STRUCTURED FINANCE, CAPITAL MARKETS AND FINTECH
1) Bank of Italy: supervisory reports for crowdfunding service providers updated
On 21 October 2026, Bank of Italy published the 78th update of Circular No. 154 of 22 November 1991 “Supervisory reports of credit and financial institutions. Reporting templates and instructions for the submission of information flows”, which amends the reporting templates and the related coding system, with particular reference to crowdfunding service providers.
2) ESMA: RTS on post-trade risk reduction (PTRR) services for the purposes of the exemption from the clearing obligation
On 20 October 2026, the European Securities and Markets Authority (“ESMA”) published the final report containing the draft regulatory technical standards (“RTS”) specifying the requirements for post-trade risk reduction (“PTRR”) services for the purposes of the exemption from the clearing obligation provided for by Article 4b of Regulation (EU) No 648/2012 (the so-called EMIR), as introduced by Regulation (EU) 2024/2987 (“EMIR 3”).
EMPLOYMENT LAW
3) Italian Supreme Court: on the notion of comparatively greater representativeness under Article 19 of the Workers’ Statute
By judgment No. 27541/2026, published on 22 October 2026, the Labour Section of the Italian Supreme Court ruled on the interpretation of Article 19 of the Workers’ Statute as resulting from Constitutional Court judgment No. 156/2025.
M&A
4) Beneficial ownership: Implementing Regulation defining the formats for communications to the central register published in the OJEU
On 22 October 2026, Implementing Regulation (EU) 2026/2354 (the “Regulation”) was published in the Official Journal of the European Union, defining the common formats for the transmission of beneficial ownership information to the central registers of the Member States, in implementation of Directive (EU) 2024/1640 (the so-called Sixth Anti-Money Laundering Directive).
5) ESMA: revised MAR Guidelines on delay in the disclosure of inside information published
On 16 October 2026, the European Securities and Markets Authority (“ESMA”) published the updated version of the Guidelines on the delay in the disclosure of inside information to the public, under Regulation (EU) 2014/596 on market abuse (the so-called Market Abuse Regulation – MAR), with the aim of simplifying the regulatory framework and providing issuers with greater certainty.
BANKING, FINANCIAL AND INSURANCE REGULATION
6) Italian Supreme Court: solutory payments are to be identified on the adjusted balance
By order No. 27053/2026, published on 16 October 2026, the First Civil Section of the Italian Supreme Court ruled on the recovery of undue payments in bank current accounts.
7) EBA: final technical package for release 4.4 of the reporting and Pillar 3 disclosure framework published
On 12 October 2026, the European Banking Authority (“EBA”) published the final technical package for the first phase of release 4.4 of its reporting and disclosure framework. The package is aimed at enabling the early application of IFRS 18-compliant reporting and at supporting the application of Pillar 3 disclosure requirements, reducing reporting costs for institutions and facilitating their compliance.
RESTRUCTURING AND INSOLVENCY PROCEEDINGS
8) Italian Tax Authority: Circular No. 9/E on over-indebtedness and debt discharge published
On 21 October 2026, the Italian Tax Authority (Agenzia delle Entrate) published Circular No. 9/E (the “Circular”), the second part of the framework of the institutions of the Code of Business Crisis and Insolvency under Legislative Decree No. 14/2019 (the “Code”), dedicated to the procedures for the settlement of over-indebtedness crises and to debt discharge (esdebitazione).
CASE LAW
9) Milan Court of Appeal: on whether the constitutional principles on local public finance fall within the notion of public policy for the purposes of the recognition of foreign judgments
By judgment No. 2676/2026, published on 20 October 2026, the Milan Court of Appeal (Section I Civil) ruled, inter alia, on whether the constitutional principles on local public finance fall within the notion of (economic) public policy, in a dispute concerning the recognition of a foreign judgment relating to derivative contracts entered into by an Italian local authority.
10) Italian Supreme Court: in the event of early repayment of a loan, the reduction of the total cost of the credit also includes the commissions paid to intermediaries
By order No. 27040/2026, published on 16 October 2026, the Italian Supreme Court ruled on the reduction of the total cost of credit in the event of early repayment of a consumer credit agreement entered into before 25 July 2021, the date of entry into force of the new wording of Article 125-sexies of the Consolidated Banking Act (“TUB”).
11) Italian Supreme Court, Joint Sections: standing to be sued for obligations entered into by the judicial administrator during an anti-mafia preventive seizure depends on the capacity in which the administrator contracted with third parties
By judgment No. 26806/2026, published on 14 October 2026, the Joint Sections of the Italian Supreme Court, ruling on the question referred by the Third Section by interlocutory order No. 20991/2024, clarified who is liable for the obligations entered into during an anti-mafia preventive seizure covering, at one and the same time, all the shares and all the assets of a limited company. The case concerned supplies requested by the judicial administrator of a company subsequently confiscated, payment for which had been demanded from the Ministry of Economy and Finance and the State Property Agency (Agenzia del Demanio).
CRCCD NEWS edited by:
Elena Ghi, Claudia Marcuzzo and Luca Simoni
Contributors to this edition:
Filippo Cantale, Olga Loragno, Matteo Manenti, Anna Manfredini, Kristian Massimei, Maurizio Martucci, Nicolò Orlich, Benedetta Pedrolli, Mohammad Shamal, Gregorio Torazzi, Raffaela Tortora, Giulia Vianello and Livia Zaccheo