Italy
Measures taken in response to coronavirus (COVID-19) pandemic
Adoption date |
Type of measure |
Beneficiaries' sector specification |
Description of measure |
08/04/2020 |
Public guarantees |
Non-financial corporations |
Article 13 of L.D. of 08 April 2020 no. 23 (“Liquidità”) converted into Law of 24 April 2020 no. 40: the measure repeals article 49 of L.D. 17 March 2020 no. 18 (“Cura Italia”) converted into Law 27/2020 on the guarantee fund for SMEs ("Fondo di Garanzia per le PMI") .
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17/03/2020 |
Public guarantees |
Banking sector |
Article 57 of L.D. of 17 March 2020 no. 18 ("Cura Italia") converted into Law of 24 April 2020 no. 27: public guarantees in favour of Cassa Depositi e Prestiti (CDP S.p.A.) on loans to banks and other financial intermediaries that provide financial support to large firms experiencing a drop in turnover related to the pandemic emergency. The guarantee would cover up to 80 per cent of the loans. The measure has not yet been enacted as eligibility criteria and conditions for the access to the guarantee should be defined by a ministerial decree. |
08/04/2020 |
Public support for trade credit insurance |
Non-financial corporations |
Article 2 of L.D. of 08 April 2020 no. 23 ("Liquidità") converted into Law of 24 April 2020 no. 40. The measure changes the structure of the export credit co-insurance system between the Government and the Italian export credit agency (SACE S.p.A.). The new structure provides that 90% of the burden is assumed by the Government and the remaining 10% by SACE. This system should allow to free resources for around € 200 billion to be allocated by SACE to the strengthening of exports. |
17/03/2020 |
Public moratoria |
Non-financial corporations |
Article 56 of L.D. of 17 March 2020 no. 18 (“Cura Italia”) converted into Law 27/2020 defines a temporary moratorium on loan repayments for SMEs. Specifically, firms can: (a) freeze the amounts agreed for revocable credit lines or for loans granted against advances on receivables until 30 June 2021; (b) defer until 30 June 2021 the repayment of loans maturing prior to that date; (c) suspend mortgage instalments or lease payments for the same period. The moratorium does not imply, as such, automatic changes in the credit quality classification of exposures. |
17/03/2020 |
Public guarantees |
Banking sector |
Article 56 of L.D. of 17 March 2020 no. 18 (“Cura Italia”) converted into Law 27/2020 defines a temporary moratorium on loan repayments for SMEs. Specifically, firms can: (a) freeze the amounts agreed for revocable credit lines or for loans granted against advances on receivables until 30 June 2021; (b) defer until 30 June 2021 the repayment of loans maturing prior to that date; (c) suspend mortgage instalments or lease payments for the same period. The moratorium does not imply, as such, automatic changes in the credit quality classification of exposures. The guarantee applies to up to 33% of the amount subject to moratorium. |
17/03/2020 |
Other measures of fiscal nature |
Banking sector |
Article 55 of L.D. of 17 March 2020 no. 18 ("Cura Italia") converted into Law of 24 April 2020 no. 27: the measure would provide a temporary incentive for companies to sell non-performing loans (NPLs); the incentive consists in the option to transform deferred tax assets (DTAs) into a tax credit for about 20% of the transferred NPLs, up to 2 billion NPLs sold. With Article 1, paragraphs 233-243 of the 2021 Budget Law the measure has been extended to merger operations until 31 December 2021. |
17/03/2020 |
Public guarantees |
Non-financial corporations |
Article 49 of L.D. of 17 March 2020 no. 18 (“Cura Italia”) converted into Law of 24 April 2020 no. 27. |
19/05/2020 |
Other measures of fiscal nature |
Non-financial corporations |
Article 26 of L.D. of 19 May 2020 ("Rilancio") establishes a SME Fund for subscribing by 31 December 2020 bonds or debt securities issued by the beneficiaries of the measure IT-039 with more than 250 employees and a turnover between €10 and €50 million in 2019 that will increase their capital by at least €250000 by the end of 2020. The Fund amounts to € 4 billion and it is managed by the Italian National Agency for Inward Investment and Economic Development (INVITALIA). The 2021 Budget Law (article 1, paragraph 263-264) has extended the measure until 30 June 2021 and has limited the use of the Fund to € 1 billion for 2021. |
19/05/2020 |
Public support for trade credit insurance |
Insurance sector |
Article 35 of L.D. of 19 May 2020 no. 34 ("Rilancio"): Public guarantees through the Italian export credit agency (SACE S.p.A.) to support trade credit insurance. SACE S.p.A. will grant a guarantee equal to 90 per cent of the indemnities generated by the exposures relating to trade credit insurances accrued from the date of entry into force of the decree and until 31 December 2020 and within the maximum limit of 2000 million euros. Law no. 178/2020 (so called "Legge di Bilancio 2021") extends the application of the Public guarantees through the SACE S.p.A. to support trade credit insurance, until the 30th of June, 2021. |
19/05/2020 |
Tax reliefs |
All sectors |
Articles 28, 119, 125 and 176 of L.D. of 19 May 2020 no. 34 ("Rilancio") introduce tax credits on expenses incurred by firms in relation to COVID-19 pandemic (e.g. the adaption of work places), on rents paid by small firms on commercial buildings and on expenses incurred by households for holidays and extend to 110 per cent the tax credit on expenses for building maintenance actions in the field of the energy efficiency and for anti-sismic interventions. Articles 121 and 122 provide for an extension of the possibilities of transferring such tax credits to other subjects - including banks and insurance companies. |
19/05/2020 |
Direct grants |
Non-financial corporations |
