Clifford Chance
The 'Growth Decree' is now law. New funding opportunities for non-listed companies
31 August 2012
On 7 August 2012, the Italian Parliament converted the urgent measures to implement growth in Italy set forth in Decree Law No. 83 of 22 June 2012 (the "Decree") into Law No. 134 ("Law No. 134").
Our briefing note dated June 2012 described the Decree, focusing on the increased opportunities it afforded to Italian non-listed companies to access capital debt markets, as a result of the elimination of the quantity limits for debt issues and of certain tax obstacles, and of the creation of a new type of financial instrument.
Our briefing note also described the several interpretative doubts and inconsistencies arising out of the Decree, which have in large part been clarified by Law No. 134, as hoped; however, certain issues relating to subordinated equity bonds continue to remain open.
Law No. 134 became effective as from 12 August 2012, following publication in the Gazzetta Ufficiale on 11 August 2012.
