UE 8 sanction package

On October 6, 2022, the EU announced an eighth package of economic and individual sanctions against Russia.

The content of the package has already been summarized by us in a different article (link).

However, alongside the examination of individual measures, it seems interesting to point out that some of the last Council decisions take on a different and new significance in EU sanctions policy.

In fact in this area and until now the EU had mainly followed a “territorial” policy. This meant that imports or exports were banned and/or certain persons were sanctioned who were blocked goods and prevented from moving to or from or within the EU territory.  So sanctions were limited to the -albeit large- geographical space of the EU.

This is in contrast to the U.S. sanctions policy, which is instead often characterized by extraterritoriality. In fact, measures taken by this nation for both U.S. weapons and dual-use (i.e., with the possibility of also military use) products or components originating there must follow an authorization regime both when the weapons are re-exported and when the individual components are incorporated into products manufactured abroad. If such authorization is not sought and obtained, those who have violated the provision can be prosecuted before the Courts in the US. This is also the case with financial sanctions and the use of dollars that do not follow U.S. financial rules.

So much so that this extraterritoriality was also criticized by the EU and was the subject of a special EU Council Regulation No. 2271/96 , which in Article 4 established a screen from U.S. sanctions. Moreover, this screen never appears to have been used by European companies that have broken U.S. law and suffered proceedings therefor, and that to close the litigation have often reached settlements, of significant economic outlay, with the U.S. administration.

As we said in this 8th EU package there are as many as three measures that create a kind of extraterritoriality even for European sanctions, innovating, the policy hitherto followed and thus giving the feeling of a policy more of “offensive” intervention even outside the European bloc.

Let us look at them carefully.

1) Of particular importance appears to be the extension of import ban  to steel goods – included in Annex XVII – undergoing processing in a third country, but incorporating steel products originating in the Russian Federation listed in the same annex;

2) The Council decided to broaden the criteria on which specific designations (sactions) can be based, in order to target those who facilitate the circumvention of EU sanctions. Thus, a legal possibility was introduced for the EU to designate and sanction entities, including non-Russian entities, that facilitate violations of prohibitions and enable circumvention of the provisions of regulations imposing sanctions against the Russian Federation (including the same Regulation (EU) No. 269/2014 and Regulation (EU) No. 833/2014).

3) In the event that a ship flying the flag of a third country transports  crude oil or Russian petroleum products purchased at a price above the ceiling on prices (price yet to be decided), it will be prohibited to provide technical assistance, brokering services, financing or financial assistance, including the possibility of insurance, related to any future transportation of crude oil or petroleum products by such a ship. 

Thjerefore we might say that EU is expanding its reach extra territorially, following the U.S. example.

The ban on the import of steel products incorporating Russian metal or components assumes nodal importance for products coming from industries located in places such as China and India, which, by their strategic decision, have wanted to exclude  themselves from the sanctions proposed by the U.S.-EU bloc against Russia. It is not really an extraterritorial measure, but it aim to hit entities in countries that are not directly involved in the blocs conflict .

Moreover EU realized that a plethora of entities, including many in Turkey and Serbia, are expanding their operations, importing goods from the EU and exporting them to Russia. The new legal provision at  2) above is giving to EU the possibility to  sanction entities located in non-EU countries, again entities in countries that  that are not directly involved in the blocs conflict .

 Also of interest is the scope of the legislation on maritime transport, which aims to indicate that the EU bloc “having a significant “world position” in the insurance market will prevent the violation of the cap price of oil, either by inhibiting its transportation or by punishing ships carrying such oil impeding insurance of the ship. As a consequence no shipowner shall risk to  transport uninsured cargo due to the infringment of the EU rules. In this case the EU is directly hitting vessels who do not respect the EU oil price cap. This is  an extraterritorial sanction.

On the basis of the above I assume that  the measures under consideration, in addition to indicating a legislative breakthrough, show a heightened awareness of the existence of a UNION OF EUROPE that could hit his “enemies” also outside  its boundaries.

Probably the threat coming from aggressive Russian policy has forged a greater common spirit, as desired by the European founding fathers. (image credits to @Varyvodaart )

Council regulations are available here:

EUR-Lex – 32022R1903 – EN – EUR-Lex (europa.eu)

EUR-Lex – 32022R1904 – EN – EUR-Lex (europa.eu)

EUR-Lex – 32022R1905 – EN – EUR-Lex (europa.eu)

EUR-Lex – 32022R1906 – EN – EUR-Lex (europa.eu)

EUR-Lex – 32022D1907 – EN – EUR-Lex (europa.eu)

EUR-Lex – 32022D1908 – EN – EUR-Lex (europa.eu)

EUR-Lex – 32022D1909 – EN – EUR-Lex (europa.eu) 


Italy-Ukraine Bilateral Conference for Reconstruction and SIMEST Aid

The bilateral reconstruction conference organized between Italy and Ukraine was held in Rome on April 26.
It was an initiative that followed other international meetings for the same purpose held in Switzerland and Germany in 2022. The PM and the government had promised it to Ukraine, and they realized it.

The goal is to mobilize energies and resources to “design the reconstruction now” and shorten its time frame. The “execution ” of projects will be done only when the war is over, but the prodromal steps- which are often very long – can be done now.
There are so many needs; in March 2023 the Ukrainian government, the World Bank, the EU and the United Nations estimated financial needs for reconstruction at USD 411 billion (in a truly impressive study, broken down by sector). This is a conservative calculation, because whole areas of the country are still under Russian control and so the estimate is hypothetical. The sector that needs the most resources is Transportation (92Bn), followed by Housing (68.6Bn) and third is Transportation (47Bn).

The conference was organized in sectoral meetings, followed by a plenary forum. During the latter, the two governments made many statements and major European financial institutions described their “commitment.”
The political forum was more interesting than the economic meetings, which were crowded with all the major Italian companies, certainly activated by the Government. There were many institutions at the meeting who illustrated their business potential. From my point of view, at this stage, the project ideas will have to incorporate their financing arrangements, and it is in this last aspect that we (Italians) will have to work very imaginatively.

