{"id":5316,"date":"2026-06-04T11:55:22","date_gmt":"2026-06-04T09:55:22","guid":{"rendered":"https:\/\/www.crccdlex.com\/?p=5316"},"modified":"2026-06-04T12:10:45","modified_gmt":"2026-06-04T10:10:45","slug":"newsletter-may-2026-pt-2","status":"publish","type":"post","link":"https:\/\/www.crccdlex.com\/en\/newsletter-may-2026-pt-2\/","title":{"rendered":"Newsletter May 2026 (pt. 2)"},"content":{"rendered":"

ADMINISTRATIVE & COMPETITION LAW<\/h2>\n

1) <\/a>Council of State on the right of pre-emption and Project Financing: a procedural clarification of great practical importance<\/h4>\n

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<\/em>), 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.<\/p>\n

2) <\/a>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<\/h4>\n

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 \u2014 when awarding contracts for works, services and supplies \u2014 to the application of the public procurement rules set out in the Public Procurement Code.<\/p>\n

3) <\/a>European Commission: consultation on draft revised State aid rules for air transport<\/h4>\n

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.<\/p>\n

<\/a>STRUCTURED FINANCE, CAPITAL MARKETS AND FINTECH<\/h2>\n

4) <\/a>Consob: amendments to the regulations implementing the Listing Act and the Legge Capitali<\/em><\/h4>\n

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<\/em>, and of Law No. 21\/2024, was published in the Official Gazette.<\/p>\n

5) <\/a>OIC: consultation on proposed amendments to accounting standard OIC 10 on the cash flow statement<\/h4>\n

On 20 May 2026, the Organismo Italiano di Contabilit\u00e0<\/em> launched a public consultation on the proposed amendments to accounting standard OIC 10 (Cash Flow Statement<\/em>) concerning the criteria for the preparation and presentation of the cash flow statement (rendiconto finanziario<\/em>).<\/p>\n

6)<\/a> Bank of Italy: statistical survey on the management of non-performing loans<\/h4>\n

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<\/em>) on the basis of the supervisory provisions governing such management.<\/p>\n

7) <\/a>Bank of Italy: EBA Guidelines on proportionate retail diversification methods implemented<\/h4>\n

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.<\/p>\n

<\/a>M&A<\/h2>\n

8) <\/a>EU Court of Justice: beneficial ownership registers and trusts<\/h4>\n

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 (societ\u00e0 fiduciarie)<\/em> in relation to fiduciary mandates (mandati fiduciari<\/em>).<\/p>\n

9)<\/a> Italian Supreme Court: non-executive directors of supervised intermediaries are liable for failures in supervisory controls<\/h4>\n

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.<\/p>\n

<\/a>REAL ESTATE<\/h2>\n

10) <\/a>The Rome City Assembly (Assemblea Capitolina<\/em>) approves the new Building Regulations of the City<\/h4>\n

On 12 May 2026, the Rome City Assembly (Assemblea Capitolina<\/em>) approved the new Building Regulations of the City, updated with the objectives of the Climate Adaptation Strategy and the Climate Plan approved in 2025.<\/p>\n

11)\u00a0<\/a> Italian Supreme Court: on the subordination (postergazione<\/em>) of financing arising from a lease agreement between a shareholder and the company<\/h4>\n

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.<\/a><\/p>\n

BANKING \/ FINANCIAL \/ INSURANCE REGULATION<\/h2>\n

12)\u00a0<\/a> Italian Supreme Court: on the violation of anti-money laundering obligations by banks<\/h4>\n

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.<\/p>\n

13)\u00a0<\/a> New European rules on bank crisis management and depositor protection published in the EU Official Gazette<\/h4>\n

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.<\/p>\n

<\/a>RESTRUCTURING AND INSOLVENCY PROCEEDINGS<\/h2>\n

14) <\/a>Italian Supreme Court: on the application for crisis resolution measures following the conclusion of a negotiated composition of crisis (composizione negoziata della crisi<\/em>)<\/h4>\n

