Interlocking directorate: le novità della riforma TUF 2026

The reform of the Consolidated Financial Act and the Civil Code reshapes the regulation of cross-directorships in the banking, financial and insurance sectors

In the contribution published in the ItaliaOggi and Milano Finanza instant book dedicated to the reform of the Italian Consolidated Financial Act and Civil Code, Cristiano Lenti analyses the repeal of the interlocking prohibition introduced by Article 36 of Law Decree No. 201/2011 and the new implications arising from the reform. The contribution examines the evolution of the rules governing interlocking positions between competing undertakings, competition law concerns and the limits currently deriving from fiduciary duties and non-compete obligations applicable to directors and general managers under the Italian Civil Code.

Author

IPG, Cristiano Lenti

Activity area

Banking and Finance Law, Corporate and Commercial Law, Corporate Governance and Social Responsibility

Lenti_Il_superamento del divieto di interlocking.pdfOpens in a new tab

IPG Journal

01/06/2026

Regulated-fee activities with transparent and predictable billing

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Refund of U.S. Tariffs and Disclosure in IAS Financial Statements

The contribution published by Eutekne analyses the accounting implications arising from the possible illegitimacy of U.S. tariffs introduced under the IEEPA, in light of the ruling issued by the U.S. Supreme Court. The contribution focuses on the treatment of potential tariff refunds under IAS 37, examining the qualification of contingent assets, the conditions for recognition in the financial statements and the related disclosure obligations for entities preparing accounts under IAS/IFRS standards.

IPG Journal