Categoria: Banking, Finance and Project Finance
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DELAYED PLANES AND CANCELLED FLIGHTS: WHEN DOES THE ASSIGNMENT OF CREDIT NOT VIOLATE THE FINANCING RESERVE?
A recent Supreme Court ruling (no. 4427/2024) has recognized full lawfulness to the work of agencies that take over claims for compensation and reimbursement for delayed or canceled flights. The judges held that the air delay compensation claim can also be assigned to a party not registered in the special Register kept by the Bank…
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WHO IS INVITED TO THE “INTEREST RATES PROM”?
In a concrete application of the principles expressed by the Court of Cassation, the Court of Appeal of Trieste ordered an Office Technical Consultant (OTC) to recalculate the entire financial repayment plan of a loan agreement with an interest rate clause that had been declared null and void. As is now well known, in its…
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INSIDER TRADING AND CONSOB SANCTIONS: CAN THE DISMISSAL OF CRIMINAL PROCEEDINGS PRECLUDE – IN ACCORDANCE WITH THE NE BIS IN IDEM PRINCIPLE – THE IMPOSITION OF ADMINISTRATIVE SANCTIONS?
In its judgment of 6 July 2023, the Court of Appeal of Milan, Civil Division, responded positively to the question by once again addressing the issue of the relationship between criminal proceedings and Consob sanctioning proceedings on insider trading. In the administrative proceedings, Consob (the Italian Supervisor) had charged an insider trader with violation of Article 187-bis,…
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ON THE HEDGING OF OTC DERIVATIVES: THE “COMPOSITE PURPOSE OF THE TRANSACTION“.
By judgment no. 12 of 24 January 2024, the First Central Division of the Court of Accounts, in fully confirming the first instance judgment (Court of Accounts no. 2/2022), declared the lack of jurisdiction over the banks involved in the case in question and the compliance of the derivatives transaction carried out by the Region…
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IMPAIRED LOANS OF BANKS: WHAT INFORMATION TO PROVIDE TO POTENTIAL BUYERS? THE EUROPEAN COMMISSION DICTATES SOME TECHNICAL STANDARDS TECHNIQUES
On October. 19, 2023, Regulation (EU) 2023/2083 published in the Official Journal of the European Union on Sept. 29, 2023 containing templates for the transmission of information to buyers on “NPL” credit exposures in the banking book will enter into force. The Regulation is mandatory in all its elements and directly applicable in each of…
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INTEREST RATE SWAP: THE JOINT DIVISIONS OF THE SUPREME COURT REITERATE THE JURISDICTION OF THE ITALIAN COURT
With the recent decision of 29 May 2023, the Joint Divisions once again ruled in favour of the Italian Court with regard to a dispute arising from derivative contracts signed by an Italian local authority. The Joint Divisions applied the consolidated case law according to which jurisdiction is determined exclusively on the basis of the…