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.<\/p>\n

15) <\/a>ESMA: resolution briefing on the effective use of resolution tools in CCP crisis planning published<\/h4>\n

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.<\/p>\n

16) <\/a>Italian Supreme Court: on the \u201cattenuated dispossession\u201d (spossessamento attenuato<\/em>) regime pursuant to Art. 167 of the Bankruptcy Law<\/h4>\n

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<\/em>) introduced by application pursuant to Article 161, paragraph 6, of Royal Decree No. 267\/42, the so-called composition with creditors \u201cwith reservation\u201d<\/em> (concordato con riserva<\/em>).<\/p>\n

<\/a>CASE LAW<\/h2>\n

17) <\/a>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<\/h4>\n

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.<\/p>\n

18) <\/a>Italian Supreme Court, Joint Sections: on contractual expert determination (perizia contrattuale<\/em>) (and on the conditions necessary for it to assume the nature of arbitration)<\/h4>\n

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.<\/p>\n

<\/a>OTHER RELEVANT NEWS<\/h2>\n

19) <\/a>IFRS accounting standard for SMEs: proposed amendments<\/h4>\n

On 12 May 2026, the International Accounting Standards Board launched a consultation on a proposed amendment to the IFRS for SMEs Accounting Standard.<\/p>\n

***<\/p>\n

CRCCD NEWS edited by<\/strong><\/p>\n

Elena Ghi and Claudia Marcuzzo<\/p>\n

Contributors to this edition:<\/strong><\/p>\n

Alberta Berruti, Sofia Cavallina, Federico Li Pomi, Matteo Manenti, Anna Manfredini, Nicol\u00f2 Orlich, Flaminia Pallini, Benedetta Pedrolli, Mohammad Shamal, Luca Simoni, Gregorio Torazzi, Raffaela Tortora, Chiara Uggias, Giulia Vianello.<\/p>\n","protected":false},"excerpt":{"rendered":"

ADMINISTRATIVE & COMPETITION LAW 1) Council of State on the […]<\/p>\n","protected":false},"author":3,"featured_media":124,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[71],"tags":[],"crccd-news":[],"class_list":["post-5316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crccd-news"],"acf":[],"yoast_head":"\nNewsletter May 2026 (pt. 2) - Cappelli Riolo Calderaro Crisostomo Del Din & Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.crccdlex.com\/en\/newsletter-may-2026-pt-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newsletter May 2026 (pt. 2) - Cappelli Riolo Calderaro Crisostomo Del Din & Partners\" \/>\n<meta property=\"og:description\" content=\"ADMINISTRATIVE & COMPETITION LAW 1) Council of State on the [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.crccdlex.com\/en\/newsletter-may-2026-pt-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Cappelli Riolo Calderaro Crisostomo Del Din & Partners\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-04T09:55:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-04T10:10:45+00:00\" \/>\n<meta name=\"author\" content=\"Francesca Bellecci\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Francesca Bellecci\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/newsletter-may-2026-pt-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/newsletter-may-2026-pt-2\\\/\"},\"author\":{\"name\":\"Francesca Bellecci\",\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/#\\\/schema\\\/person\\\/20504d1fbd7230310fc3268370ee6ef2\"},\"headline\":\"Newsletter May 2026 (pt. 2)\",\"datePublished\":\"2026-06-04T09:55:22+00:00\",\"dateModified\":\"2026-06-04T10:10:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/newsletter-may-2026-pt-2\\\/\"},\"wordCount\":1163,\"image\":{\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/newsletter-may-2026-pt-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.crccdlex.com\\\/wp-content\\\/uploads\\\/CRCCD-NEWS-Newsletter.svg\",\"articleSection\":[\"CRCCD News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/newsletter-may-2026-pt-2\\\/\",\"url\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/newsletter-may-2026-pt-2\\\/\",\"name\":\"Newsletter May 2026 (pt. 2) - 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