Article 25 of L.D. of 19 May 2020 no. 34 ("Rilancio") provides a non-refundable subsidy to companies and self-employed with a turnover up to €5 million in 2019. The amount of the subsidy depends on the dimension of the firm and of the drop in turnover related to the Covid-19 epidemics. The minimum amount of the subsidy is €1000 for self-employed workers and €2000 for firms. Following the second wave of the pandemic, the size and the beneficiaries of the direct transfers have been extended (with Decree Law n. 137 of 28 October 2020, Decree Law n. 149 of 9 November 2020, Decree Law n. 154 of 23 November 2020 and Decree Law n. 157 of 30 November 2020) to include firms located in the areas or operating in the sectors mostly hit by limitations to the economic activity. The size and the eligibility criteria for the assignment of the grants in 2021 have been further extended with Decree Law n. 41 of 22 March 2021 and Decree Law 73/2021. |
19/05/2020 |
Equity participation |
Non-financial corporations |
Article 27 of L.D. of 19 May 2020 no. 34 ("Rilancio"): for companies with a turnover over €50 million, the so called “Patrimonio Rilancio” (Relaunch Fund) has been established for interventions in support of recapitalization for joint-stock companies registered in Italy, excluding banks and insurance companies. The Fund will be participated by the Ministry of Finance and managed by Cassa Depositi e Prestiti S.p.A. The Fund will be financed through new issuances of debt securities up to €44 billion. The Fund is expected to last 12 years since its implementation. The L.D. of 14 August 2020 no. 104 has established that part of the endowment of the Fund will be used for the acquisition of equity participations in SACE S.p.A. The functioning of the Fund has been defined with Decree of the Ministry of Finance of 3 February 2021. On May 26 2021, Cassa Depositi e Prestiti S.p.A. approved the establishment of the Fund. |
19/05/2020 |
Tax reliefs |
Non-financial corporations |
For companies with turnover up to €250 million and for self-employed workers, the final payments due for 2019 and the first installment of the advance payments for 2020 related to the regional tax on productive activities (IRAP) are cancelled. |
19/05/2020 |
Public guarantees |
Banking sector |
The Decree-Law no. 34 provides for a State guarantee on newly issued liabilities of Italian banks, up to a nominal value of €19 billion and it introduces a public support scheme for the efficient management of compulsory administrative liquidation procedures of small banks, with total assets up to 5 billions (to be regulated by ministerial decree). The Decree-Law no. 34 of the Government introduces the possibility of authorising, until 31 July 2021, contract amendments for state-guaranteed securitisations of non-performing loans. The amendments concern the possibility to suspend for one year the enforcement of the performance triggers . |
19/05/2020 |
Tax reliefs |
Non-financial corporations |
Article 26 of L.D. of 19 May 2020 ("Rilancio") introduces - for companies with a turnover between €5 and €50 million that will implement a capital increase by the end of 2020 - a tax credit equal to 50% of capital losses exceeding 10%, up to 30% of the capital increase (up to €800.000) and the provision for the shareholder of deductibility of 20% of the amount invested (up to €2 million). |
08/04/2020 |
Public guarantees |
Non-financial corporations |
Article 1 of L.D. of 08 April 2020 no. 23 (“Liquidità”) converted into Law of 24 April 2020 no. 40: the measure introduces the possibility for the Italian export credit agency (SACE S.p.A.) to provide public guarantees until 30 June 2021 in favour of banks, national and international financial institutions and the other parties authorized to exercise credit in Italy, for financing undertakings for a maximum total amount of EUR 200 billion, of which at least EUR 30 billion is allocated to support SMEs. With art. 1, paragraphs 206 lett a) of the 2021 Budget Law (Decree 178/2020) the access to the guarantees issued by the SACE ("Garanzia Italia") was extended until 30/06/2021. Moreover, a new provision in paragraph 209 of the same Law, has been included according to which medium-sized companies (with a number of employees not exceeding 499) will no longer be able to access the guarantees of the Central Guarantee Fund from March 1, 2021, but will be admitted to the SACE's guarantee at the same favorable conditions offered by the Fund (ie: granting of guarantees free of charge, coverage percentage of 90 per cent and maximum guaranteed amount of loans of 5 million euros). |
17/03/2020 |
Tax deferrals |
All sectors |
The Law Decrees of 17 March ("Cura Italia"), 8 April ("Liquidità") and 19 May 2020 ("Rilancio") have repeatedly postponed the deadlines for payments related to VAT, taxes on income and social security contributions due in March, April and May. The deadlines for these tax payments differ depending on the measure. Some measures apply only to firms and self-emolyed that experienced a drop in turnover with respect to 2019 below given thresholds. The Law Decree of 14 August 2020 no. 104 has established the possibility to pay half of the due taxes in 24 instalments. Following the second wave of the pandemic, tax payments have been further postponed to 2021 (with the so called "ristori" decrees n. 137 of 28 October 2020, n. 149 of 9 November 2020, n. 154 of 23 November 2020 and n. 157 of 30 November 2020) for firms located in the areas or operating in the sectors mostly hit by limitations to the economic activity. |
06/03/2020 |
Private moratoria |
Non-financial corporations |
1) First addendum of 6 March: extension of the agreement "Accordo per il Credito 2019" for SMEs damaged by the Coronavirus outbreak. 2) Second Addendum of 22 May: extension of the agreement "Accordo per il Credito 2019" as modified by the "Second Addendum of 22 May to "non SME" damaged by the Coronavirus outbreak and amendment of the eligible criteria for SMEs defined in the the agreement "Accordo per il Credito 2019" as modified by the first addendum (see below "eligibility criteria"). |
21/04/2020 |
Private moratoria |
Households |
1) New agreement of 21 April with customer unions for households moratoria ("Accordo in tema di sospensione della quota capitale dei mutui garantiti da ipoteca su immobili e dei finanziamenti chirografari a rimborso rateale") 2) ABI circular of 26 June: amendments of the claim coverage by the moratorium since it is applied to the whole instalment (principal and interest) and also to loans which have unpaid instalments until 31.01.2020; and postoponement of the application deadline to 30.09.2020. |
06/04/2020 |
Private moratoria |
Other |
