Fair compensation for media editors: what happened to the value gap? An in-depth article by Daniela De Pasquale

On Agenda Digitale, an in-depth article by Daniela De Pasquale focuses on Directive 790/19 on copyright and related rights in the digital single market, and the so-called ‘value gap,’ which refers to the disparity between the perceived value by creators of journalistic content and the value obtained by intermediaries who distribute such content online.

As evidenced by the recent clash between Meta and SIAE, the relationship between content providers and online platforms remains challenging. Back in 2019, Directive 790 was met with great controversy, having to establish a delicate balance between the needs to protect freedom of information, expression, and creativity and those of content provider businesses; similarly, protests followed the implementation decree of the Directive in 2021, which definitively established a principle of liability for platforms that, after being informed, used copyrighted content without authorization due to their users’ public communication of protected works, risking potential content censorship as a result of abuse of remedies available to rights holders.

In this article, we delve into the procedures for calculating fair compensation for media editors proposed by platforms.

For further reading, the full article is available here.

Ughi e Nunziante with Chaos in the acquisition of AXYZ Design

Ughi e Nunziante Studio Legale, with a team composed of partner Amon Airoldi and senior associate Pietro Pastorello, advised Chaos in the acquisition of the Italian company AXYZ design, a leading developer of 3D/4D animation software designed to add realistic people and crowds to architectural visualizations.

Chaos, a portfolio company of TA Associates, a global private equity firm, and LEA Partners, a technology focused private equity firm, develops 3D visualization technology for architecture, engineering, construction, media and entertainment, product design and manufacturing, creating intuitive and powerful workflows for participants across the entire design spectrum. Chaos is now the largest global 3D visualization company with more than 700 employees worldwide.

The sellers have been supported by legal advisor Eloy Gomez Paulada and the accounting and tax advisor Studio Dorighelli, with Emiliano Dorighelli.

 
 

Italy’s “Golden Power”: new protectionism of legitimate protection? The article by Filippo Mazza for Global Competition Review

On Global Competition Review, an article by Filippo Mazza about the use of “golden power” by the Italian government in the current historical period.
Italy seems to be experiencing an unprecedented wave of national protectionism to curtail foreign investments by means of the Golden Power Legislation, which came into force in 2012 and allows the government to limit or stop investments involving strategic assets in defence and critical infrastructure sectors.
Despite being operational for more than a decade, the legislation has significantly expanded its scope in recent times, following the Covid-19 pandemic and the Russian invasion of Ukraine.
While Italy is steadily recovering from the covid-19 pandemic and is currently the leading EU country in terms of GDP growth, foreign investors are expressing concerns over unprecedented government control. The Italian government is using in fact this legislation to more effectively protect Italian strategic assets from potentially hostile actors during a period of significant geopolitical challenges.
The full in-depth analysis of the procedures and areas of application of the golden power, as well as key interventions by the Italian government, is available to subscribers here.

“Energy, more clarity needed for the transition” – Tiziana Fiorella interviewed by Italia Oggi

Starting from the second half of 2020, due to the pandemic, climate change and the energy crisis caused by the Ukrainian war, the energy sector, especially renewable energy, has acquired a leading position in the Italian legislative landscape.

An important input can certainly be ascribed to the opportunities provided by the Italian National Recovery and Resilience Plan (PNRR), which, in dedicating a significant chapter to Energy, mandated the implementation of several reforms aimed at harmonizing and simplifying the authorization procedures for the construction of energy production plants.

Our Tiziana Fiorella, interviewed by ItaliaOggi on the topic of Energy, PNRR, and the green transition, commented: “[…] Despite the declared intention of simplification, the rapid succession of numerous decrees (Simplifications, Aid, Energy, Bills, PNRR), through which the regulatory framework for renewable energy has been modified and supplemented, has resulted in fragmented legislative interventions that are not always consistent, often difficult to understand, and challenging to apply for operators. The current regulatory framework, far from achieving actual simplification, appears to have become considerably more complex due to the lack of an organic and coordinated body of regulations. We hope that in the near future, the legislator will intervene once again, standardizing the applicable laws in the Energy sector in order to facilitate operators in entrepreneurial initiatives that require clear, unambiguous, and certain rules they can rely on.”

The full focus is available here

Ughi e Nunziante with Zeus Packaging Group in the acquisition of Cima Paper

Ughi e Nunziante – Studio Legale assisted Zeus Packaging Group, a leading global packaging solutions company based in Ireland, in the acquisition of a 70% stake in Cima Paper S.p.A., a company specializing in the paper and cardboard sector.

With the acquisition, Zeus will strengthen its production capacity, optimize existing Italian operations and expand Cima’s reach throughout Europe.

