{"id":5391,"date":"2026-06-19T10:20:51","date_gmt":"2026-06-19T08:20:51","guid":{"rendered":"https:\/\/www.crccdlex.com\/?p=5391"},"modified":"2026-06-19T10:32:33","modified_gmt":"2026-06-19T08:32:33","slug":"newsletter-june-2026-pt-1","status":"publish","type":"post","link":"https:\/\/www.crccdlex.com\/en\/newsletter-june-2026-pt-1\/","title":{"rendered":"Newsletter June 2026 (pt. 1)"},"content":{"rendered":"

ADMINISTRATIVE & COMPETITION LAW<\/h2>\n

1) <\/a>European Commission: Interim measures imposed to preserve free access to the artificial intelligence market<\/h4>\n

On 9 June 2026, the European Commission adopted interim measures against a well-known multinational technology company, ordering that company to restore free access to one of its communication applications for rival general-purpose artificial intelligence assistants.<\/p>\n

2) <\/a>Administrative Court of Sicily \u2014 Catania: on registration in the so-called White List as a condition for participation in a tender procedure<\/h4>\n

By judgment No. 1350\/2026, published on 6 June 2026, the Administrative Court of Sicily \u2014 Catania division upheld the principle of maximum formal and substantive rigor in respect of the possession of anti-mafia requirements in the context of public procurement procedures.<\/p>\n

3) <\/a>Ministry of Infrastructure and Transport: Guidelines on price revision in service and supply contracts published<\/h4>\n

On 5 June 2026, the Ministry of Infrastructure and Transport published the guidelines for the correct implementation of \u201cordinary\u201d price revision in service and supply contracts, in application of Article 60, paragraph 2-bis, of Legislative Decree No. 36\/2023 (the Public Procurement Code), as amended by Legislative Decree No. 209\/2024.<\/p>\n

4) Administrative Court of Lazio: AGCM sanctions for the competition-restricting agreement on biofuel prices confirmed<\/h4>\n

By judgment No. 9405\/2026, published on 20 May 2026, the Administrative Court of Lazio reaffirmed that the coordination on the setting of a single price component of fuels (i.e. the bio component), involving certain major operators in the fuel sector, constitutes a by-object restriction of competition within the meaning of Article 101 TFEU.<\/p>\n

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

5) <\/a>CJEU: on the retroactive application of the SMD<\/h4>\n

By judgment of 11 June 2026 (Case C-65\/25), the Court of Justice of the European Union held that neither Directive (EU) 2021\/2167 (the so-called Secondary Market Directive – SMD) on credit servicers and credit purchasers of non-performing loans, nor Directive (EU) 2015\/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, apply to bulk transfers of non-performing loans concluded prior to the expiry of the deadline for transposing the SMD.<\/p>\n

6) <\/a>Borsa Italiana: admission to listing requirements and applications updated in line with the Listing Act<\/h4>\n

On 3 June 2026, Borsa Italiana published Notice No. 28932, in which \u2014 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 \u2014 it updated the listing admission requirements and the documentation required to submit listing admission applications.<\/p>\n

7)<\/a> EBA: MiCAR-PSD2 clarifications on the exchange of electronic money tokens for other crypto-assets<\/h4>\n

On 8 May 2026, the European Banking Authority published Q&A No. 7084\/2024, clarifying the classification of the service consisting in exchanging electronic money tokens for other crypto-assets, with particular regard to the interaction between Regulation (EU) 2023\/1114 and Directive (EU) 2015\/2366.<\/p>\n

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

<\/a>8) CJEU: collective long-distance transfers are to be counted for the purposes of triggering the collective redundancy procedure<\/h4>\n

By judgment of 4 June 2026 (Case C-907\/24), the Court of Justice of the European Union held that the termination of the employment relationship resulting from an employee\u2019s refusal to accept a permanent transfer to a geographically very distant workplace constitutes a dismissal within the meaning of EU legislation.<\/p>\n

9) <\/a>Legislative Decree No. 96\/2026 on pay transparency and gender pay equality published in the Official Gazette<\/h4>\n