1) New agreement of 6 April with representatives of local administrations forpublic local entities moratoria ("Accordo Quadro ABI-ANCI-UIP") 2) ABI circular of 26 June: postoponement of the application deadline to 30.09.2020. |
20/04/2020 |
Private moratoria |
Households |
1) New agreement of 20 April with Italian association for consumer and real estate credit for households moratoria ("Moratoria COVID 19 per il credito ai consumatori") 2) Amendment of December 2020: The deadline for the application to the moratium has been extended to March 31, 2021. The maximum period of suspension of loan payments is 6 months. |
17/03/2020 |
Public moratoria |
Households |
Art. 26 of D.L. n.9/2020 extends the access to the "Solidarity Fund for residential mortgages related to the home purchase as a primary residency (also called Fondo Gasparrini)" to employees with a lay-off at least of 30 days. This extension is permanent. The measure defines a temporary moratorium on residential mortgages, by a suspension of payments up to 18 months. The Fund covers 50% of the interests accrued during the suspension. Art. 54 of L.D. 17 March 2020 no. 18 (“DL Cura Italia”) converted into Law 27/2020, article no. 12 of L.D. 8 April 2020, no 23 ("DL Liquidità") converted into Law 40/2020 temporarily extends the operation of the Fondo Gasparrini to self-employees and professionals who have suffered a reduction in earnings of at least 33% compared to the last quarter of 2019.
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19/05/2020 |
Other measures of fiscal nature |
Other |
Articles 115-117 of L.D. of 19 May 2020 no. 34 establishes a fund for cash advances to local governments and to entities of the national health service for the payment of trade debits due by 31 December 2019 towards their suppliers of goods and services. The fund amounts to € 12 billion and it is managed by Cassa Depositi e Prestiti (CDP S.p.A.). Local governments can apply for the cash advance until 7 July 2020 and have to pay their trade debts within 30-60 days after the receipt of the funds. Article 55 of the Law Decree of 14 August 2020 no. 104 has extended the deadline to apply for cash advances to 9 October 2020. With art. 21 of Law Decree 73/2021 ("Sostegni bis") the measure has been extended to trade debits due by 31 December 2020. |
17/03/2020 |
Direct grants |
Households |
The L.D. of 17 March 2020 no. 18 ("Cura Italia") converted into Law of 24 April 2020 no. 27 introduces different measures in the form of direct grants to support income of households and of workers. In particular: - it introduces monetary transfers for self-employed workers and for specific categories of workers not included in the existing wage compensation schemes; |
19/05/2020 |
Public guarantees |
All sectors |
Article 27 of L.D. of 19 May 2020 no. 34 ("Rilancio"): for companies with a turnover over €50 million, the so called “Patrimonio Rilancio” (Relaunch Fund) has been established for interventions in support of recapitalization for joint-stock companies registered in Italy, excluding banks and insurance companies (measure IT-036). The Fund is allowed to issue own debt securities. State guarantees up to €20 billion could be granted to holders of the securities issued by the Fund. The functioning of the Fund has been defined with Decree of the Ministry of Finance of 3 February 2021. On May 26 2021, Cassa Depositi e Prestiti S.p.A. approved the establishment of the Fund. |
17/03/2020 |
Public guarantees |
Non-financial corporations |
Article 49 of L.D. of 17 March 2020 no. 18 (“Cura Italia”) converted into Law of 24 April 2020 no. 27. |
08/04/2020 |
Public guarantees |
Non-financial corporations |
Article 13 of L.D. of 08 April 2020 no. 23 (“Liquidità”) converted into Law of 24 April 2020 no. 40: the measure repeals article 49 of L.D. 17 March 2020 no. 18 (“Cura Italia”) converted into Law 27/2020 on the guarantee fund for SMEs ("Fondo di Garanzia per le PMI") . |
22/03/2021 |
Public loans |
Non-financial corporations |
Article 37 of L.D. n. 41 of 22 March 2021 establishes a fund to grant public loans to non-financial firms with at least 250 employees or a turnover above €50 million considered in temporary difficulty according to the EU State aid Temporary Framework. The measure has not yet been enacted as eligibility criteria and conditions of the loans will be defined with a joint decree of the Ministry of Economic Development and the Ministry of Finance. |
26/05/2021 |
Public guarantees |
Non-financial corporations |
Article 12 of the Law Decree 73 /2020 (“Sostegni bis”) introduces a new public guarantee instrument through the Central Guarantee Fund for SMEs to support medium and long-term portfolios of loans (6-15 years). At least 60% of these loans should be directed to research, development and innovation projects and / or investment programs presented by companies with no more than 499 employees. The Fund grants the guarantee within the following limits: - 80% of the trance junior of the portfolio; |
26/05/2021 |
Public guarantees |
Non-financial corporations |
Article 15 of the Law Decree 73/2021 (“Sostegni bis”) sets up a special section within the Guarantee Fund dedicated to the guarantees on portfolios of bonds, issued by companies with a number of employees not exceeding 499, for the implementation of qualified business development programs. The measure has not yet been applied as eligibility criteria and conditions of the loans will be defined with a joint decree of the Ministry of Economic Development and the Ministry of Finance. |
20/03/2020 |
CCoB |
Banking sector |
Bank regulatory requirements. In line with the EBA and ECB press release on actions to mitigate the impact of COVID-19 on the EU banking sector, Banca d’Italia issued a press release encompasing actions to alleviate the operational burden for banks, making use of the flexibility embedded in the regulation. Banca d’Italia will allow banks to operate temporarily below the level of capital defined by the Pillar 2 Guidance (P2G), the capital conservation buffer (CCB) and the liquidity coverage ratio (LCR). Banca d’Italia is also envisaging to give banks some leeway in the remittance dates of some supervisory documents (i.e. ICAAP, ILAAP, etc) |
09/04/2020 |
Reporting requirements |
All sectors |