The government words were strong: “we will be with Ukraine in reconstruction.”

The Italian PM has, boldly, suggested entrepreneurs to invest today in order to participate in reconstruction tomorrow. Foreign Minister and Finance and Trade Minister promised aid, which we talk about later.
I learned from the delegates that there is no longer a limited allocation for Italy only to the Donbass as a reconstruction area. This “allocation,” which seemed to have originated in previous conferences, has been replaced by a wider possibility of projects throughout Ukraine.
As regards the use of Russian money, “frozen” by central banks, to finance the reconstruction, it seems that it will be used to underwrite European bonds.

As a result of the political will expressed by the government, in early May Simest announced a €500 million plan in three directions: support for export credits, the provision of interest-free financing for Italian companies engaged in the supply of plant and machinery, and the creation of joint ventures.

All in all, the conference shone a great spotlight on the possibility for Italians to participate in the reconstruction and the opportunities of the same. We must now work with a great deal of imagination on financing the works and planning, because the Ukrainians will certainly be the first to decide what they want, and we must convince them (with facts) that we are among the best in the world in many technologically advanced sectors, and not only in tourism and food.

We will have to compete on this with EU partners, with the USA (which is funding Ukraine enormously) and with Asians, and provide projects that create wealth on the ground.
I believe that initiatives from different companies, with an urban, architectural, digital and production vision, taking into account the needs of the people and the Ukrainian government, can help create projects to be financed. If we want, our creativity will work miracles.
#ukraine #invasion #simest #MEF #farnesina #mylegalife

Internationalization &Digitalization

Corporate internationalization is a phenomenon that we have all experienced more or less in the last 30 years. In the 80s and 90s, the SMEs of our country realized that their products were competitive and appreciated abroad, and at the same time that part of the production could be relocated to countries with lower costs.

We – as lawyers expert in international trade laws – have followed and supported this flow. We have drawn up production, supply, sales and distribution contracts, negotiated the same in different countries, with different legal systems. and more …

Since the end of the last century digitalization has had an ever wider impact, in reality it has exploded in recent years, with the affirmation of the great players of digital commerce and has acquired dramatic evidence in the last six months …

What is digitalization? On the slide you see several definitions. I can try to say that Digitalization is the transformation of analog data into digital data, and the simultaneous possibility of processing this data in huge quantities in a short time and in the absence of territorial limits with the help of increasingly automated and autonomous systems.  Digitalization has now penetrated every area of ​​the company’s life and has revolutionized:

1) the products, which can now be equipped with technologies capable of making them communicate, interact with each other and with those who use them (Internet of Things) or may have, in some cases, abilities similar to human ones (AI);

2) the sales channels (from the physical store / fair to e-commerce, mobile and social channels);

3) the process production;

4) the invention of new products and \ or their design (ideas and projects can quickly circulate around the world and be shared with a simple click).

As mentioned, digitalization is changing the company’s sales techniques. With profiling techniques, customers / prospects are identified (not only consumers, but also potential customer companies) and their preferences, habits and purchasing policies. On the basis of these data, the company then develops targeted marketing strategies for each customer segment. Digitalization intercepts customers, through websites, social networks and applications that identify and track the IP addresses, the devices used (cell phones-tablets) of real customers to offer sales of products that may be of their desire or need. It is not necessary to know the name of the potential customer, but to be able to reach him through targeted marketing activities, adequately profiled on the target audience that you want to reach and advertise.

Internationalization is today often permeated by digitalization techniques, which make operations that were previously done by intuition, more analyzable and probabilistically predictable, mitigating business risks.

As T&P, already in 2018, we realized that we had to better explore the relationship between digitalization, which is increasingly growing, and the internationalization of companies; we therefore proposed to Professor Diego Campagnolo and CUOA a research (Be International Be Digital), together with Bonucchi & Associati, to understand how Veneto companies in different sectors and in different evolutionary stages were facing these phenomena, and with respect to the issues that would have emerged to prepare us to study different evolutionary scenarios of our profession.

Here are some cases, taken from professional ideas deriving from daily practice, and from elements taken from the aforementioned research, on what is happening in the current market:


Case1: Italian footwear company that sells B2C throughout Europe, collects – through loyalty programs or through its stores (sometimes of subsidiaries) – the data of the final consumers who purchase the products. These data are crossed with those that can be collected with the internet (reading newsletters, accessing the site and “clicks” that show interest in a given product, viewing advertising on Social Networks and subsequent clicks) and post-sales behavior (eg . the customer returns for purchases, makes complaints, requests shipping, etc.). In this way, a consumer is precisely profiled, his present behavior and a forecast of his future behavior is created. On the basis of the data collected, the company creates a marketing program that builds customer loyalty at an international level and offers services based on the needs and / or preferences expressed by the customer.

The aspect that the lawyer must protect is – in particular – compliance in the EU with the GDPR legislation (among all the EU Regulation 679/2016 or GDPR): the data must be collected and processed from the beginning in compliance with the Regulation in so that they can be lawfully used and represent an important asset of the company (the risk of non-compliance is represented not only by the potential significant sanctions, but also by the risk of blocking / impossibility of using databases created over time with expenditure of costs ).

In this context and in this context of business internationalization, attention to the applicable legislation from a personal data protection profile (European or non-European) and the role played by the various playes in the collection and treatment process (e.g. use) is fundamental. of foreign suppliers, non-EU, etc.). The data represent a value and the ownership of the same must be safeguarded.