On 1 June 2026, Legislative Decree No. 96 of 7 May 2026, implementing Directive (EU) 2023\/970, aimed at strengthening the application of the principle of equal pay for equal work or work of equal value between men and women through pay transparency and related enforcement mechanisms, was published in the Official Gazette.<\/p>\n

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

<\/a>10) Italian Supreme Court: where the insurable risk is absent the D&O policy is void<\/h4>\n

By Order No. 18458\/2026, published on 8 June 2026, the Italian Supreme Court clarified the scope of application of so-called \u201cD&O\u201d policies (Directors & Officers Liability Insurance), holding that clauses that provide for the reimbursement to the company of sums paid by it to directors by way of indemnity are void where no actual insurable risk exists.<\/p>\n

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

<\/a>11) Bank of Italy: consultation on proposed amendments to Circular No. 285 implementing CRD VI and CRR III<\/h4>\n

On 4 June 2026, Bank of Italy launched a consultation on the amendments to Circular No. 285 of 17 December 2013, introduced by Legislative Decree No. 208\/2025. Such decree amended the Consolidated Banking Act in order to implement the innovations introduced by Directive (EU) 2024\/1619 and Regulation (EU) 2024\/1623.<\/p>\n

12) <\/a>Bank of Italy: consultation on proposed new implementing provisions for AIFMD2 and UCITSD<\/h4>\n

On 27 May 2026, the Bank of Italy published a consultation document containing the implementing provisions for Directive (EU) 2024\/927 and Legislative Decree No. 47\/2026, implementing the delegation under Law No. 21\/2024, and the provisions transposing the amendments to Directive (EC) 2009\/65 introduced by Directive (EU) 2024\/2994.<\/p>\n

13) <\/a>Italian Supreme Court: the partial nullity of the ABI model also applies to specific guarantees<\/h4>\n

By Order No. 15953\/2026, published on 24 May 2026, the Italian Supreme Court reaffirmed the principle of law concerning the partial or total nullity of agreements reproducing the prohibited clauses of the ABI model in bank guarantees, specifying that, for the application of that principle, it is not necessary for the guarantee concerned to be an omnibus guarantee.<\/p>\n

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

14) <\/a>Ministry of Justice: operational instructions on the negotiated composition of crisis (composizione negoziata della crisi<\/em>) published<\/h4>\n

On 31 May 2026, the Ministry of Justice published the ministerial decree of 23 April 2026, updating the previous decree of March 2023 on the negotiated composition of crisis. The measure incorporates the sectoral developments and adjusts the operational framework to the current regulatory framework.<\/p>\n

15) <\/a>Italian Supreme Court: on corporate merger and the prohibition of set-off in bankruptcy proceedings<\/h4>\n

By judgment No. 15804\/2026, published on 22 May 2026, the Italian Supreme Court ruled on the set-off of claims in bankruptcy proceedings in the context of corporate mergers.<\/p>\n

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

16) <\/a>Italian Supreme Court: on the differences between recourse (regresso<\/em>) and legal subrogation (surrogazione legale<\/em>) in joint and several passive obligations<\/h4>\n

By judgment No. 16835\/2026, published on 29 May 2026, the Supreme Court ruled on the differences between recourse (regresso<\/em>) and legal subrogation (surrogazione legale<\/em>) in the context of joint and several passive obligations, including with regard to the running of limitation periods.<\/p>\n

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

17) <\/a>ESMA: requirements of the classification system for ESG ratings clarified<\/h4>\n

On 28 May 2026, the European Securities and Markets Authority published Q&A No. 2853\/2026, providing clarifications on the practical component that an ESG rating should feature in order to demonstrate the existence of a defined ranking system of rating categories, as required by Article 3 of Regulation (EU) 2024\/3005 on the transparency and integrity of ESG rating activities.<\/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, Gregorio Torazzi, Raffaela Tortora, Chiara Uggias e Giulia Vianello.<\/p>\n","protected":false},"excerpt":{"rendered":"

ADMINISTRATIVE & COMPETITION LAW 1) European Commission: Interim measures imposed […]<\/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-5391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crccd-news"],"acf":[],"yoast_head":"\nNewsletter June 2026 (pt. 1) - 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-june-2026-pt-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newsletter June 2026 (pt. 1) - 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