Italy: Shareholders

At the end of the implementation process of Directive (EU) 2021/2167 (the so-called Secondary Market Directive or SMD), on 13 February, the Bank of Italy published the supervisory rules for non-performing loans ("NPLs") servicing in accordance with the implementation of the provisions of Chapter II.

Directive (EU) no. 2021/2167 (also known as the Secondary Market Directive) (the "Directive"), published in the Official Journal of the European Union of 8 December 2021.

The imminent publication in the Official Gazette of the reform of Article 2407 of the Italian Civil Code heralds the making of significant changes to the civil liability of statutory auditors.