Press Review
By Stefano Loconte
Everybody knows the worldwide relevance of Italy’s mark of quality as much as the importance and the prestige of Halal certification.
In the common opinion, ‘Made in Italy’ means beautiful and well produced, and is recognized as a trademark itself.
At the same time, the Halal market has gained recognition globally not only in Muslim countries but also in Muslim minority countries, including Italy. Furthermore, the category of ‘Halal’ is nowadays not only for foodstuff s and beverages but also for fi nance, insurance, cosmetics and medicines.
This represents a unique opportunity for Italian companies and firms to expand their markets to Muslim communities in the Mediterranean area and the Middle East and strengthen their business. But all that glitters is not gold.
The acceptability of Halal certification by an Italian company depends on many different factors, which we have analysed in this article, first published in Islamic Finance news Volume 17 Issue 38 dated the 23rd September 2020.
Download and read the full article as PDF at this link (Download)
By Stefano Loconte, Angela Cordasco e Beatrice Molteni
Stefano Loconte, Angela Cordasco and Beatrice Molteni from Loconte&Partners authored the Italian chapter of the very prestigious Chambers Private Wealth 2020 Guide. ⠀
The contribution covers many interesting topics related to the Private Wealth area, such as the new attractive tax regimes, the trust regulation in Italy, estate law and family business planning.⠀
Once again, Loconte&Partners wealth management team’s has been chosen for its expertise in assisting HNWI.⠀
Read and download the full issue here (Download)
By Stefano Loconte
Read the contribution of our founder Stefano Loconte, published in Islamic Finance news Volume 17 Issue 33 dated the 19th August 2020, about the new sustainable and environmentally friendly investments (ESG) Italian Baks are rapidly embracing.
“Environmental, social and governance (ESG) factors are rapidly arising in investors’ awareness worldwide and expected to grow in the Islamic finance industry due to a strong link between the two.
Such sustainable notions also exist in Islamic finance and the size is reportedly substantial. For example, Waqf, which is a donation of an asset or cash for religious or charitable purposes with no intention of reclaim, is construed as a type of socially responsible financing. Therefore, it is possible to imagine the thin alignment between the Islamic finance industry and these sustainable factors
Sustainability, equality and a clean environmental record are the essential factors of financial performance and savvy investors are starting to embrace them.
In such a scenario, sustainable investment funds are confirming their efficiency in managing underlying risks and delivering more resilient returns because they support and finance companies that are preserving the wellbeing of the planet and the community.”
Read the full Issue at this link
or download the PDF version here (Download)
By Stefano Loconte
Our Managing Partner has analysed special requirements to establish an Islamic bank in Italy on this article which was first published in Islamic Finance news Volume 17 Issue 30 dated the 29th July 2020
“The possibility of opening an Islamic bank in Italy can be a reality but it requires respecting binding rules and specific procedures.
In fact, institutions that could offer Shariah compliant financial products and services could collaborate with Islamic banks or branches of an Islamic bank established in another European or extra-EU country. In any case, each type of Islamic financial institution needs a Shariah board, or Shariah supervisory board (SSB), that sits at the top of the company’s governing structure”
Read the full article here online on IFN News
Otherwise you can download a PDF of the single page with the article, here as follow (Download)
By Stefano Loconte for IFN Islamic Finance News Volume 17 Issue 26 (1st July 2020)
“It is remarkable that the Italian legal framework does not forbid but at the same time does not even expressly authorize these operations. The main reason why these operations are not performed in Italy is due to the fiscal costs. In fact, these financial operations are subject to double taxation compared to the traditional ones. The costs incurred will not be, economically speaking, sustainable for the banks. At this point, it seems necessary for the introduction of a specific framework to balance the Islamic finance model with the traditional models, in line with what has has already been done in other European member states”
Read the full contribution of our founder Stefano Loconte, published in Islamic Finance news Volume 17 Issue 26 dated the 1st July 2020, about the possibility and the difficulties of creating the “Islamic windows” in Italy.
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You can also download the single PDF page at this link (Download)
By Elisa Carollo
ARE YOU READY FOR ART BASEL (ONLINE)?
In this article by our Art Advisor Elisa Carollo on ART SHE SAYS a short overview and a selection in “pink” from the preview days, to help you navigate the + 4.000 works and 282 galleries included in this year art fair online.
Enjoy!
“After its postponement, we were waiting for Art Basel in IRL (in real life) in September, and all top collectors and dealers had already booked their usual room at the Le Trois Rois.
However, between podcasts and webinars where the art world discussed if and how it will survive and whether collectors are now familiar with buying online, eventually Art Basel was forced to cancel this year’s edition and postpone its 50-years celebration hopefully under Miami palms, once these “challenging times” are over.
So Art Basel (Basel) opened once again only as a virtual fair, starting yesterday with 2 days of VIP previews preceded by a “virtual welcome reception” on Zoom with the directors Marc Spiegler, Noah Horowitz and Adeline Ooi.
No champagne, physical human contact, or networking, but the art fair added new features on its platform, making it much easier to navigate, including interactive content such as videos of art or artists explaining their works, providing framework to the 4000+ artworks to browse through, otherwise art dealers and collectors would be at an endless scroll.
