News and Press

Fineco launches ISA accounts on the UK market with the legal-tax support of CDP

FinecoBank launches ISA accounts to its clients resident in the United Kingdom. The transaction has been supported and coordinated for legal and tax matters by CDP.

These are savings accounts which benefit from tax incentives and are reserved to retail clients tax residents in the United Kingdom. Fineco is the first Italian bank offering these products in the English market.
The transaction is part of a wider internationalization project of the Bank, which intends to offer its fintech technology and its services also to clients not resident in Italy. The project is internally coordinated by the competent structures of the bank, with the legal-tax support of Avv. Francesco Bonichi, partner of CDP and his team.

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Tax Alert - Statute of limitation of tax assessment of multiannual income components

With the decision No. 8500 of March 25, 2021, the Italian Supreme Court, in United Sections, has negatively addressed the long-standing debate concerning the statute of limitations of tax authorities' power of assessment in relation to multiannual income components (e.g., mainly, depreciation charges, tax credit deductions and carried forward losses), giving relevance to the period in which the tax return reports the income component and not to the original fiscal period when the income or the loss accrued and is firstly recognised in the financial statements.


Giulio Tognazzi has assisted the Italian Energy Efficiency Fund II, managed by Fondo Italiano per l’Efficienza Energetica SGR SpA in a facility with Banco BPM, assisted by studio legale Dentons

Dentons Law Firm has assisted Banco BPM in relation to a facility granted to  ITALIAN ENERGY EFFICIENCY FUND II, managed by Fondo Italiano per l’Efficienza Energetica SGR SpA, which invests in projects that reduce the energy consumption (in particular by fossil fuels) and in renewable energies, assisted by CDP&Associati Law Firm.

The loan has a value of Euro 17.5 million and is aimed at supporting the Fund's needs with a 12 month revolving line, in line with the Fund's path of investment in projects that contribute to the energy transition and decarbonisation process.
Dentons acted with a team coordinated by the  partner Alessandro Fosco Fagotto and composed by the managing counsel Edoardo Galeotti and the senior associate Silvia Cammalleri.

For CDP&Associati, the partner Giulio Tognazzi (in the picture) and the associate Marta Mastroeni have acted.

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Rino Caiazzo speaker at the Private Enforcement of Competition Law conference, held by Informa Connect

Yesterday, 9 March 2021, the firm’s founding partner Rino Caiazzo joined as speaker the Private Enforcement of Competition Law conference, held by Informa Connect, during the panel on the European trucks cartel

Alert Corporate&Tax 01.2021 Misure a sostegno della patrimonializzazione delle imprese durante l’emergenza COVID

Per far fronte all’emergenza COVID, il legislatore ha introdotto alcune misure volte a favorire la patrimonializzazione delle imprese che abbiano subito perdite nell’esercizio interessato dalla pandemia: sospensione temporanea degli ammortamenti civilistici mantenendo la deducibilità fiscale e sospensione per cinque anni dell’obbligo di ricostituzione del capitale per perdite al di sotto del limite legale


CDP & Associates with Ubi Banca - Gruppo Intesa Sanpaolo in a facility agreement with Zaffiro Costruzioni for the construction of nursing homes for elderly people in Parco delle Cave in Brescia

Caiazzo Donnini Pappalardo & Associates has assisted Ubi Banca - Gruppo Intesa Sanpaolo in a financing for an amount of Euro 15,600,000.00, for the construction of nursing homes for elderly people in Parco delle Cave in Brescia, ...


bordering an artificial lake.
Zaffiro Costruzioni S.r.l. is held by Gruppo Zaffiro, which in its turn is part of the Mittel Group. The asset will be formed by 3 blocks of 3 floors each, connected among themselves, of which the central one destined to host the common services and two side blocks destined to host an overall amount of 300 beds.
Giulio Tognazzi (in the picture), partner, has lead the team of Caiazzo Donnini Pappalardo & Associati, with the associates Marta Mastroeni and Gabriella Pia del Gaudio.

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Caiazzo Donnini Pappalardo & Associates together with a pool of banks in a syndicated contract of 60 million to HB Trading

Caiazzo Donnini Pappalardo & Associates has assisted a pool of banks formed by BNL Gruppo BNP Paribas, which also acted as Arranger and Agent, Crédit Agricole Italia, Banco di Sardegna, Banca del Mezzogiorno – Mediocredito Centrale, Banco BPM and UBI Banca in the drafting and negotiation of a structured credit granting transaction for Euro 60,000,000.00 in favour of HB Trading, an Italian company, active in the gas and electricity sectors.

