A CONCRETE REFUND OPPORTUNITY FOR ITALIAN EXPORTING COMPANIES

🔴 Live WEBINAR on Zoom

Online Event — Access link sent upon registration

Why Attend

Following the ruling by the Supreme Court of the United States, which declared the additional tariffs introduced by the US Administration under the International Emergency Economic Powers Act (IEEPA) unlawful, the US Department of the Treasury has launched a massive refund program for the amounts improperly collected.

To date, the US government has already refunded over $100 billion to the exporting companies involved, out of a total potential estimated at over $166 billion. This opens a strategic and time-limited window for Italian companies that have borne the impact of these tariffs over the last twelve months.

However, the recovery process initiated by U.S. Customs and Border Protection (CBP) is subject to strict phases and highly stringent administrative and legal deadlines: from verifying the status of customs entries (liquidated vs. unliquidated), to mapping deadlines for Post Summary Corrections and formal protests, to rigorous documentation requirements — currently, around 40% of initial applications worldwide have been rejected due to formal errors or lack of evidence regarding Importer of Record traceability.

GLI SPEAKER

• Francesco Sciaudone Global Managing Partner, GA-Alliance 
• Eduardo Savarese Of Counsel, GA-Alliance 
• Marcelo Lopes Partner, GA-Alliance
• Pedro Drummond Partner, GA-Alliance
• Vicky Phillips Partner, GA-Alliance

The Contribution of GA-Alliance

Aware of the technical complexity of this operation, GA-Alliance has set up a dedicated task force, in collaboration with international partner Pedro Drummond and his teams based in Miami, Orlando, and Boston, to assist Italian companies throughout the recovery process: from the audit and quantification of recoverable amounts, to document preparation, up to submitting applications to US customs authorities.

During the webinar, our international experts will outline the strategic implications and procedural requirements of this initiative, providing actionable operational guidance to verify the eligibility of your commercial operations.

ONLINE WEBINAR

CAPITALI PER ECCELLERE

La nuova architettura finanziaria per le PMI e le imprese familiari

Workshop di GA-Alliance 

Napoli, Giovedì 25 giugno alle ore 15:30

GA-Alliance a Palazzo Donn'Anna in via Posillipo 9 

RSVP 

La capacità di un’impresa di evolversi e competere su scala internazionale dipende sempre più dalla sua abilità nel superare i modelli di finanziamento tradizionali e dalla capacità di implementare strategie che abbiano un impatto sulla crescita. Per le imprese familiari e le PMI innovative, l’apertura al mercato dei capitali non rappresenta solo un’opportunità di raccolta fondi, ma un passaggio cruciale per l’esecuzione della strategia, istituzionalizzare la governance e accelerare i processi di crescita. GA-Alliance, EnVent Group, e TEHA Group hanno il piacere di accogliervi nella bellissima cornice di Palazzo Donn’Anna a Napoli per un momento di approfondimento dedicato alle strategie concrete per il rafforzamento del patrimonio aziendale. 

La tavola rotonda partirà dalle implicazioni per l’attuale scenario di forte volatilità , focalizzandosi sulle dinamiche che guidano lo sviluppo delle eccellenze produttive. Spazio sarà dedicato anche alla rivoluzione normativa introdotta dal nuovo TUF e dal Listing Act e dal Fondo Nazionale Strategico Indiretto-FNSI, strumenti pensati per sviluppare l’attrattività dei mercati dei capitali come fattore di crescita per le imprese facilitando l'accesso alla quotazione e la riduzione di oneri burocratici.

L'incontro vuole essere una opportunità di dibattito operativo sulle soluzioni di capitale più avanzate, le strategie e la governance, esplorando l'efficacia degli strumenti disponibili. Attraverso le testimonianze dirette di imprenditori che hanno già intrapreso questo percorso, verranno illustrate le applicazioni in azienda ai fini della continuità e la competitività del tessuto imprenditoriale italiano nel mercato globale. 

