Regulators have made clear their view that responsibility for the culture of a bank sits at the top; if senior management create the right culture, good regulatory practice and procedures will naturally follow. Following the financial crisis banks’ senior management have come under increasing regulatory scrutiny and in some jurisdictions proposals have been put forward to make it easier to make them accountable for their actions. To help you keep up to date with current developments, we have produced a comparative analysis of how senior management responsibility in banks is being treated in

On 22 September 2017, Britain's Prime Minister Theresa May delivered a speech in Florence seeking to help progress negotiations between the UK and the EU before the fourth round of Brexit talks that began on 25 September 2017 in Brussels. The speech addressed a number of areas concerning the future relationship between the UK and the EU, as well as how any new relationship could be implemented. Click here for more..

When a company begins to show signs of crisis, all parties involved are trying to sweep the dust under the carpet. Yet in Italy a warning system for financial crisis, especially conceived for small- and medium-sized companies, exists, it works, but it is not used.

The bill drafted by the Rordorf Commission, for the reform of the Italian insolvency system, has been recently approved by the Council of Ministers. With such an approval, the Government has been delegated to issue one or more legislative decrees for the reform of the rules governing business crisis and insolvency.

On 3 May 2016,the Decree Law no. 59/2016 containing “Urgent measures on enforcement and bankruptcy proceedings, in favour of investors in banks in liquidation” was published in the Official Gazette.

Italy: New provisions for banks in financial difficulties. Italy has recently enforced new provisions concerning the management of banks’ and intermediaries’ crises following the European Union directives, concerning the saving of four Italian banks.

Most recently, in August 2012, Law no. 134, conversion of the Law Decree No. 83/2012 so called “ Decree on Development” has been deeply impacted the existing system introducing several new rules aimed at simplifying the access to proceedings alternative to bankruptcy with an appreciable attempt to fill the regulatory gaps.

Italy has a modern and competitive legal system to face not only insolvency, but especially, the financial crisis. In order to further improve the present regulations, on 28 January 2015, the Italian Ministry of Justice established a Commission which will study how to reform the Italian insolvency and restructuring proceedings.

Russia: Bankruptcies in the banking sector.

EUROPEAN UPDATE: New Rules on DIP Financings in Italian Restructurings (citation: Adam Gallagher and Francesco Lombardo, New Rules on DIP Financings in Italian Restructurings, XXXII ABI Journal 3, 48-49, 102, April 2013) - Adam Gallagher and Francesco Lombardo