Ughi e Nunziante, with a team led by partner Giuseppe Coco, along with associates Riccardo Maraga for labour profiles and Giuseppe Nasello for corporate profiles, assisted Zeus in all aspects related to due diligence, SPA negotiation, and post-closing relationships with the sellers.

The sellers were assisted by lawyers Matteo Frigerio and Francesco Arlati.

Ughi e Nunziante with PM & Partners in the acquisition of the majority stake of Italtergi

Ughi e Nunziante assisted PM & Partners Sgr, management company of the PM & Partners III fund, in acquiring the majority shareholding of Italtergi, a European leading company in the design and production of complete wiping systems, primarily for off-highway vehicles and other special applications.
Ughi e Nunziante’s team was composed of Partner Amon Airoldi and Associate Deniz Kivage for corporate law profiles as well as Partner Gianluigi Pugliese and Associate Anna Vanni for financing aspects.

Read more about the transaction and all the advisors involved.

Ughi e Nunziante in Italiana Assicurazioni’s acquisition of majority stake in insurtech Plurima Servizi Assicurativi

Italiana Assicurazioni, a Reale Group company, has completed the acquisition of 78% of the share capital of the digital broker Plurima Servizi Assicurativi SRL, innovative startup participated by Digital Magics and CDP Venture Capital, which are thus exiting the investment three years after entry.

Plurima is a startup founded in 2017 in Palermo, Italy. Operating since 2019, it manages and distributes insurance products through a platform meant for intermediaries to simplify bureaucratic procedures offering a wider range of insurance products.

Ughi e Nunziante – Studio Legale assisted the selling parties with Partner Giuseppe Coco and Associate Giuseppe Nasello.

The buyer (Italiana Assicurazioni) was assisted by Studio Legale Pavesio e Associati with Negri-Clementi, with a team composed of Partner Marco Tessera Chiesa and Associate Carolina Ceretti, for corporate law aspects, in coordination with Partner Vittorio Torazzi and Associate Stefano Resta, for labour law profiles.

E*finance consulting Reply with Partners Antonio Orlando and Matteo Vergani acted as advisor for business model and technology aspects.

Ughi e Nunziante with D’Amico in the reverse stock split operation for all the company’s shares

Rome, 26 June 2023 – Ughi e Nunziante – Studio Legale assisted d’Amico International Shipping S.A., a d’Amico Group company operating in the product tankers sector and listed on the Milan Stock Exchange since 2007, in the operation of reverse stock split of the company’s shares in the ratio of one to ten, as well as for the authorization to the board of directors to the capital increase and in the launch of a new share buyback program.

Following the reverse stock split, the company’s share capital amounts to USD 62,053,278.45, divided into 124,106,556 shares with no par value.

Ughi e Nunziante, with a team led by Partner Giuseppe de Falco and Associates Ledia RexhoAlessandro Corbò and Erika Forino, assisted the company for all Italian law profiles.

Luxembourg law profiles were handled by the Luxembourg firm Linklaters.

Investment attraction, yes to anti-bureaucracy regulations – Andrea Marega among professionals interviewed by Italia Oggi

The Italian Government is increasingly determined to attract new foreign investment: as early as the Draghi government, a strategic foreign investors fund had been set up.

Our Andrea Marega, among the professionals interviewed by ItaliaOggi, commented on the de-bureaucratization measures drawn by the Meloni government and, in particular, on the one that gives the Ministry of Enterprise and Made in Italy the exercise of substitutive powers in cases of inertia of central administrations in procedures related to investments of at least 25 million euros with significant employment spin-offs: “[. …] The novelties introduced by the so-called “Decreto Aiuti” (Aid Decree) thus aim to unblock projects, construction sites, incentive measures or facilities that fail completion because stuck in the quicksand of bureaucracy.

However valuable the measures are, they suffer, among others, the limitation of the applicability of substitutive powers only to central administrations. The Regions, which (in Italy) are the expression of primary legislative power, but at the same time of local interests, often slow down and stop projects that are crucial for the production system. This is also due to the complex allocation of legislative power between State and Regions in terms of subject matter as drawn up by Title V of the Constitution […].”

The full focus is available here

AI, corporate secrets at risk: how to prevent data leaks

On Agenda Digitale, an article by Daniela De Pasquale and Massimiliano Pappalardo on the new threat of AI: data leaks, i.e. the loss of confidential data and information.

Generative Artificial Intelligence (AI) has hit our lives like a meteor, bringing an incredible range of new features and tools but also risks that are far from negligible: after the danger of copyright infringement, the manipulative potential of deepfakes, and the fallibility of ChatGPT output, now the news events of the last few weeks tell us about important data leaks, a further consequence of the systemic vulnerabilities of AIs.

But how can we avoid them? And what tools can we use to protect our personal data?

The full article is available here