TAVOLA ROTONDA

• Francesco Sciaudone, Managing Partner, GA-Alliance
• Giulio Centemero, Presidente, Capogruppo Lega Commissione Finanze, Camera dei Deputati e Assemblea Parlamentare Mediterraneo
• Gabriella Colucci, Presidente e CEO, Arterra Bioscience SpA
• Paolo Daviddi, Partner, GA-Alliance
• Francesco De Astis, Asset Manager, Eurizon Capital
• Andrea Faraggiana, Direttore Generale e Managing Partner, SMART Capital
• Franco Gaudenti, Amministratore Delegato, EnVent Italia SIM SpA ed EnVent Capital Markets Ltd
• Barbara Lunghi, Head of Primary Markets, Borsa Italiana-Euronext Group
• Francesco Minotti, Vice presidente, Luigi Luzzatti Società Consortile pa
• Mario Mustilli, Professore ordinario di Finanza Aziendale, UniCampania Luigi Vanvitelli; Founder, Studi Finanziari Srl
• Rosario Pingaro, Amministratore Delegato, Convergenze SpA
• Daniel John Winteler, Executive Chairman, TEHA Group
• Moderatore: Mariarosaria Marchesano, Giornalista Finanziaria, Il Foglio
  

LOGISTICA

• Data: 25 giugno 2026
• Orario:
  • 15:30 Registrazione
  • 16:00 Inizio Lavori
  • 19:00 Conclusione e light cocktail
• Luogo: GA-Alliance - Palazzo Donn’Anna, Via Posillipo 9, Napoli

EU-MERCOSUR: STRATEGIC OPPORTUNITIES AND PRACTICAL
IMPLICATIONS FOR ITALIAN BUSINESSES
Key takeaways from the DG TRADE Italian Edition discussion – 26 May 2026

INDEX

• Executive Summary
• Market Access, Competitiveness and Regulatory Simplification
• Sector-Specific Implications and Strategic Considerations for Italy
• Conclusions

Executive Summary

The DG TRADE Italian Edition discussion on 26 May 2026 provided a practical overview of what the EU-Mercosur Agreement could mean for Italian businesses, placing the debate within a broader geopolitical and commercial context. The discussion made clear that the agreement is being framed not only as a trade instrument, but also as a strategic response to Europe’s declining competitive position in parts of Latin America, particularly in comparison with China’s growing economic footprint in the region.

A central message from the speakers was that the agreement would create opportunities for European exporters by reducing both tariffs and administrative barriers, while preserving EU regulatory standards. For Italian businesses, this could translate into stronger market access, improved protection for geographical indications, and a more predictable commercial environment in sectors where Italy has established strengths. At the same time, concerns around sensitive agricultural imports were directly addressed, with assurances that EU food safety requirements and market safeguard mechanisms remain fully in place.

Market Access, Competitiveness and Regulatory Simplification

Much of the discussion focused on the practical implications of the agreement for European companies seeking to expand in Mercosur markets. Speakers emphasized that the commercial value of the agreement goes well beyond tariff reductions. A major advantage lies in the reduction of non-tariff barriers that often make exporting costly and slow, including duplicative technical checks, burdensome certification procedures, and import authorization processes that create uncertainty for businesses.

The agreement was also presented as a strategic tool to strengthen Europe’s competitive position in Latin America at a time when Chinese firms have become increasingly embedded in the region. According to the speakers, European businesses currently face a structural disadvantage in markets such as Brazil and Argentina, where China has consolidated its presence while European market share has weakened. Because China does not currently benefit from an equivalent trade arrangement with Mercosur, the agreement could improve the relative position of European exporters, particularly in sectors such as automotive manufacturing, fashion, wine, and industrial goods where Italian companies are especially active.

Sector-Specific Implications and Strategic Considerations for Italy

A more technical part of the discussion focused on rules of origin, which will determine whether products qualify for preferential tariff treatment. Speakers acknowledged that these requirements can be complex and differ significantly depending on the sector, especially where supply chains rely on components sourced globally. This means that businesses will need to assess carefully whether their products can effectively benefit from the agreement in practice.
For Italy, the agreement was presented as especially relevant for industries that rely on quality, brand value, and product authenticity. The protection of geographical indications was highlighted as a concrete gain, with products such as Parmigiano Reggiano expected to benefit from stronger recognition and protection in Mercosur markets. Agricultural sensitivities were also openly discussed, particularly concerning beef imports, with the Commission underlining that monitoring tools and safeguard measures are intended to mitigate risks for vulnerable European sectors. The discussion also briefly addressed Mercosur’s evolving political composition, including Bolivia’s prospective accession and Venezuela’s continued suspension, both of which may shape future developments.

Conclusions

The discussion framed the EU-Mercosur Agreement as a strategic attempt to combine economic opportunity with geopolitical positioning, offering new openings for European businesses while seeking to preserve the regulatory safeguards and market protections that remain central to the EU’s trade approach:

• • The EU-Mercosur Agreement is being positioned as both a commercial opportunity and a strategic instrument to strengthen Europe’s presence in Latin America.

• • For Italian businesses, the most immediate potential benefits lie in improved market access, reduced administrative barriers, and stronger protection for high-value branded products.

• • Real commercial gains will depend on companies’ ability to navigate technical implementation issues, particularly rules of origin and product-specific compliance requirements.

