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European Union: Council Adopts Temporary European Instrument “SURE” to Help Protect Jobs amid COVID-19 Pandemic

(June 16, 2020) On May 19, 2020, the Council of the European Union (Council) adopted “SURE,” a regulation establishing a European instrument to provide temporary financial support to mitigate unemployment risks caused by the COVID-19 outbreak. Under SURE, the European Union (EU) will temporarily provide loans not exceeding 100 billion euros (€) (about US$113.5 billion) […]

European Union: Commission Adopts Second Amendment to Temporary Framework for State Aid Measures to Support Member States’ Economies during COVID-19 Outbreak

(June 3, 2020) On May 8, 2020, the European Commission adopted a second amendment to extend the scope of the Temporary Framework for State Aid Measures to include recapitalization measures and subordinated debt. The Temporary Framework was first adopted on March 19, 2020, allowing a variety of state aid measures otherwise incompatible with European Union […]

European Union: Commission Proposes Temporary European Instrument (SURE) to Help Protect Jobs Amid COVID-19 Pandemic

(Apr. 24, 2020) On April 2, 2020, the European Commission (Commission) published a proposal for a regulation on the establishment of a temporary instrument for “support to mitigate unemployment risks in an emergency” (SURE) following the COVID-19 outbreak. The proposal, which has its legal basis in article 122 of the Treaty on the Functioning of […]

Italy: New Decree-Law to Ensure Liquidity for Distressed Companies Enters into Effect

(Apr. 21, 2020) On April 9, 2020, Decree-Law No. 23 (D.L. No. 23), which guarantees liquidity for companies in distress as a result of the coronavirus emergency, entered into effect in Italy (Misure Urgenti in Materia di Accesso al Credito e di Adempimenti Fiscali per le Imprese, di Poteri Speciali nei Settori Strategici, nonche’ Interventi […]

European Union: Commission Adopts Temporary Framework for State Aid Measures to Support Member States’ Economies During COVID-19 Outbreak

(Apr. 10, 2020) On March 19, 2020, the European Commission (Commission) adopted a Temporary Framework for state aid measures (Temporary Framework) to support the European Union economy during the current COVID-19 outbreak. Under the Temporary Framework, member states can temporarily grant state aid in a variety of forms that would otherwise be incompatible with the […]

Italy: New Regulations Granting Government Funds to Companies During the Coronavirus Pandemic Enter into Effect

(Apr. 6, 2020) On March 23, 2020, the Ordinance of March 23, 2020, Benefits for Companies During the COVID-19 Emergency issued by the Presidency of the Council of Ministers (Prime Minister’s Office) and the Extraordinary Commissioner for the Implementation of Measures to Contain and Fight the Epidemiological Emergency Caused by COVID-19 (Ordinance No. 4) entered […]

Italy: Law Authorizing Emergency Rescue Loan to Alitalia Takes Effect

(Dec. 20, 2019) On December 3, 2019, Decree Law No. 137 of December 2, 2019 (Decreto-Legge 2 dicembre 2019, n. 137) (D.L. No. 137), containing urgent measures to ensure the continuity of service of Alitalia, entered into force in Italy. The new legislation authorizes a government loan of 400 million euros (about US$442 million) to […]

Italy: Measures for Simplification of Companies and Public Administration Take Effect

(Feb. 5, 2019) On December 12, 2018, new measures to simplify public administration and promote the economy entered into force in Italy. (Decree-Law No. 135 of December 14, 2018, Urgent Provisions on Supporting and Simplifying Companies and Public Administration) (D.L. No. 135), GAZZETTA UFFICIALE (G.U.), Dec. 14, 2018, G.U. website (in Italian).) Support for Small […]

Italy: Amendments to the National Budget Law

(Oct. 6, 2016) On September 9, 2016, new legislation amending the national budget entered into effect in Italy. (Law No. 163 of August 4, 2016, Amending Law No. 196 of December 31, 2009, Concerning the Content of the Budget Law, Implementing Article 15 of Law No. 243 of December 24, 2012 (Law No. 163), GAZETTA […]

Italy: Measures to Reactivate the Economy, Promote Development, and Reduce Bureaucracy

(Nov. 19, 2014) The Italian legislature recently passed legislation to strengthen the national economy and to reduce bureaucracy. (Decree-Law No. 133, of September 12, 2014 (D.L. 133), Urgent Measures for the Opening of Construction Sites, the Construction of Public Works, Digitization of the Country, Reduction of Bureaucracy, the Mitigation of Hydrogeological Instability, and for the […]