Italy Compliance Programs Related to Criminal Liabilities of Companies and Financial Crimes

Orrick’s Italy offices provide clients with the deepest experience and knowledge accrued in Italy relating to the implementation of Legislative Decree no. 231/01, which introduced into the Italian legal system the direct liability of corporate entities for crimes committed by directors, executives and their subordinates.

In this field, the main activity of our law firm lies in drawing up compliance programs in coordination with corporate management, in order to prevent potential sanctions deriving from specific crimes identified in the Decree itself (including crimes against the Government Public Administration, corporate crimes/white collar crimes, crimes of terrorism and subversion of democracy, and crimes against human rights) committed by directors, executives and their subordinates.

The extent of the direct liability of corporate entities has been expanded by the legislature to add several crimes, including:

• Crimes against the Public Administration
• Corporate crimes
• Crimes or administrative liabilities for insider dealing and market manipulation, included with the adoption of the Directive 2003/6/CE on market abuse by means of Law no. 62, dated April 18, 2005
• Crimes of manslaughter and negligent serious personal injuries committed by violation of health and safety legislation, implemented by the adoption of Legislative Decree 81/08
• Dealing in stolen goods and money laundering at national and international level. It is a piece of legislation adopted to implement Directive 2005/60/CE and Directive 2006/70/CE, which introduce the administrative liabilities of corporate entities also for these crimes
• Cyber-crimes introduced by Law no. 48, dated March 18, 2008, which implemented the Council of Europe Convention on Cyber-crime, undersigned in Budapest on November 23, 2001, and which introduces several criminal law rules to define and restrain cyber-crimes
• Criminal conspiracy introduced by Law no. 2, dated July 15, 2009
• Crimes against industry and commerce introduced by Law no. 99, dated July 23, 2009
• Intellectual property crimes introduced by Law no. 99, dated July 23, 2009

In response to the introduction of the above mentioned rules, Orrick lawyers have assisted several companies, some of which are listed in Italy or abroad, in drawing up compliance programs to prevent companies from potential sanctions. The adoption of a compliance program is considered by the Legislative Decree no. 231/01 as an exemption from the sanctions (pecuniary and prohibitory penalties).