ADMINISTRATIVE LAW & ANTITRUST
1) EU Commission approves a plan for research and development in the nuclear sector
On 19 March 2026, the European Commission adopted the Work Programme for Euratom Research and Training Programme. The 2026-2027 Work Programme aims to bolster the EU’s energy independence, competitiveness and technological leadership, while proceeding towards carbon-neutrality by 2050.
2) EU Commission adopts new State aid rules to boost the use of more sustainable ways of transport
On 16 March 2026, the European Commission adopted the new State aid Land and Multimodal Transport Guidelines and the State aid Transport Block Exemption Regulation, with the aim of promoting the use of more sustainable transport modes and updating the European State aid framework.
3) Council of State: possibility of bringing an action against the administrative inaction (silenzio-inadempimento) of the Public Administration in respect of the Council of Ministers
By judgment No. 1986/2026 dated 11 March 2026, the Council of State ruled on the environmental impact assessment procedure relating to a project for the expansion of a wind farm in Sardinia.
4) Council of State: on the classification of ATM S.p.A. as a “company governed by public law” (organismo di diritto pubblico) and the consequent obligation to apply public procurement rules
By judgment No. 1876/2026 dated 9 March 2026, the Council of State addressed the legal classification to be attributed to ATM S.p.A. for the purposes of identifying the regulatory framework applicable to the award of the bike sharing service in the City of Milan.
5) EU Commission approves strategy for the development of the Industrial Maritime and Ports
On 4 March 2026, the European Commission published a communication presenting a new EU industrial maritime strategy and a dedicated ports strategy, aimed at strengthening the competitiveness, resilience and sustainability of the European maritime sector in the context of the green transition.
6) ANAC: PPP and the availability risk for so-called “cold” works
On 4 March 2026, the National Anti-Corruption Authority, by means of opinion No. 88, provided important clarifications on the distinction between a concession (concessione), as a form of public-private partnership, and a public contract (appalto), with particular reference to the so-called “cold” works (opere fredde), which are characterized by the fact that the concessionaire performs the management of the work or service directly in favor of the contracting authority, which remunerates it by means of a fee.
7) Administrative Court of Lazio: the new Public Procurement Code no longer provides for the nullity of the contract of reliance (avvalimento) for failure to specify resources analytically, in accordance with the principle of result
By judgment No. 24140/2025 dated 31 December 2025, the Administrative Court of Lazio ruled on the question concerning the need for the contract of reliance (avvalimento) to include an analytical and detailed indication of the means and resources made available by the auxiliary company to the assisted one by means of the institute of reliance (avvalimento).
STRUCTURED FINANCE, CAPITAL MARKETS & FINTECH
8) Consob: proposed amendments to the regulations on issuers, markets and related-party transactions open for consultation
On 16 March 2026, the National Commission for Companies and the Stock Exchange launched a public consultation on a package of proposed amendments to the regulations on issuers, markets and related-party transactions.
9) ESMA: final report on improvement actions relating to the retail investor decision-making process published
On 12 March 2026, the European Securities and Markets Authority published the final report on the retail investor decision-making process. The report is based on the outcomes of the consultation launched by ESMA last year.
LABOUR LAW
10) Tax Authority: clarifications on the inpatriate workers’ regime and continuity of the employment relationship with a foreign employer
On 20 March 2026, the Tax Authority (Agenzia delle Entrate) published Response to Request for Ruling No. 82/2026, providing certain clarifications on access to the new preferential regime for inbound workers (lavoratori impatriati) under Article 5 of Legislative Decree No. 209/2023, in cases where the individual concerned continues to perform his or her work activity in favor of a foreign employer (not operating in Italy and not belonging to a group with Italian-resident entities) in smart working mode.
M&A
11) Dissolution of a company and liability of directors
On 24 March 2026, the National Council of Accountants and Accounting Experts (Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili) and the National Foundation of Accountants (Fondazione Nazionale dei Commercialisti) published a document setting out guidelines and interpretative orientations on the quantification of damages pursuant to Article 2486 of the Civil Code, with the aim of providing operational guidance for the determination of losses arising from the continuation of business activities in the presence of a ground for dissolution.