Consob adopted two resolutions (n. 21326 e n. 21327) pursuant to a new Decree (Decreto imprese) which enhanced disclosure in connection with the acquisition of shareholdings in listed companies. Consob Resolution n. 21326 lowered the minimum thresholds for the disclosure of major shareholdings to 1% (instead of 3%), and 3% (instead of 5%) as to small/medium enterprises (SMEs), with respect to 104 selected issuers with widespread shareholding structure. Consob Resolution n. 21327 lowered the minimum thresholds relating to the "declaration of intentions" (i.e.: obligation to disclose investment objectives in relation to the following six months in the event of the acquisition of investments in listed companies), to 5%, with respect to 104 selected issuers with widespread shareholding structure. Both measures apply for three months, starting from April 11. |
11/03/2020 |
Reporting requirements |
Pension funds |
COVIP's communications to pension funds: 2) Ensuring continuity in governance - easing of remote participation to Board meetings, by providing guidelines. This guidance is still valid. |
25/03/2020 |
Reporting requirements |
All financial sectors |
CONSOB granted intermediaries a 60-day extension of the deadlines for supervisory reporting. |
27/03/2020 |
Dividend distribution policy |
Banking sector |
Dividend distribution and remuneration policies for Italian LSIs: in order to reinforce previous actions on regulatory requirements, Banca d'Italia – coherently with the ECB Recommendation on dividend distribution for SIs – recommended that, at least until 1 October 2020, Italian LSIs: LSIs that do not intend to comply with the Recommendation must explain the underlying reasons. Banca d'Italia will continue to monitor the economic situation and will assess the advisability of suspending dividend distribution further after 1 October 2020. |
20/03/2020 |
Reporting requirements |
Insurance sector |
In line with EIOPA Recommendation on supervisory flexibility regarding deadlines for supervisory reporting (https://www.eiopa.europa.eu/content/eiopa-issues-recommendations-supervisory-flexibility-regarding-deadlines-supervisory_en ) IVASS allowed undertaking to postpone a number of reporting requirements and to concentrate efforts on monitoring and assessing impact of Coronavirus/COVID-19 and maintaining business continuity. The measure expired in May 2021. |
30/03/2020 |
Dividend distribution policy |
Insurance sector |
IVASS has sent a letter to the insurance and reinsurance undertakings with head office in Italy requesting them to use extreme caution, at solo and group level, in the distribution of dividends and in the payment of the variable remuneration component of key managers. Compliance with these recommendations, will be closely monitored by the Institute. |
06/04/2020 |
Other measure |
Pension funds |
Ad-hoc survey of major pension funds to draw information on how the COVID-19 impact was addressed with regard to: 1) business continuity; 2) collection of contributions; 3) early withdrawals; 4) review of investment strategy so to take into account the fall in equity prices and the volatility of markets. |
12/03/2020 |
Short selling ban |
Securities and markets |
According to the EU Regulation on short selling, Consob laid down the temporary ban on short selling on 85 Italian shares (the ban came into force on Friday 13 March 2020). |
16/03/2020 |
Short selling ban |
Securities and markets |
Consob decided to renew the prohibition of short selling in 20 Italian shares pursuant to Article 23 of Regulation (UE) no. 236/2012. http://www.consob.it/documents/46180/46181/press_release_20200316.pdf/fc96bf05-447e-4219-aad6-ea5c7426c190 |
17/03/2020 |
Short selling ban |
Securities and markets |
Starting from the session of 18 March, Consob introduced a prohibition of short selling on all shares traded on the Italian regulated market (Resolution n. 21303 of March 17, 2020) pursuant to Article 20 of Regulation (UE) 236/2012. Any form of bearish speculative transaction is banned, including through the use of derivatives or other financial instruments. Bearish intraday trades are also prohibited. The ban applies for three months, starting from March, 18.On May 15, 2020 Consob, in consultation with ESMA and the Austrian, Belgian, Greek, French and Spanish authorities which have taken similar action, resolved the early termination of the ban on net short positions, which expired on 18 May at 23:59 pm (Consob Resolution no. 21367 of 15 May 2020). Consob continues to carefully monitor the situation in financial markets and remains in close contact with other authorities. |
17/03/2020 |
Other measure |
Securities and markets |
Introduction of a temporary regime of enhanced transparency on holdings in the 48 Italian listed companies with the largest capitalization and widespread shareholdings. The provision (Resolution n. 21304 of March 17, 2020 only Italian version), adopted pursuant to article 120 paragraph 2-bis of the Consolidated Law on Finance (TUF), lowers the minimum thresholds triggering the duty to notify major holdings in a listed company. The new threshold is set at 1% for non-SME companies and 3% for SMEs. The scope of application of this Resolution was successively modified and extended with Resolutions no 21326 and 21327 of April 9, 2020 . |
19/05/2020 |
Other measure |
All financial sectors |
Extension of the maximum amount of investments in financial instruments issued by unlisted firms to include in the Long Term Investment Plans (so called PIRs) portfolios run by OICVM and insurers. Tax benefits for PIR customers are extended in time (Article 136 of the Decree Law no. 34/2020). |
09/04/2020 |
Other measure |
Non-financial corporations |
Close scrutiny, on the basis of complaints, of on-line unauthorised offers and promotions of financial products or investment services also in view to contrast coronavirus related scams. Consob is enabled to order the black out of the relevant web-sites and publish warnings, see also Consob website (www.consob.it) section "Watch out for scams!" |
19/05/2020 |
Other measure |
All financial sectors |
Simplified operating procedures for the conclusion of the financial and insurance contracts and the related communications to the costumers |
19/05/2020 |
Other measure |
All sectors |
Simplification of public administration proceedings that will apply from 19 May until 31 December 2020. |
