Italy

Italian company law impacts on issuance of corporate bonds

Franco Grilli Cicilioni, Clifford Chance Studio Legale Associato, Rome. Filippo Emanueleand Massimiliano Bianchi, Clifford Chance Studio Legale Associato,Milan

On 10 January 2003 the Italian government approved a Legislative Decree that will broadly amend the current regime relating to Italian companies provided for by the Italian Civil Code (the Code). The new regime will come into force in January 2004 and will, among other things, significantly affect the issue by Italian non-financial companies of bonds ( obbligazioni ) and eurobonds. The purpose of this article is to summarise these changes.The rules governing the issue of bonds by Italian financial companies including banks, insurance companies and certain other financial intermediaries will not be covered.