ADMINISTRATIVE & COMPETITION LAW
1) Council of State on the right of pre-emption and Project Financing: a procedural clarification of great practical importance
By judgment No. 3805/2026, published on 14 May 2026, the Council of State, in compliance with the principle of the claim (principio della domanda), formally aligned itself with the Court of Justice of the EU (judgment of 5 February 2026, C-810/24) on the incompatibility of the right of pre-emption provided for under the Italian framework on Project Financing with the EU principles of competition and equal treatment, adding a clarification of a procedural nature but of great practical importance.
2) Administrative Court of Lombardia: the Teatro alla Scala foundation is an entity governed by public law and is therefore required to apply the Public Procurement Code
By judgment No. 2271/2026, published on 11 May 2026, the Administrative Court of Lombardia held that the Teatro alla Scala foundation, Milan must be classified as an entity governed by public law, with the consequence that it is subject — when awarding contracts for works, services and supplies — to the application of the public procurement rules set out in the Public Procurement Code.
3) European Commission: consultation on draft revised State aid rules for air transport
On 11 May 2026, the European Commission has launched a public consultation on the draft revised Guidelines on State aid to the air transport sector.
STRUCTURED FINANCE, CAPITAL MARKETS AND FINTECH
4) Consob: amendments to the regulations implementing the Listing Act and the Legge Capitali
On 26 May 2026, Consob Resolution No. 23979 of 14 May 2026, introducing amendments to the regulations on issuers, markets and related-party transactions, in implementation of Regulation (EU) No. 596/2014, as amended by the so-called Listing Act, and of Law No. 21/2024, was published in the Official Gazette.
5) OIC: consultation on proposed amendments to accounting standard OIC 10 on the cash flow statement
On 20 May 2026, the Organismo Italiano di Contabilità launched a public consultation on the proposed amendments to accounting standard OIC 10 (Cash Flow Statement) concerning the criteria for the preparation and presentation of the cash flow statement (rendiconto finanziario).
6) Bank of Italy: statistical survey on the management of non-performing loans
On 19 May 2026, the Bank of Italy prepared a statistical survey aimed at collecting the information necessary for the exercise of supervisory activity relating to the management of non-performing loans (crediti in sofferenza) on the basis of the supervisory provisions governing such management.
7) Bank of Italy: EBA Guidelines on proportionate retail diversification methods implemented
On 19 May 2026, the Bank of Italy published Note No. 55 pursuant to which it stated that it had notified the European Banking Authority that it is compliant with its guidelines on proportionate retail diversification methods under Article 123(1) of Regulation (EU) No. 575/2013.
M&A
8) EU Court of Justice: beneficial ownership registers and trusts
On 21 May 2026, the EU Court of Justice (joined cases C-684/24 and C-685/24) ruled on the compatibility with EU law of the Italian regulatory framework concerning the beneficial ownership register, with particular reference to the information obligations incumbent on fiduciary companies (società fiduciarie) in relation to fiduciary mandates (mandati fiduciari).
9) Italian Supreme Court: non-executive directors of supervised intermediaries are liable for failures in supervisory controls
By Order No. 13317/2026, published on 8 May 2026, the Italian Supreme Court again ruled on the supervisory duties incumbent on directors without operational delegations within supervised intermediaries, confirming the lawfulness of a sanction imposed by Bank of Italy against a former member of the board of directors.
REAL ESTATE
10) The Rome City Assembly (Assemblea Capitolina) approves the new Building Regulations of the City
On 12 May 2026, the Rome City Assembly (Assemblea Capitolina) approved the new Building Regulations of the City, updated with the objectives of the Climate Adaptation Strategy and the Climate Plan approved in 2025.
11) Italian Supreme Court: on the subordination (postergazione) of financing arising from a lease agreement between a shareholder and the company
By Order No. 13672/2026, published on 11 May 2026, the Italian Supreme Court ruled on shareholder loans to companies with particular reference to the granting of real estate assets to the company under a lease agreement.
BANKING / FINANCIAL / INSURANCE REGULATION
12) Italian Supreme Court: on the violation of anti-money laundering obligations by banks
By judgment No. 13945/2026, published on 13 May 2026, the Italian Supreme Court, Third Civil Section, ruled on the civil liability of a credit institution towards the bankruptcy proceeding for alleged violations of anti-money laundering legislation.
13) New European rules on bank crisis management and depositor protection published in the EU Official Gazette
On 20 April 2026, two legislative acts significantly reforming the European framework for bank crisis management and depositor protection were published in the Official Gazette of the European Union.
RESTRUCTURING AND INSOLVENCY PROCEEDINGS
14) Italian Supreme Court: on the application for crisis resolution measures following the conclusion of a negotiated composition of crisis (composizione negoziata della crisi)
By Order No. 13997/2026, published on 13 May 2026, the Italian Supreme Court established a legal principle on access to crisis and insolvency resolution instruments whilst proceedings for the opening of judicial liquidation are pending.
15) ESMA: resolution briefing on the effective use of resolution tools in CCP crisis planning published
On 13 May 2026, the European Securities and Markets Authority published a resolution briefing on the effective application of resolution tools in the crisis planning of central counterparties, developed under the regulatory framework established by Regulation (EU) 2021/23 on the recovery and resolution of central counterparties.
16) Italian Supreme Court: on the “attenuated dispossession” (spossessamento attenuato) regime pursuant to Art. 167 of the Bankruptcy Law
By Order No. 13242O/2026, published on 7 May 2026, the Italian Supreme Court enunciated a principle of law in the area of composition with creditors (concordato preventivo) introduced by application pursuant to Article 161, paragraph 6, of Royal Decree No. 267/42, the so-called composition with creditors “with reservation” (concordato con riserva).
CASE LAW
17) Italian Supreme Court: on the right of the consumer, in the event of early repayment of a consumer credit agreement (even if executed before 25 July 2021), to receive the pro rata restitution of all costs incurred at the time of execution
In the event of early repayment of a consumer credit agreement, the consumer is entitled to the pro rata restitution of all costs incurred at the time of execution, including not only recurring costs but also up-front costs, even if the agreement has been executed before 25 July 2021.
18) Italian Supreme Court, Joint Sections: on contractual expert determination (perizia contrattuale) (and on the conditions necessary for it to assume the nature of arbitration)
Contractual expert determination is distinguished from arbitration where neither party is precluded from bringing judicial proceedings in respect of the dispute or the portion of the dispute entrusted to the expert, and its activation produces an interrupting effect, day by day, for the entire duration of the expert determination proceedings.
OTHER RELEVANT NEWS
19) IFRS accounting standard for SMEs: proposed amendments
On 12 May 2026, the International Accounting Standards Board launched a consultation on a proposed amendment to the IFRS for SMEs Accounting Standard.
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CRCCD NEWS edited by
Elena Ghi and Claudia Marcuzzo
Contributors to this edition:
Alberta Berruti, Sofia Cavallina, Federico Li Pomi, Matteo Manenti, Anna Manfredini, Nicolò Orlich, Flaminia Pallini, Benedetta Pedrolli, Mohammad Shamal, Luca Simoni, Gregorio Torazzi, Raffaela Tortora, Chiara Uggias, Giulia Vianello.