ADMINISTRATIVE & COMPETITION LAW

1) Italian Constitutional Court: the exclusion of in-house companies from the derogation from the in peius revision of incentive tariffs for electricity produced from solar sources is lawful

By judgment No. 103/2026 of 17 June 2026, the Italian Constitutional Court ruled on the constitutional legitimacy of Article 22-bis of Decree-Law No. 133/2014, which provides for the non-applicability, exclusively in favour of photovoltaic installations built by local authorities or schools, of the rules on the in peius revision of incentive tariffs recognised for electricity produced from solar sources under Article 26 of Decree-Law No. 91/2014.

2) Administrative Court of Lazio: on the unlawfulness of immediately excluding clauses in a tender notice

By judgment No. 10469/2026, published on 8 June 2026, the Administrative Court of Lazio addressed the question of the immediate challengeability of clauses contained in public tender notices and clarified when they may be considered immediately excluding, in particular with reference to provisions of the lex specialis of the tender held to be unlawful as restrictive of participation in the procedure.

STRUCTURED FINANCE, CAPITAL MARKETS AND FINTECH

3) Borsa Italiana: amendments to the Rules of the Markets of Borsa Italiana on commodity derivatives

On 18 June 2026, Borsa Italiana published Notice No. 31867, in which — in the light of the amendments to the Rules of the Markets organized and managed by Borsa Italiana and the related Instructions, adopted by Consob — it communicated the further updates aimed at extending certain types of transactions already available for commodity derivatives in the derivative markets of the Euronext group.

4) Consob: consultation on proposed amendments to the regulations on issuers, intermediaries and markets

On 18 June 2026, Consob launched a public consultation on the amendments to the regulations on issuers, intermediaries and markets in order to implement the so-called Listing Act and to align the recent amendments to the Consolidated Law on Finance by Legislative Decree No. 86/2026 and Legislative Decree No. 47/2026.

5) Delegated Regulation on the EU follow-on prospectus and EU growth issuance prospectus published in the OJEU

On 15 June 2026, Delegated Regulation (EU) 2026/773 was published in the Official Journal of the European Union, amending Delegated Regulation (EU) 2019/980 as regards the reduced content and the standardized format and sequence of the EU follow-on prospectus and the EU growth issuance prospectus under Regulation (EU) 2017/1129.

6) ESMA: the White Paper obligation does not apply to tokens traded exclusively on non-EU platforms

On 21 May 2026, the European Securities and Markets Authority published Q&A No. 2671/2026, providing clarifications on the scope of application of Regulation (EU) 2023/1114, delineating the boundaries of the disclosure obligations incumbent on issuers of crypto-assets.

M&A

7) Italian Supreme Court: on the limits on compensation for mala gestio in the event of avoidance actions

By order No. 20550/2026, published on 23 June 2026, the Italian Supreme Court ruled on the liability of directors for mala gestio, clarifying the criteria for the quantification of recoverable damages in cases where the conduct of directors has led to the bringing of avoidance actions (azioni revocatorie) by the bankruptcy trustee.

8) Italian Supreme Court: accrued goodwill is to be included in the value of the withdrawing shareholder’s stake in a company placed into liquidation, unless its effective loss is ascertained

By judgment No. 20552/2026, published on 18 June 2026, the Italian Supreme Court ruled on the inclusion of goodwill in the value of withdrawing shareholder’s stake in the event of the subsequent liquidation of the company.

REAL ESTATE

9) Italian Supreme Court: on cadastral reclassification and the obligation of specific reasoning in the notice

By order No. 18763/2026, published on 9 June 2026, the Italian Supreme Court, Civil Tax Division, ruled on the lawfulness of the cadastral reclassification ordered pursuant to Article 1, paragraph 335, of Law No. 311/2004, clarifying the limits of the Administration’s activity.

BANKING / FINANCIAL / INSURANCE REGULATION

10) EBA: final draft amending ITS on the Pillar 3 disclosure framework implementing CRR 3

On 22 June 2026, the European Banking Authority published its final draft Implementing Technical Standards relating to the disclosure requirements of the so-called Third Pillar (Pillar 3). This action was necessary to align the transparency framework with the changes introduced by Regulation (EU) 2024/1623.

11) EBA: report on simplifications to the EU bank capital framework

On 16 June 2026, the European Banking Authority published a report setting out recommendations aimed at simplifying the so-called stacking order of capital and resolution requirements under the European Union’s prudential framework.

12) Electronic payments: new Memorandum of Understanding to reduce costs for merchants

On 15 June 2026, ABI, APSP, Assofin, CNA, Confartigianato, Confcommercio, Confesercenti and FIPE entered into a new Memorandum of Understanding aimed at promoting the mitigation, improved comprehensibility and comparability of the costs of acceptance of electronic payment instruments borne by merchants.

13) Italian Supreme Court: on the requirements for the authorisation to conduct banking investigations

By order No. 19956/2026, published on 15 June 2026, the Italian Supreme Court, Fifth Division, clarified the requirements that must characterise the authorisation for the conduct of banking investigations in the context of tax assessments.

14) Italian Supreme Court: the need to obtain the certificate of pending tax liabilities for the purposes of creditworthiness assessment must be ascertained on a case-by-case basis

By judgment No. 19262/2026, published on 11 June 2026, the Italian Supreme Court ruled on the standards of professional diligence that a bank must observe when assessing a company’s creditworthiness, clarifying the circumstances under which it is necessary to obtain a certificate of pending tax liabilities.

15) EBA: Q&A on the application of Article 207(2) of the CRR to financial collateral in counterparty credit risk

On 29 May 2026, the European Banking Authority published the final answer to Q&A No. 7576/2025, providing an interpretative clarification on the application of Article 207(2) of Regulation (EU) 2013/575 to financial collateral used in the context of counterparty credit risk.

RESTRUCTURING AND INSOLVENCY PROCEEDINGS

16) Italian Supreme Court: on the admissibility of the application for access to concordato minore filed by a deregistered entrepreneur

By judgment No. 20141/2026, published on 16 June 2026, the Italian Supreme Court ruled on the admissibility of the application for access to concordato minore filed by an entrepreneur deregistered from the companies register, clarifying the scope of application of Article 33, paragraph 4, of the Code of Business Crisis and Insolvency.

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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, Flaminia Pallini, Benedetta Pedrolli, Mohammad Shamal, Gregorio Torazzi, Raffaela Tortora, Chiara Uggias e Giulia Vianello.