12) Italian Supreme Court: the principle of continuity of financial statements does not apply to challenges to resolutions
On 12 March 2026, the Italian Supreme Court ruled on the principle of continuity of financial statements, clarifying that this principle does not apply automatically in the context of challenges to shareholders’ resolutions approving financial statements. The decision was issued in the context of a dispute concerning the validity of a resolution approving the company’s financial statements, which had been contested on grounds of alleged defects relating to previous financial years.
REAL ESTATE
13) European Parliament: Resolution on the housing crisis in the EU
On 10 March 2026, the European Parliament, referring to the principles of the European Pillar of Social Rights and the European Social Charter, adopted Resolution P-10_TA (2026) 0064, aimed at affirming and promoting the right of access to dignified, sustainable and affordable housing solutions in all Member States, outlining priorities and instruments in support of the action of the European Commission and the Member States.
BANKING / FINANCIAL / INSURANCE REGULATION
14) EBA: RTS on requests for reductions of MREL instruments
On 19 March 2026, the European Banking Authority published the Final Report containing the final draft amending regulatory technical standards on Commission Delegated Regulation (EU) 2014/241 on own funds and eligible liabilities (the so-called MREL).
15) EBA: RTS and guidelines on initial margin models open for consultation
On 17 March 2026, the European Banking Authority launched two separate public consultations — respectively on the draft regulatory technical standards and on the draft guidelines — on the authorisation of initial margin models for OTC derivative contracts not cleared at a central counterparty, pursuant to Regulation (EU) 2024/2987.
16) EBA: Q&A on credit assessments by external credit assessment institutions
On 13 March 2026, the European Banking Authority, by means of Q&A No. 7220/2024, provided a response concerning the usability of credit assessments issued by external credit assessment institutions, but not made publicly available, for the purposes of determining the risk weight of an exposure under the standardised approach.
17) EIOPA: consultation on regulatory reporting launched
On 13 March 2026, the European Insurance and Occupational Pensions Authority launched a consultation to gather feedback from stakeholders in order to identify the causes (and possible remedies) of potential inefficiencies, overlaps and inconsistencies in regulatory reporting and disclosure requirements.
18) Negotiated Settlement of Crisis (composizione negoziata della crisi): prohibition on enforcement of guarantees granted by MCC cannot be upheld
On 3 March 2026, the Court of Rome issued an order regarding the negotiated settlement of crisis (composizione negoziata della crisi) in which it ruled, inter alia, on the interim measure of prohibition on the enforcement of the guarantees of the Guarantee Fund for SMEs (Fondo di Garanzia per le PMI).
19) Court of Naples: on the omnibus guarantees (fideiussioni omnibus) subsequent to Banca d’Italia provision No. 55/2005
On 7 January 2026, the Court of Naples reaffirmed its position on omnibus guarantees (fideiussioni omnibus) entered into after Bank of Italy provision No. 55/2005, again addressing the question of the relationship between clauses conforming to the “ABI model” and the presumed adherence to an anti-competitive agreement.
CASE LAW
20) Italian Supreme Court: a claim for termination of a contract for non-performance filed prior to bankruptcy must be fully transferred to the delegated judge in the form of assessment of liabilities (accertamento del passivo) proceedings
A claim for contractual termination for non-performance, filed prior to the commencement of bankruptcy proceedings, where it is intended to assert restitutionary or compensatory claims against the insolvency estate, becomes inadmissible before the ordinary courts and must be transferred in its entirety before the delegated judge in the forms of assessment of liabilities (accertamento del passivo) proceedings (Italian Supreme Court, Joint Civil Divisions, 18 March 2026, No. 6481; Italian Supreme Court, Joint Civil Divisions, 18 March 2026, No. 6498).
OTHER RELEVANT NEWS
21) European Delegation Law 2026 published in the Italian Official Gazette
On 25 March 2026, Law No. 36 of 17 March 2026 (European Delegation Law 2025) was published in the Italian Official Gazette. By means of such law, the Government is delegated to transpose European directives and to implement other acts of the European Union.
22) SME Law: publication in the Official Gazette
On 23 March 2026, Law No. 34 of 11 March 2026, constituting the annual law on small and medium-sized enterprises, was published in the Official Gazette of the Italian Republic, General Series No. 68.