02/03/2020 |
Other measure |
All non-financial sector |
Emergency measures and interventions to support the most critical areas. Small-amount measures focussing on the formerly “red and yellow zones” (parts of northern Italy). No impact on the public finances, as resources already available under the current legislation. Among them: refinancing of the revolving fund in support of export companies. As the restrictions were extended on the entire national territory, the government adopted new economic reliefs to be applied to the entire Nation. |
03/04/2020 |
Other measure |
Insurance sector |
IVASS published a warning, drawing the attention of the operators on the fact that the insurance business is included among the commercial activities exempted from the suspensions stated by the Government for other commercial activities. Therefore, in relation to the commitments undertaken and compatibly with the emergency situation, the operators are required to arrange their activities in order to be able to guarantee the continuity of services and the best protection of the consumers’ interests (e.g. to make an extensive use of e-mail and electronic means of communication for sending communications to customers, reserving the use of the postal service - whose operations have been significantly reduced as a consequence of the health emergency - to cases where this is strictly indispensable). - to provide timely and clear information to customers regarding the organizational measures taken to ensure the continuity of services and correct contractual relationships, promptly reporting any operational changes and situations of impediment to the ordinary management of relationships; |
08/04/2020 |
Other state of emergency measure |
All sectors |
The Government adopted the Decree-Law no. 23 introducing new rules in order to guarantee business continuity: • Deferral of the entry into force of the Business Crisis Code and Insolvency (pursuant to Legislative Decree no. 14 of 12 January 2019) to 1 September 2021. |
08/04/2020 |
Other measure |
All sectors |
With the Decree-Law no. 23, the Government introduces new rules for disclosure of controlling shareholding in strategic relevance sectors (including, in the financial sector, credit and insurance). In this regard, the following events are subject to notification: b) any shares acquisition by foreign entities, including those belonging to the European Union, such as to determine the permanent establishment of the purchaser by reason of the acquisition of the control of the company; as well as purchases of equity investments by non-EU persons, which attribute a share of voting rights or capital of at least 10%, taking into account the shares or quotas already directly or indirectly owned, and the total value of the investment is equal or in excess of EUR 1 million; acquisitions which result in the thresholds of being exceeded for 15%, 20%, 25% and 50%. In cases of breach of the notification requirements, even in the absence of notification, the Government may initiate proceedings in order to exercise golden powers. The measure, initially intended to be applied until 31 December 2020, has been extended until 30 June 2021 through an amendment to Art. 4-bis, par. 3-bis and par. 3-quarter of Decree-Law 105/2019. |
09/04/2020 |
Other measure |
All sectors |
Consob published a warning note drawing the attention of the board members, managers responsible for drafting the listed companies’ financial statements, auditors and audit committees on the need of complying with the financial information standards. In relation to the financial information to be delivered in the accounting reports and in the prospectuses, the warning urges companies to highlight with the greatest possible transparency - as required by international accounting standards - the possible effects had by the COVID-19 health emergency on company activities, with reference both to the financial statements at 31 December 2019 in approval and to subsequent reports. A similar warning is also addressed to the auditors, in particular as regards the evaluation of the information provided in the financial statements on the effects of the epidemic. Finally, the warning recommends the control bodies of listed companies, also in their role of audit committee, to strengthen information flows and exchanges with the administrative bodies and communication on a timely basis with the auditors during this period. |
09/04/2020 |
Other measure |
All sectors |
Warning alerting against possible investment scams related to the coronavirus outbreak (Covid-19), including fraudulent on-line offerings of securities of phantom companies allegedly containing or curing the coronavirus, as well as high-yield investment opportunities, as virtual currencies supposedly linked to the spread and lethality of viral contagion. |
10/04/2020 |
Other measure |
All sectors |
Consob issued Communication n. 3/2020 of April 10th, 2020 that gives operational guidance on the managing of the next ordinary and extraordinary meetings, following the new provisions of the "Care Italy" ("Cura Italia") Law-Decree of 17 March 2020 n. 18 mentioned above. Listed companies are invited to ensure that all shareholders are enabled to participate and exercise remote voting, making use of at least one of the various tools indicated in article 106 of the "Care Italy" Decree, including electronic or mail voting, remote intervention via IT connection, recourse to the representative appointed by the company (i.e. Rappresentante Designato). |
10/04/2020 |
Other measure |
All non-financial sector |
Banca d’Italia issued a communication to banks and financial intermediaries drawing the attention on the central role of the financial system to transmit the effects of governmental measures, and to avoid detrimental impacts on clients. Ensuring the opening of branches in case services cannot be provided by distance; |
16/04/2020 |
Other measure |
All sectors |
UIF issued a Communiqué drawing the attention of AML/CFT obliged entities and their staff to the new threats and risks to which they may be exposed and to the need to promptly detect suspicions related to the Covid-19 emergency and report them. The use of IT tools and online facilities may pose heightened risks. At the same time, obliged entities are invited to leverage on sophisticated technology to facilitate anomalies’ detection and prompt reporting. |