The contract is structured in three facilities: of which two loan facilities in Euro and one credit facility multicurrency (Euro and USD).
Giulio Tognazzi (in the picture), partner, has lead the team of Caiazzo Donnini Pappalardo & Associati, with the associates Marta Mastroeni and Gabriella Pia del Gaudio, while HB Trading has been assisted by the in-house lawyer Elisa Natale.

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Tax Alert: Private Equity funds - Tax exemption on Italian dividends and capital gains earned by EU UCITS/AIF

Art. 1, Paragraphs 631-633 of Law N0. 178 of 30th December 2020 (published on the Official Gazette of 30th December 2020) the "2021 Budget Law" equates the tax exempt treatment of dividends and capital gains currently applicable to Italian mutual funds to the tax regime applicable to Undertakings for Collective Investment in Transferable Securities (UCITS) and qualified AIF established in a EU Member State (or in States signing the Agreement on the European Economic Area (EEA) that grant an adequate exchange of information)

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Caiazzo Donnini Pappalardo & Associates together with BNL Gruppo BNP Paribas, UniCredit, Banco BPM and BPER Banca in a facility to Optima Italia S.p.A. assisted by Studio Pedersoli

Caiazzo Donnini Pappalardo & Associates and Studio Pedersoli have assisted, respectively, a pool of banks and investors formed by BNL Gruppo BNP Paribas (also acting as Agent), UniCredit, Banco BPM e BPER Banca, as Arranger and Lenders and Optima Italia S.p.A.,

active with a unique platform offering services in the energy, telecommunications and insurance sectors in one single and bundling package.
Giulio Tognazzi (in the picture), partner, has lead the team of Caiazzo Donnini Pappalardo & Associati, with the associates Marta Mastroeni and Gabriella Pia del Gaudio, while partner Consuelo Citterio and the Associate Caterina Gatto acted for Studio Pedersoli.
Essentia Advisory, with Alberto Arrotta and Simona Collica, acted as debt advisor for Optima Italia.

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Tax Alert: Foreign Financial Assets - FY 2017

A recent Measure of the Revenue Agency invites taxpayers who have held foreign financial assets in the 2017 tax period and who have omitted or incorrectly indicated these activities in the tax return, to check the tax drawer in order to regularize their position so as not to incur increased penalties.


Rino Caiazzo included in the fifth annual Global Business Edition

published on October 2, 2020.

The publication highlights more than 40,000 lawyers recognized by Best Lawyers for their top legal talent from 28 countries worldwide.

Learn more about the Global Business Edition and read the complete issue at

Best Lawyers - Global Business, 14 October 2020

Responsabilità penale delle società: estensione ai reati tributari in materia di IVA e “confisca per equivalente”

Il D.Lgs. No. 75 del 14 Luglio 2020 ha recepito la direttiva UE 2017/1371 (PIF) (che prevede misure contro le frodi che ledono gli interessi finanziari dell’Unione) ed ha esteso ad alcuni reati tributari in materia di IVA (infedele dichiarazione, omessa dichiarazione ed indebita compensazione di crediti Iva) eccedenti la soglia di € 10 ML, la responsabilità amministrativa degli enti ex D.Lgs. 231/2001 (già introdotta per altri reati tributari, a far data dal 25 dicembre 2019 dal D.L. No. 124/2019). Si rammenta inoltre che detto DL 124 ha introdotto una nuova misura di sicurezza a carico della persona fisica autore del reato che è oggi esposta al rischio di "confisca per sproporzione" del proprio patrimonio di cui non giustifichi l’origine economica.


Edoardo De Carlo and Silvana De Lauretis assisted Falck Next S.r.l. (Falck Renewables group) with the acquisition of a going concern related to a solar power plant from Bryo S.p.A.

Caiazzo Donnini Pappalardo, with the counsel Edoardo De Carlo and associate Silvana De Lauretis, assisted Falck Next S.r.l. (Falck Renewables group) with the acquisition of a going concern related to a solar power plant from Bryo S.p.A.
Senior legal counsel Marco Lenzetti lead Falck Next in-house team.