Case2: Italian company that produces lawn tractors and lawnmowers for the European market, creates a lawnmower equipped with IOT and App which, among other things, is able to collect data relating to the size of the garden on which the customer is using the appliance, the consumption of energy to get to the garage and other elements of the machinery that moves alone in the garden to do its job. On the basis of the data collected, entered in the app – and therefore also in the manufacturer’s systems -, the customer benefits from better services, but the same data used by the company could help it to possibly offer the customer other products of its range and also, in case breach to the system, they could be used by attackers to steal data from the end customer (size of gardens, location of houses, valuable properties etc.)

The lawyer’s task is to examine that the data collection and use of the same is authorized by the purchaser of the product and that all the appropriate precautions required by the GDPR are adopted, especially in the event of a data breach.

Case3: The information and advertising totems that we see increasing in the panorama of our cities do not only perform a passive function, that is to display information or digital advertising spots that are programmed by advertising agencies, but often, thanks to various types of devices installed on the totem itself, they collect the reactions, and therefore potentially commercial data, on the people who observe the information that appears on their screens: the effectiveness of the commercial communication transmitted is then analyzed.

 The lawyer must constantly ensure that the collection of data from the totems takes place in compliance with the privacy regulations (GDPR) and in compliance with the legislation on the collection of non-personal data of the EU non-personal data (EU Regulation 2018/1807 on the free circulation of non-personal data). The manufacturer of the totems, the manufacturers of the tracking software and those who set up urban advertising systems must worry about this aspect.


Case4: Now we examine a project of a corporate joint venture in China between an Italian cosmetics manufacturer and a Chinese distribution company. The purpose of the collaboration is the creation of a company in Shanghai owned 30% by the Italian manufacturer and 70% by the Chinese for the sale of Italian cosmetic products in the Chinese market. The agreements included the study of a specific line of cosmetics that was to be sold in a chain of stores and subsequently, due to the change of strategy of the Chinese partner, for sale via internet stores with broadcasting events.

In  the contracts that we drafted we had to protect Client’s interest in exercising broad powers of control and management of the newco, in owning the brands and in evaluating their license for use. However, alongside the normal management control, is also required the control (and use) of the DATA collected by the newco in China for marketing purposes and to provide services to local customers (and learn local sales techniques).


Case 5:  Digital experts create virtual sales structures (shops, e-sites, virtual galleries) for companies producing goods and are structured to offer the same customers digital marketing services that help plan the internationalization of sales and the management of said shops . The systems used are those that we have explained in the case of the sale of footwear.

The same suppliers offer companies (with brands that have growth potential) management systems for their online business and thus become “managers of virtual stores”.

The supplier of digital services therefore also becomes the commercial partner of the producer.

Surely in these cases it is of interest to analyze how the ownership of customer data that is collected in carrying out partnership activities is regulated.


Case 6: With the advent of digitalization, the use of communication platforms as well as digital sharing tools for companies’ research & development programs has spread. Therefore, the confidential R&D data is on platforms that potentially allow it to be widely and rapidly disseminated. Often these programs have data segregation systems and different levels of access.

The lawyers must therefore develop confidentiality protocols for the transfer of data and supervise the related flows in order to avoid undue access. This regulation must increase exponentially if the interested parties are located in different countries, with non-homogeneous applicable laws.


Case 7: An Italian company producing plastic container blow molding machines supplies a machine to a Russian company. The Italian company is able, remotely, to control the functions and settings of the machinery sold. However, the blow molding machine does not provide the performance requested by the customer.

The law applicable to the contract is Swedish law. The result was a dispute pending before the Arbitration Chamber of the Stockholm Chamber of Commerce (SCC), which took place via videoconference. The data collected remotely were essential to evaluate if the machine worked and to have evidence to contrast with the Russians (also to understand that it was necessary to compromise …)


Case 8: Digitalization affects the capital market; as is well known, it is possible to raise equity (social capital) for innovative SMEs also by convincing private investors to pay new funds to companies through issues held on digital platforms (CROWDFUNDING EQUITY) authorized for this by CONSOB. Due to the joint application of EU and Italian laws, these fundraising campaigns have a theoretical maximum limit of 8 million euros

The investor who buys the capital issued as a result of these issues now enjoys in Italy tax benefits (tax credit) equal to 50% of the investment. In many innovative Italian SMEs the possibility of raising such capital is linked to the possible launch of internationalization campaigns and new product development (often in this digital phase) which are rewarded by the Italian tax legislation.


Case 9: What is Artificial Intelligence? In a simple way we could define artificial intelligence as the ability of a technological system to independently solve problems or perform tasks and activities typical of the human mind and ability.

We therefore must already think of the relationship between a machine manufacturer that is able to develop ideas and projects and a company that uses this type of machine to create innovative ideas and / or models.

Who will be the owner of the invention? The owner of the Artificial Intelligence Machine or the ser of such AI Machine? This is something that must be resolved with adequate drafting of contracts and,  in any case, the issue shall be legally analyzed .

Case10:  Climate change, the reduction of spaces for cultivation, the change in consumer tastes are imposing Agritech, i.e. the use of sophisticated technologies that innovate management of cultivation. A Verona-based company is inventing and designing vertical greenhouses that, on the basis of independent calculations and evaluations managed by AI, can optimize the cultivation and harvests of food plants with very high yields and management savings even in adverse climates; the sales targets are international customers, located in markets with climatic difficulties

What does a lawyer have to do with all this?? In our opinion, among the various possible needs, in addition to knowing how to apply the normal international contractual standards, it will serve to:

– ensure that the use of Robotics or AI technologies complies with the principles applicable to the processing of personal data,

– regulate the reallocation of responsibilities between the manufacturer of the product in the event of damage to things or people, generated by such products;

– develop legal defensive strategies in case of malfunctions and cyber attacks on the machine equipped with AI, and consequent possible commission of criminal and / or illegal actions.

– ensure that the system is ethical, respecting the “Ethical guidelines for reliable artificial intelligence” published on 8 April 2019 by the European Commission’s High Level Expert Group on Artificial Intelligence (AI HLEG).