17/03/2020 |
Other measure |
All sectors |
Postponement of the deadlines for the approval of the 2019 financial statements by the General Assembly (Art.106, par.1, Decree-Law "Cura Italia" no. 18/2020, converted with amendments by Law no. 27/2020) |
17/03/2020 |
Other measure |
Insurance sector |
Measure relating to the lifetime of the compulsory insurance contracts against civil liability in respect of the use of motor vehicles and craft: until July 31 2020, extension of a further fifteen days (of the current period of fifteen days) until the insurance company is required to maintain the guarantee provided by the previous insurance contract until the new policy comes into force. On 24th April 2020 the Parliament approved an amendments to the decree Law adopted by the Government and issued on 17th March 2020, which clarifies that the extensition of fifteen days applies both to the contracts expired and still not renewed and to contracts expiring in the period between 21th February and 31th July 2020. |
17/03/2020 |
Other measure |
Insurance sector |
IVASS issued first measures to give some relief to insurance firms and intermediaries on some operational regulatory requirements |
17/04/2020 |
Other measure |
All sectors |
Banca d'Italia and IVASS are reinforcing the protection of their internal IT systems and, as part of their institutional tasks, they are helping to guarantee the security of the financial and insurance systems. They are also renewing their commitment to protecting users of digital financial services, with a particular focus on people and firms that did not use the Internet much before the epidemic. |
19/05/2020 |
Health sector measure |
Other |
With Decree-Law no. 34 the Government continues supporting the Health System and Civil Protection Force with €5.5 billion (for the reorganization of the hospital network and the refinancing of the National Emergency Fund for Civil Protection activities). |
23/03/2020 |
Other measure |
Insurance sector |
In order to ensure an accurate examination of complaints and requests for information made by policyholders during this extraordinary time of health emergency, IVASS has granted insurance companies an extension of the time limits to respond to customers. The insurance undertakings are allowed: 2. to respond to customer requests for information within 35 days instead of the expected 20 days. |
24/04/2020 |
Other measure |
Insurance sector |
On 24th April 2020 the Parliament approved amendments to the first decree Law “Cura Italia” adopted by the Government and issued on 17th March 2020, stating the possibility to suspend MTPL insurance contracts during its effectiveness, given that the restriction to the mobility adopted by the Government has significantly reduced the risk for insurance undertakings. In particular, upon request by the insured persons, the contract can be suspended, for the period requested and up to 31 July 2020. This suspension operates from the day on which the insurance company received the suspension request and until 31 July 2020 and the insurance companies cannot apply penalties or charges to the insured person requesting the suspension. The duration of the contracts is extended by a number of days equal to those of suspension. It is specified that during the suspension period the vehicle for which the insured has been suspended cannot circulate or be parked on a public road or on an area equivalent to a public road, given that it is temporarily not covered by the compulsory insurance required by law. The decree Law, as emended by the Parliament on 24th April, will be published later this week and will be into force immediately. |
24/04/2020 |
Other measure |
Insurance sector |
On 24th April 2020 the Parliament approved an amendments to the first decree Law “Cura Italia” adopted by the Government and issued on 17th March 2020, stating the possibility to suspend MTPL insurance contracts during its effectiveness, given that the restriction to the mobility adopted by the Government has significantly reduced the risk for insurance undertakings. In particular, upon request by the insured persons, the contract can be suspended, for the period requested and up to 31 July 2020. This suspension operates from the day on which the insurance company received the suspension request and until 31 July 2020 and the insurance companies cannot apply penalties or charges to the insured person requesting the suspension. The duration of the contracts is extended by a number of days equal to those of suspension. It is specified that during the suspension period the vehicle for which the insured has been suspended cannot circulate or be parked on a public road or on an area equivalent to a public road, given that it is temporarily not covered by the compulsory insurance required by law. The decree Law, as amended by Parliament on 24th April, entered into force on 30th April. |
29/03/2020 |
Other measure |
All sectors |
The Ministry of Economy and Finance, the Ministry of Economic Development, the Bank of Italy, the Italian Banking Association (ABI), Mediocredito Centrale S.p.A. (MCC), and the Italian Export Credit Agency (SACE) have formed a task force to oversee the efficient and rapid implementation of the liquidity support measures approved by the Government with the Decree Law 18/2020 and extended with the Decree Law 23/2020. |
30/07/2020 |
Dividend distribution policy |
Insurance sector |
Taking account ESRB recommendation, of 27 May 2020, and following up to the letter sent on March, IVASS recommends undertakings to refrain, at least until 1 January 2021, from: |
30/06/2020 |
Other measure |
Insurance sector |
