Marco Penna
Lawyer biography
Expertise:
Marco Penna has extensive experience regarding financial markets, with particular focus on investment services, securities offerings and off-site offerings. He regularly assists clients in relation to banking law, including regulatory capital and financial intermediaries incorporated under Article 106 of the Italian Banking Act. He has drafted agreements in relation to collective investment schemes, including UCITS and alternative investment funds, with specific reference to relevant shareholdings, shareholders activism and corporate governance. He has been involved in the incorporation of Italian asset management companies and collective investment schemes. He has provided assistance in relation to the regulatory profiles of banking, insurance and asset management M&A transactions. Marco Penna is mentioned in Legal 500 as “next generation lawyer”.
Professional Experience:
2018: Partner, Legance – Avvocati Associati, Milan, Italy
2016 – 2018 : Senior Counsel, Legance – Avvocati Associati, Milan, Italy
2011 – 2015 : Counsel, Legance – Avvocati Associati, Milan, Italy
2008 – 2010: Managing Associate, Linklaters, Milan, Italy
2002 – 2007: Associate, Studio Legale, Loiacono e Associati, Milan, Italy
2001 – 2002: Assistant Professor, Italian Civil Procedure, Università degli Studi di Ferrara, Italy
Education:
2005: Admitted to the Bar. Member of the Milan Bar
2001: Law Degree, maxima cum laude, Università degli Studi di Ferrara, Italy
Publications:
He is the author of articles published in Italian legal reviews and has been speaker in different occasion at masters or other. Among the others:
• Chapter “Italy” in Getting the Deal Through – Risk and Compliance, 2017;
• “Alcune tipologie particolari di contratti di outsourcing”, on (edited by) Paolo Pototschnig, Gabriele Capecchi, Appalti privati e Outsourcing, Wolters Kluwer, Milanofiori Assago (MI) 2016;
• “Diritto degli intermediari e dei mercati finanziari”, Sfameni – Giannelli, Egea, Milan, 2015;
• “MiFID II e regolamentazione dei mercati: continuità e innovazione”, Diritto 24, 29 March 2012.
Updates
Banking & Financial Services
Public consultation on techno-finance sandbox launched
Italy | 21 February 2020The Ministry of Economy and Finance recently launched a public consultation process on a draft decree setting out the rules for a fintech sector regulatory sandbox. The draft decree aims to promote technological innovation by allowing fintech companies to test new IT services and products in the financial, credit and insurance sectors under the supervision of the competent authorities for a limited period.
Brexit decree-law comes into force
Italy | 19 April 2019The government recently issued Decree-Law 22/2019, which is aimed at ensuring the security, financial stability and integrity of financial markets in the event of a so-called 'hard Brexit'. Under the decree-law, UK banks that carry out activities subject to mutual recognition on the United Kingdom's withdrawal date can continue carrying out their activities in Italy by serving notice to the Bank of Italy. Further, Italian branches of UK banks may continue to carry out their activities by serving notice to the Bank of Italy.
New banking regulation: temporary measures in event of hard Brexit
Italy | 22 March 2019The Ministry of Economy and Finance recently published a press release announcing the measures which the Italian government, in close consultation with the regulatory authorities and following discussions with trade associations, intends to take in order to avoid a hard Brexit having a cliff-edge effect on financial activities. During the transitional period provided by the temporary measures, banking intermediaries will be able to continue to operate according to existing laws and regulations.
Bank of Italy consultation on MiFID II and MiFIR provisions
Italy | 09 October 2018The Bank of Italy recently opened a public consultation on certain regulatory provisions to be enacted in order to bring forward the implementation of the EU Markets in Financial Instruments Directive and the EU Markets in Financial Instruments Regulation. The proposed provisions aim to supplement the Italian legal framework regarding the organisational duties of regulated intermediaries that provide investment services and activities, including banks.
Remuneration policies in banking sector: public consultation on recommended changes
Italy | 20 April 2018The Bank of Italy recently commenced a public consultation on the proposed amendments to Regulation 285/2013 on remuneration policies in the banking sector, the main aim of which is to align the regulation with the European Banking Authority Guidelines of December 2015 and ensure compliance with Articles 74(3) and 75(2) of the EU Capital Requirements Directive. The consultation will end on May 14 2018.
