Technical Standards concerning the formats to be used for suspicious transaction reporting and for the transmission of transaction registers to national Financial Intelligence Units.
11) EBA: updated Guidelines on Product Oversight and Governance concerning greenwashing risks
On 30 June 2026, the European Banking Authority published the updated version of the Guidelines on Product Oversight and Governance dedicated to retail banking products, through which the EBA clarifies the requirements applicable to products with ESG characteristics offered to consumers and expressly addresses greenwashing risks.
12) EBA: new SREP Guidelines published
On 26 June 2026, the European Banking Authority published the final version of the Guidelines on common procedures and methodologies for the Supervisory Review and Evaluation Process and supervisory stress tests pursuant to Directive (EU) 2013/36, through which the EBA updates the prudential framework in line with Directive (EU) 2024/1619, Regulation (EU) 2024/1623, Regulation (EU) 2022/2554 and Basel standards.
13) EBA: in consultation the KPIs for sustainability activity reporting
On 24 June 2026, the European Banking Authority launched a public consultation on the key performance indicators provided for under Delegated Regulation (EU) 2021/2178, which governs disclosure obligations relating to sustainable economic activities pursuant to Regulation (EU) 2020/852 (the so-called Taxonomy Regulation).
RESTRUCTURING AND INSOLVENCY PROCEEDINGS
14) Italian Supreme Court: on the subjective worthiness of the debtor in preventive composition proceedings with business continuity
By order No. 22246/2026, published on 29 June 2026, the Italian Supreme Court declared inadmissible the appeal filed by the Italian Revenue Agency against the approval of a preventive composition proceeding with business continuity.
15) Italian Supreme Court on negotiated crisis resolution: requirements, insolvency status and effects of protective measures in the event of judicial liquidation
By order No. 20846/2026, published on 19 June 2026, the Supreme Court dismissed the appeal filed against the decision of the Venice Court of Appeal, which had confirmed the commencement of judicial liquidation proceedings against a company and had also declared ineffective the order revoking the protective measures granted within the framework of negotiated crisis resolution proceedings.
CASE LAW
16) Italian Supreme Court: on the relationship between the defence of non-performance and the salvage duty (obbligo di salvataggio)
By judgment No. 21567/2026, published on 24 June 2026, the Italian Supreme Court ruled on the allocation of the burden of proof in cases involving breach of the salvage duty under insurance contracts pursuant to Article 1914 of the Italian Civil Code.
17) Italian Supreme Court: in B2B contracts concluded electronically, merely “ticking a box” does not satisfy the requirement of specific approval of onerous clauses under Article 1341(2) of the Italian Civil Code
By Order No. 20945/2026, published on 20 June 2026, the Italian Supreme Court clarified that, in business-to-business contracts concluded electronically, merely “ticking a box” (i.e., selecting a checkbox) dedicated to the approval of onerous clauses does not satisfy the requirement of specific approval provided for under Article 1341(2) of the Italian Civil Code.
OTHER RELEVANT NEWS
18) Consolidated text of legislative provisions on income taxes published in the Official Gazette
On 3 July 2026, Legislative Decree No. 117 of 19 June 2026 was published in the Official Gazette. This is the new Consolidated Income Tax Act, which will replace the provisions currently set out in Presidential Decree No. 917/1986.
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CRCCD NEWS edited by
Elena Ghi, Claudia Marcuzzo and Luca Simoni
Contributors to this edition:
Alberta Berruti, Sofia Cavallina, Federico Li Pomi, Matteo Manenti, Anna Manfredini, Kristian Massimei, Nicolò Orlich, Benedetta Pedrolli, Mohammad Shamal, Gregorio Torazzi, Raffaela Tortora, Chiara Uggias e Giulia Vianello.