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Laura Pierallini, Partner Pierallini e Associati +39 064 550 8701 l.pierallini@pierallini.it www.studiopierallini.it
The main cross border and international challenge involved in transport law is finding a solution to achieve worldwide harmonisation in terms of laws and rules on air transport. This can often prove difficult as countries from different regions are most likely to want to continue to practice under regulations that currently suit their geographic position’s agenda and do not wish get involved in international negotiations that could add to existing difficulties within the transport industry. In Italy, one of the most significant challenges interesting the European aviation law is that concerning the implementation of Functional Airspace Blocks (FABs) within Europe. The concept of FABs was developed in the first legislative Package of the Single European Sky (SES) in 2004 and further developed in the second legislative package of SES in 2009. FABs aim to reduce fragmentation stemming from different rules and operational requirements on which the air navigation service providers offer their services in each Member State’s airspace. The fragmentation at issue negatively impacts on safety, limits capacity, and adds to costs. Nine FABs are currently developing and will replace the 67 portions of airspace currently in place in Europe. Italy is involved in the FAB Blue MED initiative, which includes also Cyprus, Greece and Malta. Furthermore, on 27 January 2011, the EU Commission launched an infringement procedure against several Member States, among which Italy, concerning bilateral aviation agreements with Russia. According to the Commission, these Agreements may hinder competition, breach EU rules on freedom of establishment and provide a basis for Siberian overflight charges which may be illegal. As a consequence, Italy (as well as the other Member States involved) will likely be called upon to modify its bilateral with Russia. Pierallini e Associati is a multidisciplinary law firm based in Rome and
and Banking
Finance
Milan, having access to a worldwide network of corresponding law firms. The firm is focused on Aviation Law and has also extensive experience in providing a full range of legal services in corporate and commercial law, as well as in other areas of laws, including among others, banking, insolvency and corporate restructuring, competition, M&A, labour and employment, trademark and IP, real estate, litigation and arbitration, tax and white collar crimes. Inter alia, the transport law experience of the firm includes; aircraft financing, labour and regulatory, litigation and passengers’ claims, aircraft insurance, registration and de-registration of aircraft in Italy, assisting handling companies and airport managing companies. During the economic downturn many areas of the legal sector encountered a sharp decrease in incoming business. Some firms reinvented themselves and adapted their services to facilitate the different legal needs of their clients that came with new business. In the case of Pierallini e Associati, the firm has been able to maintain its steady workflow. The firm has adapted to these changes by using its extensive and diversified experience and its integrated practice area teams to provide expert legal advice to all of its clients. “The amount of work provided to clients by our firm has not been affected by the global economic slowdown, but in certain cases there has been a change in legal services requested in light of the economic difficulties faced”, Laura Pierallini concluded.
Francesco Del Bene, Partner Del Bene De Vitis & Associati +39 0832 458279 francesco.delbene@dbdv.it www.dbdv.it
Del Bene De Vitis & Associati is an Italian law firm with a significant background in national and international law, offering legal services in the major financial and industrial markets. The firm provides comprehensive, cost-effective, legal services to a client base comprised of large industrial companies, public entities and financial institutions, as well as small businesses and individual entrepreneurs who seek legal advice regarding business matters. According to Prof. Francesco del Bene, partner, in the field of banking and finance legal services the firm assists in the drafting of agreements underlying a wide range of transactions. These include national and international financing arrangements, syndicated loans, letters of credit, retention and performance bonds, financial guarantees, finance leases as well as corporate acquisitions, among other areas. Mr. del Bene noted: “In respect of structured and corporate finance, the firm helps clients to structure transactions entailing: the issue and placement of financial instruments and the securitisation of receivables, by taking charge of due diligence assessments and the drafting of the related offer documents and agreements as well as by liaising with the oversight authorities.” Mr. del Bene added that the Italian financial system has experienced a profound structural change in the last decades. “The Bank of Italy has pursued the intermediate objective to achieve more competition in banking,” he said, “together with a sizeable number of mergers and a start on reorganisation projects.” He went on to explain that the degree of competition within Italy’s financial
industry is now comparable to that of other advanced economies. The increasing competition has contributed to the strengthening of the capital base of Italian banks. Among the most important of the financial instruments recently introduced or used widely in Italy are ‘derivatives’, which have surpassed the traditional techniques of risk management and risk allocation both in convenience and in cost. “Even though the Italian banking system has felt the turbulence coming from foreign markets and banking systems, it has so far fared better than others during the crisis,” said Mr. del Bene. “This is thanks to: a brokerage model mainly orientated towards retail lending and funding, to relatively low debt of the private sector of the economy, to strict rules, and to the action of a careful supervision. Furthermore, the indebtedness of the private sector in Italy is lower than that noted in the other relevant countries. “However, the underlying factors are still present: the Italian banking and financial system is still relatively fragmented and marked by a low level of concentration; meanwhile, technological innovation and advances in telecommunications have only recently begun to produce their effects.” He concluded: “Regarding the macroeconomic framework, the greatest risk of a weaker-than-expected recovery stems from uncertainties in the international markets – due to fears of ‘contagion’ of the difficulties of countries with debt sustainability problems.”
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