Topics
The themes the Firm follows: MiCAR, DORA, DLT Pilot, AI Act, Listing Act, tokenisation, GDPR and M&A.
MiCA
EU Regulation 2023/1114 (MiCA) is the first comprehensive European framework for the issuance, public offering and provision of services on crypto-assets. In Italy implementation runs through Legislative Decree 129/2024, which designates CONSOB…
DLT Pilot
EU Regulation 2022/858 (DLT Pilot Regime) allows the experimentation of DLT-based market infrastructures (DLT MTF, DLT SS, DLT TSS) with targeted exemptions from MiFID II, CSDR and Settlement Finality. In Italy Decree-Law 25/2023 (DL Fintech)…
AI Act
EU Regulation 2024/1689 (AI Act) is the first comprehensive AI law worldwide. It adopts a risk-based approach: prohibited practices (subliminal manipulation, social scoring, public-space biometric identification), high-risk systems (employment…
Listing Act
The Listing Act package is one of the most relevant reforms of European capital markets. It comprises Regulation (EU) 2024/2809 (amending the Prospectus Regulation, MAR and MiFIR), Directive (EU) 2024/2810 (amending MiFID II) and **Directive (EU)…
M&A
M&A in Italy combines civil law (Italian Civil Code, in particular Title V of Book V), regulatory (TUF post Italian Capital Markets Law, CONSOB Issuers' Regulation, MAR), antitrust (Law 287/1990, Reg. (EU) 139/2004) and sectoral (Golden Power, FDI…
Tokenization
Tokenisation of financial instruments in Italy operates on three distinct legal layers that must be kept separate: the Italian Fintech Decree (DL 25/2023, Law 52/2023) for the digital form of Italian financial instruments on DLT; the **EU DLT Pilot…
DORA
Regulation (EU) 2022/2554 (DORA) has been applicable since 17 January 2025. It establishes a harmonised European framework for ICT risk management of financial entities and for EU-level oversight of ICT providers designated as critical. Five pillars: …
GDPR
Regulation (EU) 2016/679 (GDPR) is the basis of European personal data protection law. In Italy it operates jointly with the Italian Privacy Code (Legislative Decree 196/2003) as amended by Legislative Decree 101/2018 adapting to GDPR. The most…