By notices published in its website on 23 March and 3 April 2020 the Institute temporarily granted insurance companies and intermediaries concerned an extension to the deadlines established by Regulations no. 24/2008 and no. 41/2018 to reply to the complaints and inquiries by policyholders and parties entitled to insurance benefits.Given the sensitivity of this issue, which has a direct impact on the rights and interests of consumers, and in light of the end of the most acute phase of the operational emergency for undertakings and intermediaries - which justified the temporary extension of the response times - IVASS orders the reintroduction of the normal time limits for the management of complaints and for the inquiries that the undertakings will receive starting from 1 July 2020 Given the sensitivity of this issue, which has a direct impact on the rights and interests of consumers, and in light of the end of the most acute phase of the operational emergency for undertakings and intermediaries - which justified the temporary extension of the response times - the Institute orders the reintroduction of the normal time limits for the management of complaints and for the inquiries that the undertakings will receive starting from 1 July. |
21/04/2020 |
Private moratoria |
Households |
1) New agreement of 21 April with customer unions for households moratoria ("Accordo in tema di sospensione della quota capitale dei mutui garantiti da ipoteca su immobili e dei finanziamenti chirografari a rimborso rateale") 2) ABI circular of 26 June: amendments of the claim coverage by the moratorium since it is applied to the whole instalment (principal and interest) and also to loans which have unpaid instalments until 31.01.2020; and postoponement of the application deadline to 30.09.2020. |
08/07/2020 |
Reporting requirements |
All sectors |
By Resolution n. 21434, Consob extended the effects of Resolutions n. 21326 and n. 21327 of April 9, 2020 by three months, from July 12, 2020 until October 12, 2020, unless revoked early. Resolutions n. 21326 and n. 21327 introduce further thresholds for disclosure of significant holdings and declarations of intent in issuers with a particularly broad shareholder base. The list of issuers to which the said Resolutions apply is available on Consob website. |
16/07/2020 |
Other measure |
All sectors |
Consob published a warning note drawing the attention of actors involved in the process of preparing financial reporting in accordance with international accounting standards on |
30/07/2020 |
Other measure |
All sectors |
Consob published a warning note drawing attention of |
07/10/2020 |
Reporting requirements |
All sectors |
By Resolution n. 21525 of October 7, 2020, Consob extended the effects of Resolutions n. 21326 and n. 21327 of April 9, 2020 (as already extended by three months pursuant to Resolution n. 21434 of July 8, 2020), by further three months, from October 13, 2020 until January 13, 2021, unless revoked early. Resolutions n. 21326 and n. 21327 introduce further thresholds for disclosure of significant holdings and declarations of intent in issuers with a particularly broad shareholder base. The list of issuers to which the said Resolutions apply is available on Consob website. |
01/10/2020 |
Other measure |
Insurance sector |
Considering the importance that professional training has for consumer protection, IVASS agreed on an extension of the deadline to meet the obligations under current legislation recognizing the organizational complexities resulting from the lockdown period and, more generally, the health emergency linked to COVID-19. |
29/12/2020 |
Dividend distribution policy |
Insurance sector |
IVASS, in aligning with the renewed EIOPA recommendation to companies to use extreme caution in their capital management policies and the ESRB's recommendations (ESRB 15/2020), requests companies proposing to carry out dividend distributions, buy-backs of own shares or variable remunerations, with regard to both 2019 and to the current year, to carefully and responsibly assess their impacts and to previously contact IVASS to verify consistency with the objectives of the recommendation. Indeed, any dividend distributions, buy-backs of own shares or variable remunerations should not exceed thresholds of prudency; the potential reduction in the quantity or quality of their capital should not reduce own funds to a level inappropriate to their risk exposure; this with a view to safeguarding insurers' ability to absorb, also in the future, the impacts of the epidemiological emergency on their business models and solvency, liquidity and financial position |
01/01/2021 |
Other state of emergency measure |
Insurance sector |
The application of article 33 of the Decree law no. 34/2020, concerning simplified measures for the conclusion of insurance and financial contracts, has been extended until the 31th of March 2021, according with Art. 19 of the Decree-Law no. 183/2020 (so called "Decreto Milleproroghe"). The measures has been further extended until April 2021. |
01/01/2021 |
Other state of emergency measure |
All sectors |
The application of article 106, par. 1 of the Decree law no. 18/2020, concerning the postponement of the deadlines for the approval of the 2019 financial statements, has been extended until the 31th of March 2021, according with Art. 3, par. 6, of the Decree-Law no. 183/2020 (so called "Decreto Milleproroghe"). The measures has been further extended until July 2021. |
16/12/2020 |
Dividend distribution policy |
Banking sector |
In light of the current economic situation, given that the impact of the pandemic on banks’ balance sheets has not yet manifested itself in full and coherently with the ECB and ESRB– Bank of Italy issued its third recommendation on dividend distribution and remuneration policies for Italian LSIs, following the ones issued last 27 March and last 28 July. - refrain from deciding on or paying out dividends/cash pay-out reducing the quantity or quality of Common Equity Tier 1 capital or limit the amount to no more than 15 per cent of the accumulated profit for the financial years 2019 and 2020, or no more than 20 basis points in terms of the Common Equity Tier 1 ratio, whichever is lower; |
16/02/2021 |
Other measure |
All sectors |