Francesco Bonichi joins Caiazzo Donnini Pappalardo & Associati as a tax partner

Caiazzo, Donnini, Pappalardo & Associati (CDP) is pleased to announce that Francesco Bonichi, who will be based in the Rome office, is joining the legal team as tax partner.
With more than 25 years of experience in the field, Mr. Bonichi joins CDP from Studio  Legale Tributario part of EY network, where he was a partner of the tax department in Rome.

Before that, for more than 12 years, he has been partner and responsible of tax department of Allen & Overy Rome office; he also worked in the tax and legal department of ExxonMobil in Italy and abroard.
Over the course of his career, Mr. Bonichi advised numerous domestic and international clients with respect to international tax structuring and has participated in complex and innovative M&A and IPO transactions; he is a recognised tax expert in banking, asset financing, structured finance and international capital market products. Furthermore, over the last years he assisted large corporate and banking clients in tax litigations and clients in the private banking and wealth managing sector.
Mr. Bonichi is considered one of the leading lawyers specialized in tax law in Italy according to several Italian and international legal directories.
Roberto Donnini, one of CDP founders, said: “Francesco professional experience fits well with our strategy to grow always looking at prominent practitioners but preserving our style and culture. The tax practice was a specialization we were looking for and that will boost the offer of our legal assistance to our clients”.
Mr. Bonichi added: “I am proud to join CDP, one of the most reputable boutique law firms in Italy, where in addition to a team, with which I worked with for many years at Allen & Overy, I met prominent practitioners coming from the major domestic and international law firms. Sharing the same style, culture and values of excellence for the benefit of our clients is the best reward I could aspire to.”

• Legal 500 2019 mentioned Francesco Bonichi in Band 4 as tax partner of EY Studio Legale Tributario

• Top Legal 2020, ranked Francesco Bonichi in band 4, within Tax Finance area

• Legal community Tax Report 2019 mentioned Francesco Bonichi within the category “The Best in Italy”, Band B+



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La nuova comunicazione dell’AGCM sugli accordi di cooperazione nel contesto dell’emergenza da Covid-19

Con comunicazione pubblicata il 24 aprile 2020 (la “Comunicazione”) l’AGCM ha fornito alcune indicazioni sulla valutazione di eventuali forme di cooperazione tra imprese volte a favorire la produzione e la distribuzione di beni e servizi essenziali nel contesto dell’attuale epidemia da Covid-19. La Comunicazione si rivolge, in particolare, al settore sanitario, nonché a quello agro-alimentare, nei quali potrebbe sorgere la necessità per le imprese di attuare iniziative di cooperazione al fine di ovviare a problemi di approvvigionamento ovvero trasporto e distribuzione di materie prime e beni (es. farmaci o dispositivi medici) potenzialmente afflitti da problemi di scarsità.

In linea con la comunicazione della Commissione europea dell’8 aprile 2020 , l’AGCM riconosce così l’esigenza di adattare la propria valutazione su determinate forme di cooperazione tra imprese – che, in ragione del tipo di informazioni scambiate o delle forme di coordinamento attuate, potrebbero, in taluni casi, presentare criticità sotto il profilo antitrust - alla luce dell’eccezionalità dell’attuale contesto sanitario e socio-economico.
Al fine di agevolare le imprese nel processo di auto-valutazione di tali accordi, l’AGCM ha, quindi, deciso di approntare un indirizzo di posta elettronica dedicato (, mediante il quale imprese e associazioni di categoria possono contattare l’Autorità, al fine di ottenere indicazioni informali su specifici progetti di cooperazione: in casi eccezionali, individuati in via discrezionale dalla stessa Autorità, tali indicazioni potranno assumere la forma di vere e proprie comfort letter sulla valutazione dell’iniziativa notificata ai sensi della legge nazionale antitrust (L.n.287/1990).
La Comunicazione riveste particolare importanza, atteso che riprende parzialmente (sebbene nei limiti di mere comfort letter, adottabili in tutta discrezionalità, come detto, dall’AGCM) la ratio della procedura di autorizzazione in deroga di intese restrittive (art. 4 c. 1 della legge nazionale antitrust), ormai abbandonata in favore della completa auto-valutazione da parte delle imprese. 
Il testo della Comunicazione, attualmente valida e operativa fino a successiva comunicazione, è disponibile al seguente link


Aggiornamento alla breve nota "Covid-19 e Crisi di impresa" pubblicata in precedenza

Come auspicato e per le ragioni evidenziate nella breve nota pubblicata la settimana scorsa, con l’art. 5 del Decreto Legge n. 23 dell’8 aprile 2020 è stata prorogata al primo settembre 2021 l’entrata in vigore del Codice della crisi d’impresa e dell’insolvenza originariamente prevista per metà agosto 2020. La misura si sostituisce a quella già prevista dal Decreto Cura Italia (d.l. 2 marzo 2020, n. 9) relativa al solo differimento dell’entrata in vigore degli obblighi di segnalazione previsti dalla nuova normativa. Restano operative le modifiche al Codice civile già entrate in vigore il 16 marzo 2019.