According to the Guidelines, reliable AI must be:

(1) lawful compliance with all applicable laws and regulations

(2) ethics – respectful of ethical principles and values

(3) robust both from a technical point of view and taking into account its social environment.


In all the cases we have described, it emerges that:

the data must be managed by people who must have know-how;

compliance with the law allows the use of know-how

knowledge and the ability to manage knowledge help to reach positions of strength in the dynamics of market power.

(this article is the wording of my speech at CUOA BUSINESS SCHOOL’s webinar in September 2020)

Arbitration: the virtual hearing is the new normal

Abstract: the world of international arbitration responds to the challenge launched by Covid-19 and works to replace the hearing in presence with that held in virtual mode.

The remote hearing however cannot be fully compared to a normal virtual meeting: in order to lead the arbitration courts in this new reality, the most important international arbitration chambers have adopted ad hoc protocols and guidance notes.

Also thanks to the use of new cutting-edge technologies, specifically designed to meet the peculiarities of virtual hearing, such new hearing is proving to be a good solution, likely to be used even after the emergency period. However, despite the best precautions, it does not seem that this method can overcome the traditional one. The hope therefore is that, although in exceptional circumstances and with due precautions, the hearing in presence remains a possible alternative.

The commercial arbitral world has quickly adapted to the spread of the COVID-19 virus and considered the virtual hearings as the new normal.

The current impossibility of bringing together several people in the same room, or simply of traveling, affects one of the characteristics of the arbitration; the hearing in personal presence. That hearing that is not only an exchange of written documents, but also of looks, eyelashes that move, bodily movements that make us perceive nervous tics and veracity of texts, experts and experienced lawyers. However, the arbitral world reacts quickly and adapting to reality, instead of the traditional face-to-face hearing, uses the tool of videoconferencing.

The more subtle question however concerns the possibility of conducting a virtual hearing, with ad hoc rules and procedural sets, different from those of a normal videoconference. The topic caught the attention of the major institutions of the arbitration mode, which issued protocols and models to guide operators in carrying out the hearings remotely.

As acutely observed by fellow international arbitrators (Janet Walker in “Global Arbitration Review”, March 27, 2020), this is a change of perspective: from a logistical method to overcome temporary difficulties of one participant in the process, we move on to the need to define rules that make virtual hearing fair and correct.

In the case of a virtual hearing, especially in the discovery, one of the main concerns for all participants is, in addition to a certain widespread diffidence towards new technologies, the loss of control of the environment surrounding the witness or the expert in video connection. This with the risk that the statements made may not be genuine as they are somehow “influenced” by subjects in the room who have however escaped the webcam’s field of vision. As said, another fear is that the audio and video connection makes, especially in the cases of so-called cross examination, a filter for the emotions and attitudes of the witness, compromising the judges’  ability to evaluate the credibility of the statements made and the evidence.

This can partly be overcome thanks to the advent of new cutting-edge platforms, designed to meet these needs (see the services provided by Epiq https://www.epiqglobal.com/en-us and Opus https: // www. opus2.com/). Some features of these software are already present in instruments such as TEAMS or Skypebusiness, already used by the writers of this article, so it is possible to share video documents among the participants, who can then instantly see – for example – the documents on which it is examined the witness or to whom the expert refers (In some versions of Teams it is possible to proceed with the transcription of the hearing, with the possibility of displaying the dialogues between the parties as “subtitles” as well as translating them into different languages) . In the most advanced solutions there are devices with cameras capable of capturing 360 ° images, remotely controlled directly by the referees, which allow you to view the environment in which the witness or expert is placed. This instrumentation allows to overcome the concern that other subjects present in the room suggest the answers during the examination.

Moreover, important international Arbitration Bodies have recently issued regulatory notes to give a practical response to the needs just described, as an alternative to the adoption of more complete technological platforms and to respond to the immediate needs determined by Covid-19.

For example, the AAA – American Arbitration Association – has issued a model ordinance for use by the Arbitral Tribunals, containing some useful information for conducting videoconference hearings, with the possibility of adapting its content to the specific needs of the specific case. The document gives the arbitrators the power to indicate which is the best procedure to follow, placing the burden of providing a just reason why this solution would be unsustainable on the party opposing the virtual hearing. The AAA also provides that parties and the board can agree on the methods for transcribing / recording the hearing, prohibiting the parties and their counselors from using any other method of registration other than that agreed. Parties and lawyers will also have to make sure that any third party present in the connected audio-video room accepts the ban on recording the meeting. When it comes to how to execute the texts, the AAA identifies good precautionary rules to follow, also providing for the possibility for the college to inspect, through the webcam of the witness, the room in which it is physically located.

In line with the AAA, the ICC – International Chamber of Commerce – incentives 1) the adoption of all the measures that are deemed appropriate and / or the modification of the calendar of the procedure, after hearing (remotely) the parties; 2) identification of all issues that can only be dealt with on a documentary basis; 3)  the identification of issues that can be resolved without the oral hearing of witnesses or experts or on the basis of affidavits.

In the fast phase of adaptation of the institutions and of all of us to the new reality, for the time being it can be said that the virtual hearing cannot be considered completely overlapping with that in presence. For example, the institute of the cross examination – in which the witness, in a public hearing, is blocked by the strict logic of the lawyer who interrogates him before the College ready to grasp any slightest disturbance of his soul – could be emptied of meaning; it is clear that an interrogation “remotely”, where the witness is far from his examiner and conveniently placed in the home, would not have the same effect.

It appears inescapable that the virtual hearing, carried out in the manner indicated by the members of the international refereeing community, replaces, at least in the near future, the hearing in presence, becoming, especially in the context of international arbitration proceedings, the new normal.

However, we hope, always with due caution, to find ourselves in the same courtroom to better solve complex disputes, in other words,  at human arm’s length.

SARS CoV-2; può sempre considerarsi causa di forza maggiore?

