By judgment of 3 September 2026 in Case C-653\/24, the Court of Justice of the European Union (\u201cCJEU<\/strong>\u201d) affirmed the principle according to which Directive (EU) 2006\/123\/EC (the \u201cBolkestein Directive<\/strong>\u201d) cannot apply to installations that produce exclusively electricity, with specific reference to small hydroelectric concessions.<\/p>\n On 3 September 2026, the European Commission has adopted the new Guidelines<\/a> on the application of Article 102 TFEU to abusive exclusionary conduct by dominant undertakings, which replace the Commission\u2019s 2008 guidance (as amended in 2023) on the Commission\u2019s enforcement priorities in applying Article 82 of the EC Treaty (now Article 102 TFEU) to that same conduct (the \u201cGuidelines<\/strong>\u201d).<\/p>\n By judgment No. 6089\/2026, published on 27 July 2026, the Council of State ruled on the lawfulness of the holding of shareholdings by Municipalities in companies carrying on the activity of selling electricity and gas.<\/p>\n On 9 September 2026, the European Securities and Markets Authority (\u201cESMA<\/strong>\u201d) published a package of measures implementing Regulation (EU) 2017\/1129 (the \u201cProspectus Regulation<\/strong>\u201d), aimed at transposing the amendments introduced by Regulation (EU) 2024\/2809 (so called Listing Act) and at promoting supervisory convergence, simplification and the reduction of burdens for issuers.<\/p>\n On 19 August 2026, Commission Delegated Regulation (EU) 2026\/971<\/a> was published in the Official Journal of the European Union (\u201cOJEU<\/strong>\u201d), supplementing Directive 2004\/109\/EC (the \u201cTransparency Directive<\/strong>\u201d) with regard to regulatory technical standards on access, through the European Single Access Point (\u201cESAP<\/strong>\u201d), to regulated information on issuers whose securities are admitted to trading on a regulated market.<\/p>\n On 31 July 2026, Consob put out for public consultation the proposed amendments to the Manual on the disclosure obligations of supervised entities under Resolution No. 17297 of 28 April 2010, as subsequently amended.<\/p>\n On 3 September 2026, the European Commission\u2019s communication concerning the guidelines<\/a> on the application of Regulation (EU) 2024\/3015 (the \u201cRegulation<\/strong>\u201d) \u2014 the framework prohibiting the placing on the market, the making available, or the exporting from the single market of goods whose production is attributable, even in part, to forms of forced labour (the \u201cGuidelines<\/strong>\u201d) \u2014 was published in the Official Journal of the European Union.<\/p>\n By judgment No. 24981\/2026, published on 3 September 2026, the Labour Section of the Italian Supreme Court clarified the limits of the principle affirmed in 2025 by the United Sections (judgments Nos. 23476\/2025 and 23876\/2025), according to which the right to the Italian unemployment benefit (called \u201cNASpI<\/strong>\u201d) ceases only upon the de facto<\/em> restoration of the employment relationship, including from an economic standpoint, and not merely as a result of the judicial decision ordering reinstatement.<\/p>\n By judgment No. 32909\/2026, published on 4 September 2026, the Italian Supreme Court, Fifth Criminal Section, ruled on fraudulent asset-stripping and documentary bankruptcy in the context of an extraordinary corporate demerger.<\/p>\n By judgment No. 6448\/2026, published on 7 August 2026, the Council of State ruled on the refusal of an application for a retroactive building permit relating to unlawful building work, confirming its lawfulness. The Court clarified that an application for regularisation under Article 36 of Presidential Decree No. 380\/2001 does not render the demolition order ineffective, but merely suspends its effect, which resumes in the event of refusal.<\/p>\n On 3 September 2026, Commission Delegated Regulation (EU) 2026\/1167 and Commission Implementing Regulation (EU) 2026\/1166 were published in the Official Journal of the European Union, supplementing Regulation (EU) No. 575\/2013 (so called CRR), as amended by Regulation (EU) 2024\/1623 (so called CRR III). On 12 August 2026, Commission Implementing Regulation (EU) 2026\/1872 was also published, amending Implementing Regulation (EU) 2016\/2070 relating to supervisory benchmarking communications concerning the methods for calculating own funds requirements under Directive 2013\/36\/EU (\u201cCRD<\/strong>\u201d), as amended by Directive (EU) 2024\/1619 (so called CRD VI).<\/p>\n On 2 September 2026, IVASS published Measure No. 172<\/a>, containing amendments and additions to ISVAP Regulation No. 7\/2007 on the financial statement formats of insurance and reinsurance undertakings required to adopt international accounting standards (IAS\/IFRS).