ARERA - misure urgenti in materia di erogazione dei servizi di trasporto dell’energia elettrica e di distribuzione del gas naturale

Con delibera 116/2020/R/com, assunta il 2 aprile 2020 e pubblicata in data odierna, l’Autorità di Regolazione per Energia Reti e Ambiente (“ARERA”) ha deliberato alcune disposizioni urgenti in materia di pagamento delle fatture per il servizio di trasporto dell'energia elettrica e del gas naturale e di garanzie annesse ai relativi contratti di trasporto, nonché introdotto una temporanea rimodulazione degli obblighi di versamento degli oneri generali di sistema a carico dei distributori di energia elettrica e gas naturale.

Nello specifico, per gli utenti del servizio di trasporto di energia elettrica con contratto attivo si prevede:
- per le fatture del servizio di trasporto con scadenza nel mese di aprile 2020, la sospensione della disciplina degli inadempimenti connessi al pagamento di cui all'art. 5.1 dell'All. B) al c.d. Codice di Rete (delibera 268/2015/R/eel), a condizione che sia stato versato almeno il 70% del totale fatturato con riferimento ai punti di prelievo alimentati in bassa tensione;
- per le fatture del servizio di trasporto con scadenza tra il 10 marzo e il 31 marzo 2020, l'estensione di 15 giorni dei termini di sollecito e diffida previsti dagli artt. 5.1 e 5.2 dell'All. B) al Codice di Rete;
- in materia di gestione delle garanzie annesse ai contratti di trasporto, al fine della determinazione del requisito di regolarità dei pagamenti previsto dall'art. 2.5 dell'Allegato B) al Codice di Rete, la mancata presa in considerazione dei ritardi verificatisi nel mese di aprile 2020;
- ancora in materia di gestione delle garanzie annesse ai contratti di trasporto, l’allungamento dei termini di rinnovo delle garanzie annesse al contratto di trasporto (fino al terzo mese antecedente la scadenza della relativa garanzia) e l’estensione di 15 giorni lavorativi del termine per provvedere alla maggiorazione e alla prestazione di garanzia ai sensi degli artt. 3.2 e 4.8 dell’Allegato B al Codice di Rete;

- in caso di attuale pendenza di richieste di adeguamento, rinnovo, maggiorazione della garanzia ovvero di sollecito, diffida e risoluzione contrattuale, l’estensione di 15 giorni lavorativi del termine per adempiere o per la produzione degli effetti della risoluzione contrattuale;
- previsioni volte a “congelare”, a determinate condizioni, gli effetti di eventuali downgrade del livello di rating detenuto dall’utente del servizio di trasporto di energia elettrica o dalla sua società controllante;
Analoghe misure sono state previste per gli utenti del servizio di trasporto di gas naturale.

Infine, per le società distributrici di energia elettrica e di gas naturale è stata prevista la facoltà di avvalersi, di una riduzione degli importi da corrispondere al GSE e a CSEA a titolo di oneri generali di sistema (pari, nella specie, per i distributori di energia elettrica e limitatamente ai punti di prelievo alimentati in bassa tensione, al maggiore tra l’80% del fatturato mensile con scadenza ad aprile e la quota effettivamente incassata del medesimo fatturato, nel caso dei distributori di gas naturale al maggiore tra il 90% del fatturato mensile con scadenza ad aprile e la quota effettivamente incassata del medesimo fatturato).

È possibile consultare il testo completo della delibera al seguente link



Covid-19 e Crisi d’impresa

Alert su Covid-19 e Crisi d’impresa in allegato.


The Italian Competition Authority opens several investigations on e-commerce practices related to the marketing of Covid19-related products

Following the outbreak of Covid-19 epidemics and the emergency state declared in the Italian territory, the Italian Competition Authority (“ICA”) is intervening against commercial practices allegedly in breach of the Italian Consumer Code, notably in the sale of drugs and products against Coronavirus.