In line with the April 2020 Warning Notice on the matter, Consob published a new warning note (1/21) requesting an enhanced disclosure concerning the Covid-19 impact (i) by supervised issuers, supervisory bodies and audit firms in relation to the 2020 financial statements prepared in accordance with international accounting standards; (ii) by companies that publish 2020 non-financial statements; (iii) by issuers with listed shares and by supervisory bodies at shareholders' meetings for capital increase resolutions; (iv) by those responsible for drafting takeover documents and prospectuses; (iv) by issuers subject to the European Regulation on Market Abuse. Especially, in the preparation of the 2020 financial statements, Consob has recommended issuers to follow the effects of the ESMA document on the 2020 common European enforcement priorities of 28 October 2020 and the areas specified thereby. As a novelty to the Warning Notice of 9 April 2020, Consob has highlighted the necessity to disclose in non-financial statements Covid-19 impact on sustainability matters and the related mitigating actions taken by the subjects obliged to this declaration. |
15/03/2021 |
Other measure |
All sectors |
Consob issued a warning notice (4/21) on information related to the impact of the pandemic to be provided in the 2020 financial statements drawn up on the basis of the provisions of the Civil Code and national accounting standards (instead of international accounting standards). The warning notice is addressed to issuers of financial instruments widely distributed among the public; issuers of financial instruments traded on MTF/OTF; auditing companies and control bodies. In particular, by updating the previous measure on the matter (see previous row) Consob has warned issuers to follow the updated indications set by the Italian Accounting Setter (OIC) in March 2021. Consob clarified, among other, that the financial statements must also include specific information on any use by the issuer of the special measures introduced in Italian legislation to address the Covid-19 pandemic and to preserve business continuity (such as the right to suspend the annual depreciation of tangible and intangible fixed assets, the possibility of not devaluing the securities recorded under current assets, the right to revalue corporate assets and equity investments). |
16/02/2021 |
Other measure |
All sectors |
Consob published a warning notice (2/21) addressed to crowdfunding service providers recommending disclosure of information concerning any update on the offers and on Covid-19 implications on the sustainability of the projects and the related organisational measures adopted by providers. This measure updates a previous Consob warning issued in march 2020 (n. 2/20). |
14/10/2020 |
Other measure |
Other |
IVASS launched a survey to the market on the initiatives of insurance undertakings aimed at sharing with policyholders the savings stemming from the reduced frequency of MTPL claims during the lockdown due to the COVID 19 pandemic |
02/03/2021 |
Other measure |
Other |
The application date of the Commission Delegated Regulation (EU) 2018/815 (ESEF), regarding regulatory technical standards on the specification of a single electronic reporting format, has been postponed to the financial year starting from 1° January 2021(Art. 3, par. 11-sexies, of the Decree-Law no. 183/2020 “Milleproroghe”, converted with amendments into Law no. 21/2021). |
13/01/2021 |
Reporting requirements |
All sectors |
By Resolution no. 21672 of January 13, 2021, Consob extended the effects of the above-mentioned Resolutions no 21326 and no 21327 of April 9, 2020 (as already extended by Resolution no 21432 of July 8,2020 and by Resolution no 21525 of October 7, 2020) relating to the identification of further thresholds for the disclosure of company shareholdings and declarations of intent in companies with a particularly broad shareholder base for a further period of three months, i.e. from 14 January 2021 to 13 April 2021. On 12 April 2021 Consob communicated by press release the decision not to renew the measures. Therefore, from 14 April 2021 onwards the ordinary disclosure regime set in Article 120 of Legislative Decree 58/98 and the thresholds set therein (i.e. 3% for issuers with a large market capitalization, 5% for SMEs, 10% for declarations of intent) apply again to companies with a widespread shareholding. |
30/04/2021 |
Other measure |
All sectors |
Art. 4 of the Decree-Law no. 56/2021 extended the exercise of the golden power in sectors of strategic importance |
12/04/2021 |
Reporting requirements |
All sectors |
Consob communicated by a press release the decision to not renew the measures, firstly adopted on 9 April 2020 (with Resolution 21326 and 21327/2020) and subsequently extended (with Resolutions 21434/2020, 21525/2020 and 21627/2021), that introduced an enhanced temporary transparency regime for disclosure of company shareholdings and declarations of intent in companies with a particularly broad shareholder base. |
23/04/2021 |
Other state of emergency measure |
All financial sectors |
Art. 11 of the Decree-Law no. 52/2021 extended the application of the simplified procedures for the conclusion of the financial and insurance contracts, and related communications, until July 31st 2021 |
01/04/2021 |
Other measure |
Pension funds |
2nd ah-hoc survey of major pension funds to monitor any structural changes due to the Covid-19 impact. In particular, the survey is aimed to verify: 1) organizational changes (remote working and use of digital tools to communicate with members; 2) cyber security measures 3) collection of contributions and early withdrawals |
27/07/2021 |
Dividend distribution policy |
Banking sector |
The most recent macroeconomic projections point to an improvement in the economy; this will make it possible, in line with the ECB’s decision for significant banks, to return to using the ordinary SREP criteria for assessing Less significant banks’ (LSIs) capital and their dividend distribution and share buy-back plans. In this context, the Bank of Italy: |
28/07/2021 |
Other measure |
Insurance sector |
IVASS required insurance undertakings to comply with EIOPA Recommendations relating to ORSA in the pandemic context of Covid-19 |
28/07/2020 |
Dividend distribution policy |
Banking sector |
Given the persistent economic uncertainty linked to the COVID-19 pandemic, the Bank of Italy deems it necessary to update the indications provided last March, in line with the provisions of the ESRB Recommendation. a) less significant banks: 1) refrain from distributing dividends for the financial years 2019 and 2020 (including the distribution of reserves) and from making any irrevocable commitment to pay out dividends for the same financial years; 2) refrain from making share buybacks aimed at remunerating shareholders. |