<\/p>\n On 26 August 2026, the European Banking Authority (\u201cEBA<\/strong>\u201d) launched a public consultation on the draft regulatory technical standards (\u201cRTS<\/strong>\u201d) on the management of operational risk by credit institutions and financial intermediaries.<\/p>\n On 25 August 2026, the European Banking Authority (\u201cEBA<\/strong>\u201d) launched a public consultation on three draft regulatory technical standards (\u201cRTS<\/strong>\u201d) relating to the reclassification of investment firms as credit institutions where they exceed the threshold of Euro 30 billion in total assets. The draft RTS reflects the amendments made in 2024 to Directive (EU) 2024\/1619 (\u201cCRD VI<\/strong>\u201d).<\/p>\n On 24 August 2026, Bank of Italy published Note No. 59<\/a>, in which it confirmed that it had notified the European Banking Authority (\u201cEBA<\/strong>\u201d) of its compliance with the \u201cGuidelines on the independence of supervision of competent authorities under Directive 2013\/36\/EU\u201d (the \u201cGuidelines<\/strong>\u201d).<\/p>\n With regard to central counterparties (\u201cCCP<\/strong>\u201d), the European supervisory authorities have published two initiatives under Regulation (EU) No. 648\/2012 (\u201cEMIR<\/strong>\u201d), as amended by Regulation (EU) 2024\/2987 (so called EMIR 3).<\/p>\n On 17 August 2026, the decree<\/a> of the Italian Interministerial Committee for Credit and Savings (so called CICR) of 9 July 2026 was published in the Official Gazette, amending the previous decree of 3 February 2011 on consumer credit and implementing the amendments to the Consolidated Banking Act introduced by the transposition of Directive (EU) 2023\/2225 (the second Consumer Credit Directive \u2014 CCD 2).<\/p>\n On 5 August 2026, Bank of Italy published the ninth update to Circular No. 262<\/a> of 22 December 2005, containing the formats and rules for the preparation of bank financial statements.<\/p>\n On 5 August 2026, Bank of Italy issued new provisions on the financial statements of IFRS intermediaries other than banking intermediaries<\/a>, subsequently published in the Official Gazette of 28 August 2026.<\/p>\n2) European Commission: Guidelines on abuses of dominant position aimed at excluding competition adopted<\/h4>\n
3) Council of State: the participation of Municipalities in companies engaged in the sale of electricity and gas is lawful<\/h4>\n
STRUCTURED FINANCE, CAPITAL MARKETS AND FINTECH<\/h2>\n
4) ESMA: package of measures on the Prospectus Regulation implementing the Listing Act<\/h4>\n
5) ESAP: Delegated Regulation (EU) 2026\/971 on access to information on issuers published in the Official Gazette<\/h4>\n
6) Consob: simplification of the disclosure obligations of supervised entities open for consultation<\/h4>\n
EMPLOYMENT LAW<\/h2>\n
7) European Commission: Guidelines on the application of Regulation (EU) 2024\/3015 on the prohibition of forced labour products published in the OJEU<\/h4>\n
8) Italian Supreme Court: on the right to NASpI in the event of unlawful dismissal and the option for the substitute indemnity<\/h4>\n
M&A<\/h2>\n
9) Italian Supreme Court: on corporate demerger and fraudulent bankruptcy<\/h4>\n
REAL ESTATE<\/h2>\n
10) Council of State: on established unlawful building work and subsequent urban planning conformity<\/h4>\n
BANKING, FINANCIAL AND INSURANCE REGULATION<\/h2>\n
11) CRR and CRD: Delegated Regulation (EU) 2026\/1167 and Implementing Regulations (EU) 2026\/1166 and 2026\/1872 published in the OJEU<\/h4>\n
12) IVASS: Measure No. 172\/2026 on the financial statement formats for insurance and reinsurance undertakings required to adopt international accounting standards published<\/h4>\n
13) EBA: public consultation launched on the draft RTS on operational risk management<\/h4>\n
14) EBA: three draft RTS on the reclassification of investment firms as credit institutions open for consultation<\/h4>\n
15) Bank of Italy: EBA Guidelines on the independence of supervision of competent authorities under Directive (EU) 2013\/36 implemented<\/h4>\n
16) EMIR: developments concerning CCPs<\/h4>\n
17) CCD 2: CICR decree on consumer credit published in the Official Gazette<\/h4>\n
18) Bank of Italy: 9th update to Circular No. 262 on bank financial statements published<\/h4>\n
19) Bank of Italy: new provisions on the financial statements of IFRS intermediaries other than banking intermediaries issued<\/h4>\n
20) Consob: proposed update to the provisions on financial statement formats and disclosure following IFRS 18 open for consultation<\/h4>\n