ADMINISTRATIVE & COMPETITION LAW
1) Council of State: the running of the time limit for bringing an action requires knowledge of the measure sufficient not only to perceive its prejudicial effect, but also to identify elements capable of revealing possible grounds of unlawfulness
By judgment No. 4943/2026, published on 22 June 2026, the Council of State ruled on the question of the dies a quo of the time limit for challenging administrative measures, with particular reference to public procurement award procedures.
EMPLOYMENT LAW
2) Italian Supreme Court, Joint Sections: natural incapacity excludes the burden of the extrajudicial challenge to dismissal within sixty days, but does not suspend or defer the overall time limit of two hundred and forty days
By judgment No. 23486/2026, published on 18 July 2026, the Joint Sections of the Italian Supreme Court provided clarifications on the relationship between natural incapacity and the running of the sixty-day forfeiture period for the extrajudicial challenge to dismissal.
3) CJEU: in the context of sports justice, disciplinary sanctions must be amenable to judicial review that is consistent with EU law
By judgment of 16 July 2026 (joined cases C-424/24 and C-425/24, FIGC and CONI), the Court of Justice of the European Union ruled on the requests for a preliminary ruling from the Administrative Court of Lazio concerning (i) the applicability, by the national sports court, of sanctions consisting in the temporary prohibition on carrying on professional activities, and (ii) the consequent inability to bring proceedings before the national court for the annulment or suspension of the effects of such sanctions.
M&A
4) MAR: Delegated Regulations (EU) 2026/788 and 2026/789 published in the OJEU
On 16 July 2026, Delegated Regulations (EU) 2026/788 and 2026/789 were published in the Official Journal of the European Union, forming part of the regulatory framework of Regulation (EU) 2014/596 (Market Abuse Regulation — MAR), implementing the amendments introduced by the so-called Listing Act.
BANKING / FINANCIAL / INSURANCE REGULATION
5) EBA: final draft RTS and ITS on material operations of credit institutions under the CRD published
On 17 July 2026, the European Banking Authority published its final draft Regulatory Technical Standards and Implementing Technical Standards on material acquisitions, transfers of assets or liabilities, mergers and divisions involving credit institutions or (mixed) financial holding companies, implementing Directive (EU) 2013/36, as amended by Directive (EU) 2024/1619.
6) EBA: proposed amendments to the data collection for the 2027 market risk benchmarking exercise open for consultation
On 17 July 2026, the European Banking Authority launched a public consultation on amendments to the implementing technical standards relating to the benchmarking of internal models and the standardized approach for market risk for the 2027 exercise.
7) EIOPA: package of guidelines and technical standards for the implementation of the Solvency II review published
On 16 July 2026, the European Insurance and Occupational Pensions Authority published a package of final guidelines and draft technical standards in fulfilment of its Solvency II review mandate and in preparation for the entry into force of the new regulatory framework.
8) ESMA: RTS on CCP admission criteria published
On 8 July 2026, the European Securities and Markets Authority published the final report containing the draft Regulatory Technical Standards on the admission criteria of central counterparties. The measure implements the mandate conferred on ESMA by the new Article 37(7) of Regulation (EU) 648/2012, as amended by Regulation (EU) 2024/2987.
9) EIOPA: two consultations launched and package of guidelines and RTS in the area of IRRD published
On 8 July 2026, the European Insurance and Occupational Pensions Authority published four guidelines and three draft Regulatory Technical Standards, implementing the directive on the recovery and resolution of the insurance sector, in force from January 2027, which has introduced a harmonized recovery and resolution framework for European (re)insurers, in order to minimize the impact of failures on policyholders, taxpayers and financial stability.
RESTRUCTURING AND INSOLVENCY PROCEEDINGS
10) Italian Tax Authority: Part I of Circular No. 5/E, containing clarifications on the institutes of the Code of Business Crisis and Insolvency, published
On 16 July 2026, the Italian Tax Authority published, at the conclusion of the public consultation, Part I of Circular No. 5/E, containing the first interpretative clarifications on certain institutes of the Code of Business Crisis and Insolvency.
11) Italian Supreme Court: in indirect continuity-based composition with creditors, an offer to purchase the business is relevant for the purposes of determining the liquidation value
By Order No. 22960/2026, published on 9 July 2026, the Italian Supreme Court ruled on the determination of the liquidation value of the business complex in indirect continuity-based composition with creditors, in the case where a third party has offered to purchase the business for an amount higher than the atomistic valuation of the individual assets.
CASE LAW
12) Italian Supreme Court: in indirect continuity-based composition with creditors, the business lease must be functionally connected to the resolution of the crisis
By order No. 22931/2026, published on 8 July 2026, the Italian Supreme Court ruled on the conditions for indirect continuity-based composition with creditors founded on one or more business lease agreements and on the scope of the phrase “on any other title” (“a qualunque altro titolo”) provided for by Article 84, paragraph 2, of the CCII.
OTHER RELEVANT NEWS
13) Digital Omnibus on Artificial Intelligence: Regulation (EU) 2026/1744 published in the OJEU
On 24 July 2026, Regulation (EU) 2026/1744 of the European Parliament and of the Council of 8 July 2026 (the so-called Digital Omnibus on AI) was published in the Official Journal of the European Union, amending, inter alia, Regulation (EU) 2024/1689.
14) AI Act: the European Commission’s Guidelines on transparency
By Communication C(2026) 5054 of 20 July 2026, the European Commission adopted the Guidelines on the transparency obligations provided for by Regulation (EU) 2024/1689, addressed to providers and deployers of artificial intelligence systems, which will enter into force from 2 August 2026.
15) Bank of Italy: market communication on digital operational resilience and advanced artificial intelligence models
On 17 July 2026, the Bank of Italy published a communication addressed to supervised intermediaries on digital operational resilience and advanced artificial intelligence models.
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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, Ginevra Lombardi, Matteo Manenti, Anna Manfredini, Kristian Massimei, Nicolò Orlich, Benedetta Pedrolli, Mohammad Shamal, Gregorio Torazzi, Raffaela Tortora, Chiara Uggias e Giulia Vianello.