Non è scontato che SARS CoV-2 possa essere automaticamente considerato una causa di forza maggiore: l’evento di forza maggiore va sempre verificato caso per caso, attraverso un accertamento giudiziario che ne valuti l’effettiva incidenza sul rapporto contrattuale.


Premesso che non esiste, nelle fonti normative nazionali, una definizione esatta del concetto di “forza maggiore”, esso rappresenta tuttavia un principio generalmente e storicamente riconosciuto nei vari ordinamenti secondo cui qualora la prestazione di una parte diventi impossibile a causa di eventi imprevedibili al momento della conclusione del contratto ed estranei alla sfera di controllo del debitore, quest’ultimo si considera liberato dai propri impegni e la relativa obbligazione come estinta.

Nell’ambito della contrattualistica internazionale, le epidemie, così come le guerre e le catastrofi naturali, sono generalmente considerati eventi di forza maggiore.

L’emergenza di SARS-CoV-2 sta peraltro spingendo alcuni Paesi a fornire attestazioni ufficiali dell’evento di forza maggiore: è il caso della Cina (in cui sei camere di commercio sono state autorizzate a rilasciare certificati di “forza maggiore” a imprese in difficoltà a causa dell’epidemia), ma anche dell’Italia (in cui il D.L. 9/2020 qualifica ex lege l’epidemia come un evento di impossibilità sopravvenuta nell’ambito dei contratti di trasporto). Tali elementi andranno sicuramente a influenzare le decisioni dei giudici che si dovessero trovare ad affrontare la questione.

L’espressa previsione contrattuale o la configurabilità del virus SARS CoV-2 come causa di forza maggiore non determinano tuttavia automaticamente un’esenzione o una limitazione di responsabilità.

Il giudice infatti, nell’ambito della sua valutazione, prenderà in considerazione: i. come la causa di forza maggiore abbia effettivamente inciso sull’esecuzione dell’obbligazione; ii. gli obblighi stabiliti dal contratto e iii. il grado di diligenza adoperato dall’obbligato una volta verificatosi l’evento.


La questione, invero, pone una serie di rilevanti problematiche giuridiche a cui non è possibile dare una risposta univoca. È verosimile, tuttavia, che l’epidemia possa essere considerata una causa di forza maggiore tale da sollevare da responsabilità la parte che non sia in grado di adempiere, ma il giudizio non potrà non tenere conto del contenuto del contratto in corso tra le parti, ovvero – in mancanza – delle norme della legge applicabile al rapporto, nonché del grado di diligenza in concreto richiesto al soggetto inadempiente.


Italy is a pillar of the European Union’s economy due to the large number of foreign investors it attracts every year. Italy has become a relevant business destination for both European investors, as well as for businessmen carrying investment activities outside European Union. It is also necessary to mention that in Italy, foreigners can easily become associated in a local business (as shareholders or directors), as there are no special requirements imposed in this sense.


One of the available company types that can be registered in Italy by foreign businessmen is the joint stock company (Società per Azioni, SPA), which is a type of entity that requires a larger capital, established at EUR 120,000; this business form is generally best suited for large companies.

As a general rule, most of the local and foreign investors prefer to register a limited liability company, the most popular business form chosen for incorporation in Italy and the European Union (EU). Considering most foreign enterprisers are interested in setting up small and medium sized companies in Italy, the business forms they can establish are:


  • limited liability company (Società a Responsabilità Limitata, SRL) – this business form requires a capital of EUR 1;
  • partnership limited by shares (Società in Accomandita per Azioni, SAPA) – set up by at least two business partners – one has unlimited liability, while the other has limited liability; at least one of the partners has to act as a general member;
  • general partnership (Società in Nome Collettivo, SNC) – the company can be set up by two partners, who can be natural persons or legal entities and, in this case, the partners assume full liability for the company’s debts;
  • limited partnerships (Società in Accomandita Semplice, SAS) – established by minimum two partners (a general partner and a limited partner);
  • cooperative (Società Cooperativa) – registered under the regulations provided by the Law 381;
  • sole proprietorship (Imprenditore Individuale) – a business form available for the investors who want to start a small business, with the mention that there is no legal distinction between the company and its investor.

Each type of company must be registered according to specific requirements. Among these are the share capital and the accounting requirements, on which our attorneys in Italy can offer in-depth assistance, depending on the business structure chosen for incorporation. Our attorneys can also assist investors in obtaining specific incorporation certificates. If you want to open a company in another country, such as Luxembourg, our lawyers can put you in touch with their local partners.


Which are the regulations related to the registration of a limited liability company in Italy?


The most common way to start a business in Italy refers to the incorporation of a limited liability company. Normally it is used the traditional limited liability company (società a responsabilità limitata- s.r.l).




When opening a company in Italy, the investors should know that the incorporation procedure can be completed in a fast manner, as the process can last approximately five working days. One of the highlights of the incorporation procedure in Italy points out that a foreign businessman can obtain a VAT (value added tax) number prior to the incorporation of the company, a regulation which is not applicable to other European jurisdictions, such as the United Kingdom.




In order to register a company in Italy, several steps must be followed and they generally refer to the registration with the local authorities, notarizing the company’s documents with a local public notary, as well as registering for taxation matters. When opening a business in Italy, the investors should also take into consideration the following:


  • draft the company’s memorandum and articles of association and notarize them at a public notary in Italy;
  • deposit all the required documents with the Register of Enterprises in Italy;
  • buy corporate books and accounting books, as specified by the Article 2478 of the Italian Civil Code;
  • when hiring employees in Italy, it is necessary to register them with the Labor Office and to notify the institution each time when a new employee is hired (the notification has to be sent one day prior to starting the employment contract).




As a general rule, the company’s statutory documents can be modified depending on the investor’s business plans (however, this can only be done in accordance with the applicable legislation). In the case of a simplified limited liability company, the businessmen will not be allowed to include further provisions, as they are required to sign the standard model for the company’s articles of association.