Still, as the director Marc Spiegler said to the Financial Times, this “Amazon art world sounds more like hell than heaven. It is a world with no power to move our souls,” and he hopes to come back soon in welcoming physical visitors to the
You can read the full article at this LINK
LOCONTE& PARTNERS FOR IFN ISLAMIC FINANCE NEWS
Read the contribution of our founder Stefano Loconte, published in Islamic Finance news Volume 17 Issue 18 dated the 6th May 2020, about the set of rules that oversee the issuance of Islamic financial products in Italy.
“The possible offer of Islamic financial products, both by Italian institutions and Islamic windows in Italy, is a real perspective that has to be taken into consideration in order to expand the chances for Italy to gain new investments and grant investors the diversification of their investments.”
As Alternative, you can download the single page here.
By Stefano Loconte
Our contribution on the latest Islamic Finance News 1st April 2020 (Volume 17 Issue 13, page 15)
“If we want to consider the opportunity for Italy to create an Islamic Bank, namely the possibility to constitute an Islamic bank, an Italian subsidiary of an Islamic bank or an Islamic window of an Italian bank, we firstly have to consider that the concept of ‘bank’ as designed in conventional Finance does not exist in Islamic finance. What is different is the business object of the institution and the manner it is pursued. An Italian bank usually collects deposits and grants credits and, pursuant to Article 10 of the Italian Consolidate Law on Banking, ‘banks’ are institutions which can exercise, not only banking activities, but also all those financial activities not reserved by the law to other specific intermediaries.In view of this, it is important to take into consideration the special features that an Islamic financial institution need to be Shariah compliant, but also to verify the rules a bank in Italy shall comply with to play its activities”
This article was first published in Islamic Finance news Volume 17 Issue 13 dated the 1st April 2020.
Read the full article on the latest IFN p.15: you can download the full 1st April issue as PDF online at www.islamicfinancenews.com, read the single article online here, or download as a PDF here below.
By Stefano Loconte e Angela Cordasco
The GGI Trust&Estate Planning Spring Newsletter is now online, with the editorial of our Managing Partner, Stefano Loconte, as the Global Chairperson of the GGI Trust&Estate Practice Group.
Our senior associate Angela Cordasco authored an article on the taxation of distribution from opaque foreign trusts sets up in Blacklist Countries.
The GGI TEP Spring Newsletter offers numerous contributions on specific topics written by GGI members from all over the world.
A great opportunity to share the latest updates and developments on the trust and estate planning sector!
by Avv. Prof. Stefano Loconte e Dott. Emanuele Tozzi
Our Managing partner Stefano Loconte and our senior associate Emanuele Tozzi authored the article on International Tax review – Italy special focus, about the Italy’s taxation of foreign dividends.
The article explains the key amendments to Italy’s taxation of dividends paid by foreign companies, which have come to the fore following the implementation of the EU’s Anti-Tax Avoidance Directive.
It also illustrates the interpretation of double tax treaties according to a recent judgment of the Cassation Court.
With the occasion of the 15th anniversary of the international magazine Islamic Finance News Stefano Loconte and Loconte & Partners were elected as representants for Italy. The contribution of the firm aims to show the significant impact of Islamic Finance and the related perspectives for the economic and social development of our country.
“There are more than 1.4 million Muslims in Italy – almost 3% of the Italian population – with savings for US$6 billion approximately. Thanks to its strategic geographical position, Italy represents an invaluable link between European and Islamic countries. This helps explain the reason why lots of Muslims are interested in investing and moving here.. Just a few examples: the Abu Dhabi-based fund AABAR owns 5.04% of Unicredit…Understanding Islamic culture is a chance to elaborate on new financial instruments, which can increase the number of exchanges and investment between Italy and Islamic countries, and an occasion to face new perspectives”
By Loconte&Partners
Loconte&Partners is proud to have been chosen to represent Italy for the Private Client 3rd Edition Country Comparative Guide of Legal500. Our Firm contributed to the Hot Topic chapter, explaining the development of the use of trust in Italy. The choice made by Legal500 confirms the placement of our law firm as a leader in the assistance to the HNWI.
“The institute of trust is increasingly getting used in Italy in the recent years, despite some difficulties mostly related to the fact that, as commonly known, Italy does not have a proper regulation for trusts. Indeed, the institute of trust has been recognized in Italy through the ratification of the Hague Convention of July 1st 1985 (enforced with the Law n. 364/89 and came into force since January 1, 1992). The Convention pursued the aim of harmonizing the Private International law rules, related to trusts, in order to allow civil law countries to borrow the trust instrument from foreign jurisdictions whose legislation regulates the trust instrument properly. It is therefore possible to set up trusts in Italy, thought the lack of domestic civil law rules entails the need for the tool to be regulated by the law in force in one of the Countries in which it is specifically regulated by law. This circumstance, however, does not mean that the trust qualifies as a foreign subject, neither from a civil law point of view nor for tax purposes. A wide range of different uses of the trust instrument have been developed in Italy in spite of the harmonization with the Italian civil code jurisdiction. Family trusts are the first kind of trust used, above all trusts for disabled people and trusts set up for inheritance planning and for asset protection for family needs.”
Read the Full Article on Legal500 & In-House Lawyer Hot Topic | Private Client (3rd edition) released in January 2020