Buying or Chartering a Yacht Using Cryptocurrency: What is the Applicable Legislation?

Purchase of a yacht by means of cryptocurrency and in compliance with the law

What is the applicable EU legislation? With reference to EU law, on April 20, 2023, the European Parliament has approved the final text of the Markets in Crypto-assets Regulation (MiCA) legislation, which will enter into force between 2024 and 2025 and it will apply directly across the EU without any need for national implementation laws. […]

The new Meloni government policies include a return to Nuclear Energy

What is this policy about? It appears to be in line with the European sustainable development goals, which come to life from the decisions taken by, among others, Cop 26. As a matter of fact, the intention of achieving a significant reduction in carbon dioxide emissions within a very short timeframe, which,combined with a progressive […]

Data Protection Authority – Fines against Tiscali and Comparafacile

Nothing stops the Italian Data Protection Authority from its battle against unlawful telemarketing, this time imposing fines of €40,000 against Comparafacile and €100,000 against Tiscali. Comparafacile Following a report filed by a citizen, the Authority found that the online price comparison company had acquired personal data from certain individuals through a foreign company, subsequently contacting […]

Activation of Italian Beneficial Ownership Register

With the publication of Ministerial Decree No. 236 on October 9, the Beneficial Ownership Register became operational. All companies having their office in Italy are obliged to notify the data and information regarding the beneficial ownership to the competent Italian Chamber of Commerce (Camera di Commerico), that will register and store the data in a […]

Draft of Letter to the Market on POG Expectations Published for Public Consultation

On October 6 IVASS has published -for public consultation- the draft of a letter to the market (the “Letter”), wherein the Italian surveillance authority clarifies its expectations regarding the implementation of the Product Oversight and Governance (POG) for insurance products. With the Letter IVASS intends to promote a more uniform and correct implementation of the […]

VAT on Charter Fees – Italian Revenue Agency Assessments

Introduction  It has come to our attention that the Italian Revenue Agency (Agenzia delle Entrate, ‘AE’) is conducting investigations into the VAT charged on charter fees by certain charter/yacht owning entities in relation to charter contracts signed before 1 November 2020. In these cases, the AE contested the use of flat-rate reduction of the VAT […]

Reform of car insurance: Suspension of Coverage and Extension of Insurance obligation to (electric) scooters

On September 20th, the draft of the legislative decree implementing the Directive (EU) 2021/2118 on motor vehicle liability insurance and the control of the obligation to take out insurance to cover such liability has been published. Special attention has been paid to the proposed wording for the new Article 122-bis of the Italian Private Insurance […]

The Bank of Italy – Report on the Implementation Status of the PNRR

On September 14th, the Bank of Italy published on its website a report on the implementation status of the National Recovery and Resilience Plan (PNRR). The report analysed the progress made in  the second half of 2022 and the first half of 2023, taking into account the changes in the geopolitical context and the encountered […]

IVASS – Agreement with Google to combat online fraud

IVASS has announced a collaboration with Google to combat online fraud perpetrated by rogue sites. The verification programme, which was announced by the supervisory authority on the 11th of September, will start on the 1st of November 2023. As part of the new verification process, all entities wishing to advertise financial services will have to […]