Also, when notarizing the company’s documents, the investors will also need to sign an incorporation deed. Our team of Italian lawyers can offer legal assistance in this case. At the same time, our lawyers can represent the foreign investors in front of the Italian notary if they receive a power of attorney.


Together with the certificate of incorporation, the company will also receive a tax identification number and a VAT number. In Italy, all companies performing commercial activities are required to register for taxation purposes. At the moment, the Italian authorities apply a corporate tax at the rate of 24% (this is a newer rate, as in the past companies were imposed with a tax rate of 27%).


Once the company is registered, there are a few more steps to follow before commencing any business operations on the local market, such as the registration with the Social Security Administration and the Accident Insurance Office and our team of Italian lawyers can offer in-depth information on the documents that have to be submitted in this case.




It is important to know that law firm in Italy can provide legal assistance on a wide range of legal matters that can be of interest for foreign businessmen. Lawyers can offer advice on the permits available for the investors who want to relocate on the Italian market and can provide full assistance on any matter concerning the business environment in Italy, such as:


  • assist local and foreign businessmen in drafting all the company’s relevant documents and, at the same time, the lawyers can represent the businessmen in these procedures;
  • register the company for taxation purposes and offer full assistance on the documents that are necessary in this case;
  • offer assistance on the procedure of opening a bank account (which can differ, depending on the bank with which the investor wants to collaborate);
  • assist on the commercial contracts that are established with other Italian companies;
  • obtain business permits which can be necessary for specific business activities;
  • assist on litigation cases, such as recovering a debt from a legal entity or a natural person;
  • advice on the intellectual property legislation and the registration of a trademark;
  • legal counselling on the Employment Law and the types of employment contracts that can be established with a future employee.

As mentioned earlier, investors who want to relocate in Italy for business purposes will need a residence permit, but the regulation is available only for the non-EU businessmen. In order to obtain this type of permit, it is necessary to apply at the Italian Consulate in the country in which the investor is a resident, prior to relocating in this country.


Depending on the business activities developed in Italy, businessmen will need to obtain special permits and licenses, issued by the relevant authorities. Businesses that operate in a traditional office will need to obtain a fire safety license, provided by the local fire department.


When building a construction project in Italy, the company’s representatives will also need a building permit. If the company is involved in the catering sector, it is compulsory to obtain a health safety license for the premises, as well as for the company’s employees who are handling food products.



Yes,  law firm in Italy can easily assist foreign and local investors with advice and legal representation during the liquidation procedure of a company, which can be employed due to a set of reasons. One of the ways to close a company in Italy is by voluntary liquidation, which refers to a legal procedure requested by the company’s shareholders.

This method is usually selected by the investors when they observe a massive decline in the company’s revenues, with no possibility of restoring the financial capacity of the company; it can also be requested in the situation in which the shareholders no longer want to activate in a given business sector or if they simply consider that they do not need to run a business.

Closing a company in Italy can also be started through compulsory liquidation and, as it name suggests, it represents a binding procedure, that is generally requested by an Italian court. The main reason that determines the need of compulsory liquidation is given by a large amount of debts that can’t be paid by the respective company.



As a general rule, a company is liable to taxation in Italy provided that it was set up in this country or if it carries its business operations here through a permanent establishment.

A business is liable to corporate tax, capital gains tax, dividend tax and withholding taxes applicable to royalties, interest and others. At the same time, it is liable for taxation on the income of the company’s employees, and thus, it needs to register for social security. Investors must also know that mergers and acquisitions are also imposed with a substitutive tax on reorganization, applicable in specific conditions.

For information related to the business start-up costs or other corporate services, you may refer to our Italian law firm.

My Italian Lawyer at CUOA trendtopics




Carlo Scarpa and Nicola Spadafora talk about ” the Horn of Africa” at  CUOA’s “Geopolitical TrendTopics”, together with journalism and diplomacy representatives. #trendstopicscuoa #mycuoa #tonucciepartners #mylegalife #hornofafrica                 

For a complete view of the event participants go to https://www.cuoaspace.it/2019/03/se-la-cornice-cambia-il-valore-del-dipinto.html


Licensing And Franchising

People often assume that the difference between these two terms matters little, yet if you get it wrong you could be exposing your business to fines in some jurisdictions. Before explaining this let’s just briefly consider what the two terms mean.

Franchising is a way to scale a business once it is successful and proven.
A well-known example of a business that has grown through franchising is McDonald’s.
Franchising involves finding people who want to operate a business using your successful formula. To become franchisees they need to have the basic skills and experience to operate branches of your business. The franchisor provides training in how to operate the business using its proven systems and processes.

You can franchise almost any type of business. With a franchise, the franchisor (owner) is in control of the brand and training. It licenses (that is, grants permissions to) the franchisee to use the brand and other intellectual property and know-how to operate its successful business model.
In exchange, the franchisee puts up the initial capital for the business, pays a licence fee and strictly adheres to the established ways of running the business stipulated by the franchisor’s operations manuals. The franchisee helps to promote the brand and expects to have a successful business by virtue of following a successful proven path. The franchisor provides support to its franchisees in the form of marketing, suppliers, systems, training and other resources and skills.
Licensing of intellectual property (IP) is at the heart of a franchise contract. So, in fact, a franchise includes licensing. This is a term that simply means granting of permission to others to use the owner’s know-how and other confidential information, trademarks, logos and designs, and copyright materials. For some businesses, there may be patents, too.

An essential element of a franchise (and one of the features that distinguishes it from a straight licence) relates to the formalities involved in setting up a franchise, and the degree of control the franchisor retains.
A franchise agreement will usually give the franchisor the ability to control how the business is run. The franchisee must so closely follow the established processes and systems that if a customer visits their branch of McDonald’s they will find the familiar service they are used to. They would not be disappointed or be subjected to unpleasant surprises. Even the slightest deviation in the business format could damage the franchisor’s brand, not just that particular outlet. For that reason, franchise agreements contain strict quality control provisions.