For instance, on 12 March 2020 the ICA opened proceedings against the companies managing the Amazon and Ebay e-commerce platforms, with regard to the marketing of hand sanitizers and disposable respiratory protection masks. Specifically, these proceedings aim at verifying whether the claims of alleged effectiveness of these products against Coronavirus and their remarkable price increase recently recorded on the e-commerce platforms may be in breach of the prohibition of unfair commercial practices under the Italian Consumer Code (Legislative Decree no. 206 of 2005).
The opening of these investigations follows the requests of information sent to these online platforms operators on 27 February 2020 as a result of several complaints lodged by individuals and consumer protection associations. The e-commerce operators had to reply within three days from the receipt of these requests of information, informing the ICA about the measures adopted to eliminate potentially misleading advertising claims as well as to prevent unjustified and disproportionate price increases of the aforesaid products marketed through their platforms. The measures communicated apparently did not meet the ICA’s expectations, which consequently opened the investigations: the ICA could eventually forbid the conducts at stake and sanction the e-commerce operators with a fine of up to 5 million Euros.
With its decision of 17 March 2020 the ICA has resolved, by way of interim measures, to suspend the online marketing and sale of the generic drug Kaletra and to temporarily block the access to the related website, managed by an individual. The drug, containing the active principles of an anti-viral drug used for healing HIV, was sold at the price of 634.44 Euros and was marketed as the “sole drug against Coronavirus (Covid-19)” and “the sole remedy to fight Coronavirus (Covid-19)” .
ICA deemed, on a prima facie assessment, that these claims were deceptive for consumers insofar as they did not specify that the purchase of these drugs be subject to medical prescription and considered that the scientific community has found no drug conclusively effective against Coronavirus at this stage.
In addition, the marketing of this drug has been deemed prima facie aggressive because it would be able to affect the commercial conducts of the consumers in the context of the alarm raised by the rising spread of the epidemic in the national territory.
On 30 March 2020 the ICA issued two additional interim decisions (with annexed opening of proceedings) against the online marketing of the drug Kaletra, suspending the access to the websites and
In the meantime, additional interim decisions and start of proceedings have been adopted with regard to:
- the claims on the preventive effectiveness against Covid-19 of detergents, cosmetics and supplements advertised and marketed both on the website https://carlitashop.come and on the associated Instagram page (22 March 2020);
- the advertising and marketing of a so-called “Rapid Test COVID-19” at the price of 24.86 Euros on the website, which, as a result, has been temporarily shut down (22 March 2020);
- the claims on the preventive and therapeutic effectiveness against Covid-19 of the products advertised and marketed on the website , specifically consisting of a kit for oxygen therapy (30 March 2020).
Finally, it is worth noting that on 22 March 2020 the ICA has also ordered interim measures against the website , which operates a crowdfunding platform for the collection of funds for charitable purposes. This decision appears connected to the current Covid-19 emergency insofar as the platform has become popular and widely used by consumers for donations to hospitals and hospital wards located in the areas most affected by the current health crisis.
In this latter case, however, the ICA suspended the conduct on different grounds compared to those underlying the abovementioned decisions. More in detail, in the ICA’s view, the platform would have promoted its services as provided on a free basis while actually:
- charging a fee for any transaction by credit or debit card; and
- pre-selecting a percentage fee to be charged for each transaction (usually amounting to 10% of the donated sum), that the consumer may reduce or exclude only by opting-out.
As a result, the ICA ordered the platform to change the pre-selected percentage fee to zero, while providing the possibility for the consumers to change this specification and thus subjecting the possibility to leave a fee to an opt-in mechanism.

The decisions summarized above confirm the declared intent of the ICA to focus its supervision on exploitative practices of the current emergence in the e-commerce sector; a sector of particular importance in the current moment, also due to the reduced activity of other kinds of businesses, such as the traditional “brick and mortar” shops, which are now mostly closed as a measure to counteract the spread of the virus.

The press releases (in English) of the ICA’s decisions commented above are available under 




The measures set out by the Italian Government to contrast the Covid-19 pandemic have a direct impact on the performance of companies and enterprises’ agreements given that their activities have often been interrupted or suspended.


The possible measures to be adopted with respect to the specific agreements require a case by case analysis, taking into account the type of agreement, the areas in which the company operates, the performance milestones reached and the parties’ interest in the prosecution of the contractual relationship.

Below is an overview of the instruments which may be available both under Italian law and under the relevant agreement to avoid possible litigation.

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