The essence of licensing is the granting of permissions by the owner to a third party to use some or all its Intellectual Property.
Often when people just want to licence their business rather than go through the formality of franchising, they find their own business arrangements based loosely around franchising. Or they might impose the same controls as a typical franchising deal but want to escape the regulations imposed on franchising by calling it licensing.
This is where it’s important to take care to find out what the laws of the country in which you’re making your arrangements have to say. Otherwise, you could expose yourself to fines. In the USA it can prove expensive if you attempt to pass off what is essentially franchising as licensing.

As in all areas of legal life, it’s not what you call something that matters, but what it amounts to in substance.
Coaching businesses typically scale by using licensing. For example, an organisation becomes known and successful for coaching a particular group of people. The owner of the business has more coaching enquiries than they can deal with, so they licence other individuals to coach customers using their methodology and processes. This is in truth a species of franchising.
The father of modern franchising was the inventor of the sewing machine, Isaac Singer. He sold licences to entrepreneurs to sell his machines in different parts of the USA. He also offered training in the use of the machines. In this case, the IP licensed was a patent, brand name and know how. Strictly, this was licensing, but it is so similar to what we think of franchising today that that is why Singer is considered to be the father of franchising.

Brand Licensing
Brand licensing is what licensing is essentially about. True licensing enables you to make income from various types of intellectual property – your know how, ideas, creative output, reputation, patents, trademarks, designs, and so on if you have something that others want to license from you.
Take business format arrangements. These use licensing at their core. So, for example a car wash develops a successful process for get its customers to opt for hot wax and other optional extras. It licenses that process to other car wash businesses in return for royalties. These might be payments each month to use its way of promoting the wax, so that more customers buy it. In this example, the IP being licensed is “know how”. This wouldn’t amount to franchising.
If you have built up a brand name, and want to licence third parties to use the name or to deliver a related product under your brand name that’s true licensing. So, a successful fashion designer might license a perfume manufacturer to create a perfume range for its label.
Luxury brands are highly sought after for licensing, as their brand brings a cachet to the product to which they lend their name. But brands should beware of veering too far away from their market or offering licences too liberally. Pierre Cardin is a classic example of this. By engaging in indiscriminate licensing, it devalued its brand and lost much of its cachet.

There is a world of difference between licensing and franchising.
Any “licensing” deal that is so close to franchising that it blurs the boundary between the two is in truth franchising given another name. Do make sure the country in which you are making the arrangements doesn’t regulate franchising though, as it could cause you problems.
Apart from that, by all means if you want to work towards franchising by calling an arrangement “licensing” it might be a way to try out the model out with a few trusted sources and being less prescriptive. Then, rather than diving straight into franchising, with all the due diligence and formalities that it entails, you could start by finding a few licensees who are willing to license some or all of your business model.
The important thing is to protect your IP. Your brand, patents, know-how, trademarks etc. are precious assets, which should not be shared casually. The terms on which you grant licences or franchises need to be carefully considered.

If you want help as you’re setting up your new brand or want to refresh your existing brand do contact us to find out about the various ways we can help.

Il CROWDFUNDING finanzia le PMI e il Real Estate

L’Equity Crowdfunding è una pratica utile al finanziamento di start-up innovative e PMI che sta crescendo sempre più in Italia. Il crowdfunding è la possibilità di raccogliere capitali mediante portali internet il cui accesso è aperto al pubblico. L’equity crowdfunding è la possibilità di raccogliere capitali di partecipazione mediante i portali digitali autorizzati. La legge permette anche la raccolta da parte di PMI per progetti di Real Estate.


L’equity crowdfunding, con solo cinque anni di storia, è una pratica relativamente nuova nel nostro ordinamento ma, come documentano i dati dell’ Osservatorio Crowdfunding del Politecnico di Milano e l’infografica di money.it, ha numeri in crescita. Da questa analisi emerge che dalla nascita dell’istituto ad oggi,  il totale di capitale di rischio raccolto è pari a 27.391.730€;  25 i portali autorizzati; 205 le offerte pubblicate di cui più della metà (64,4%) chiuse con successo; 164 le startup e 16 le PMI innovative che hanno promosso le offerte; 218.159€ il target medio di raccolta; 65,9 il numero medio di finanziatori per ogni campagna.

Con il Regolamento CONSOB finalmente pubblicato agli inizi del 2018, in applicazione della finanziaria 2017, vi è anche la possibilità di finanziare le PMI con questa metodologia. Infatti tale Regolamento permette la applicazione del Dl 50/2017 (articolo 59, comma 1) che  dispone  una deroga al previo divieto, previsto dal Codice civile, che vale per la raccolta attraverso portali . Oltre a prevedere la deroga, il Dl 50/2017 stabilisce che lo statuto delle PMI può creare categorie di quote che si differenziano in base ai diritti loro riconosciuti e che non sono vietate le operazioni sulle proprie partecipazioni se si tratta di assegnare quote a lavoratori

La possibilità oggi offerta, sia alle Start-Up sia alle PMI, di trovare nuovi investitori con quella che è una procedura che passa per un portale elettronico autorizzato CONSOB, apre nuovi spazi organizzativi e legali e pone interessanti quesiti applicativi. Infatti, oltre al possibile adeguamento degli statuti delle PMI che vorranno usare le opportunità offerte dalla normativa,  si prevede che aumenterà anche la domanda di patti tra soci, per garantire la governance della società. Oltre a ciò, le start-up innovative, ma ora anche i nuovi soggetti autorizzati, come le PMI e le società di Real Estate, potranno  necessitare  di assistenza specialistica contrattualistica in settori di IP e di commercio, anche internazionale.


Lo sviluppo dell’Equity Crowdfunding è stato favorito dalla  difficoltà che le imprese hanno nell’accedere al credito.  Tramite questo modello il socio-finanziatore acquisisce titoli partecipativi al capitale d’impresa che decide di  finanziare.

Va ricordato che l’Italia è stata il primo paese a emettere una legislazione per questa tipologia di Crowdfunding e grazie a un regolamento emanato da Consob è possibile gestire autorizzate piattaforme di Equity Crowdfunding che possono pubblicare campagne di raccolta di capitale di qualificate Piccole e Medie Imprese.

La suola Rosso Piccione di Louboutin è un marchio valido.

Lo scorso 12 giugno 2018 la Corte di giustizia dell’Unione europea (CGUE) si é pronunciata a favore della validità del marchio di suole rosso di Christian Louboutin (causa C-163/16). La decisione arriva dopo anni di contenzioso tra Louboutin e la società olandese di calzature Van Haren.


Christian Louboutin è un designer francese, le cui scarpe vengono vendute almeno ad euro 500 a paio e le cui creazioni sono indossate da donne famose, come Rihanna e Melania Trump.

Nel 2010, il designer ha ottenuto un marchio Benelux consistente “nel colore rosso (Pantone 18 1663TP) applicato alla suola di una scarpa […] (il contorno della scarpa non fa parte del marchio ma è destinato a mostrare il posizionamento del marchio)”. Nel 2013, la registrazione è stata modificata per coprire solo scarpe con tacco alto.

Nel 2012, la catena di calzature olandese Van Haren iniziava a vendere scarpe da donna con tacco alto e suole rosse. Christian Louboutin avviava un procedimento per violazione del marchio davanti al Tribunale distrettuale dell’Aja, sempre in Olanda, in quale ne accoglieva parzialmente le domande. Van Haren opponeva la decisione contestando la validità del marchio suola rossa di Louboutin.

Il Tribunale dell’Aja, dal momento che, ai sensi dell’articolo 3, paragrafo 1, lettera e), punto iii), della direttiva CE 2008/95 CE, é impedita la registrazione di marchi di forma qualora il segno sia costituito esclusivamente dalla forma che dà un valore sostanziale al prodotto, chiedeva alla CGUE se l’articolo 3, paragrafo 1, lettera e), iii), della citata direttiva vada interpretato nel senso che un segno consistente in un colore applicato sulla suola di una scarpa con tacco alto, come quello oggetto di controversia, debba ritenersi costituito esclusivamente dalla “forma”, ai sensi di detta disposizione.

La Sentenza

La CGUE arriva a escludere che il marchio Louboutin rientri nell’impedimento dell’articolo 3, paragrafo 1, lettera e), punto iii), della direttiva in quanto ritiene che esso non sia costituito esclusivamente dalla forma. La Corte, dapprima, ha precisato per “forma”, nel contesto del diritto dei marchi, vada inteso un insieme di linee o di contorni che delimita il prodotto in questione nello spazio, altresì rilevando come, né nella direttiva 2008/95, né dalla giurisprudenza della Corte, né dal senso usuale di questo termine risulta che un colore in sé, senza delimitazione nello spazio, possa costituire una forma. Ha, poi, proseguito, osservando che, se è pur vero che la forma del prodotto o di una parte del prodotto svolge un ruolo nella delimitazione del colore nello spazio, non si può ritenere, tuttavia, che un segno sia costituito da tale forma qualora non sia la forma quel che la registrazione del marchio è intesa a tutelare, ma solo l’applicazione di un colore su una parte specifica del prodotto stesso. Il marchio controverso non verte su una forma specifica di suola di scarpa con tacco alto, in quanto la descrizione di detto marchio indica espressamente che il contorno della scarpa non fa parte del marchio stesso, ma serve unicamente a mettere in evidenza la posizione del colore rosso cui si riferisce la registrazione. In definitiva, non può ritenersi che un segno come quello oggetto del procedimento principale sia costituito “esclusivamente” dalla forma, ove, come nella specie, l’oggetto principale di questo segno sia un colore precisato mediante un codice di identificazione riconosciuto a livello internazionale. La Corte, pure discostandosi dalla recente raccomandazione dell’avvocato generale, ha quindi deciso che Louboutin non stava cercando di proteggere la forma di una scarpa, ma piuttosto l’applicazione di un colore a una parte specifica di essa. Se l’elemento principale di un segno è un colore specifico designato da un codice di identificazione riconosciuto a livello internazionale, tale segno non può essere considerato come consistente “esclusivamente” di una forma.


Il caso tornerà ora di fronte al tribunale Olandese che aveva chiesto l’intervento della CGUE. Sembra probabile che Louboutin possa, a questo punto, sviluppare una sorta di monopolio per le scarpe col tacco alto e la suola rosso piccione. Peraltro, non si deve dimenticare che, in una diversa lite, una Corte americana aveva concesso allo stesso designer francese tutela distintiva solo se il colore della suola “stacca” da quello del resto della scarpa.Cosa possono fare i concorrenti. Se il colore rosso piccione della suola è diventato un segno iconico del designer francese, nulla vieta di caratterizzare le suole delle calzature con altri colori, che siano chiaramente identificabili con un codice internazionale pantone. Potremmo, quindi, d’ora innanzi assistere al proliferare delle registrazioni di marchio di un colore identificativo di suole, come d’altro canto è avvenuto per caratterizzare  prodotti in  altri settori produttivi.Da ultimo, si ricorda come la sentenza della CGUE riguardi la direttiva CE 2008/95, che è stata successivamente sostituita dalla direttiva 2015/2436/CE. L’impatto di tale decisione non è ancora chiaro sulla nuova formulazione della normativa; infatti, la precedente versione dell’articolo 3, paragrafo 1, lettera e), punto iii) includeva la dicitura “la forma che dà un valore sostanziale ai prodotti”, mentre la nuova versione vede aggiunta la dicitura “o un’altra caratteristica” dopo la parola “forma”.