• • While sensitivities remain in agriculture, the Commission’s message was that regulatory protections and monitoring mechanisms are designed to ensure that market opening does not come at the expense of EU standards or vulnerable sectors.

Press release

GA-Alliance lands in Pakistan: strategic partnership signed with Axis Law Chambers

MILAN – 29 January 2026

GA-Alliance, a global legal and tax firm with more than 2,600 professionals in 80 countries, announces its entry into the Pakistani market. The strategic partnership with Axis Law Chambers, a leading full‑service law firm in the region, marks a further expansion of GA‑Alliance’s network, which today covers geographies that generate nearly 90% of global GDP.

The agreement strengthens GA‑Alliance’s commitment to its “one‑stop‑shop” strategy. By integrating local expertise with the highest global standards, the Alliance offers clients a single, efficient access point for all legal and tax needs. This model removes the complexities of managing multiple advisers across different jurisdictions, delivering a coordinated and seamless experience that prioritizes clarity and business growth.

Axis Law Chambers brings to the Alliance a reputation for excellence, particularly in high‑value cross‑border mandates and advice on complex regulatory matters. Regularly listed by Chambers and Partners and The Legal 500, Axis Law stands out for its transactional work in corporate matters, mergers and acquisitions (M&A), employment law, intellectual property, foreign investment, public‑private partnerships, corporate governance, antitrust, tax, data protection and sectoral compliance. The firm advises clients in key industries such as energy, oil & gas, mining, healthcare, telecommunications, automotive, financial services, defense, retail, manufacturing, agriculture, media, IT, logistics, real estate and non‑profit organizations.

Axis Law also boasts one of Pakistan’s most authoritative dispute resolution practices, including litigation and international arbitration, with solid experience in proceedings before ICSID (International Centre for Settlement of Investment Disputes, based in Washington, D.C., and part of the World Bank), ICC (International Chamber of Commerce, based in Paris) and LCIA (London Court of International Arbitration, based in London). This depth of expertise ensures GA‑Alliance clients receive top‑level support in the world’s fifth most populous country, one of the most dynamic economies in Asia.

Francesco Sciaudone, Managing Partner of GA‑Alliance, emphasized the strategic importance of the operation: “Our entry into Pakistan through the partnership with Axis Law Chambers is another step that strengthens our global growth path. At GA‑Alliance, the goal is to simplify complexity for our clients. By extending our ‘one‑stop‑shop’ model to an outstanding Pakistani firm, we are increasingly able to offer our clients the ability to operate with confidence in a very large number of markets worldwide. We are not only expanding our geographic presence; we are enhancing a sophisticated ecosystem where international best practices and precision meet local market leadership to meet clients’ needs in a simple, direct and highly efficient way.”

About GA‑Alliance

With more than 2,600 professionals in 80 countries, GA‑Alliance is a global legal and tax firm with deep European roots, combining a strong legal tradition with a broad international presence. Founded on principles of excellence and innovation, GA‑Alliance offers integrated, multidisciplinary expertise and positions itself as a strategic partner to promote sustainable growth in an ever‑evolving regulatory environment.

About Axis Law Chambers

Axis Law Chambers is a leading Pakistani law firm recognized for excellence in corporate and transactional advice and in resolving commercial disputes. With a team of over 30 professionals and seven partners, the firm assists national and multinational clients in high‑impact transactions, regulatory compliance and complex dispute resolution matters, including international arbitrations.

Corporate/M&A

Disclosing duties

Bolivia has regulations to transparently disclose information and identify the holders of bearer shares. Official Gazette, April 5th, 2023. - With the purpose of disclosing information transparently and identifying the holders of bearer shares, this Supreme Decree aims at requiring commercial companies with bearer shares to submit information to the Authority for Business Supervision - AEMP. The companies must report current and future shareholders through an affidavit by the company’s legal representative. Non-compliance may result in fines and other legal actions.
Commercial Registry Before April 1st, 2022, the commercial service registry was carried out in Bolivia by the Foundation
for Business Development. The latter has been replaced by the Plurinational Service of Commercial Registry or Seprec. However, registration for merger operations were enabled in the Seprec only after January 16th, 2023, while the registration for spin-offs is still suspended until further notice.

Tax

Gold Law

Law No. 1503 of May 5th, 2023, authorized the Bolivian Central Bank to purchase gold in the domestic market to strengthen the international reserves. The law provides tax exemptions, including Value Added Tax (VAT), for gold transactions.

Civil Law

Royal Decree-Law 5/2023 of 28 June modifies the civil cassation appeal, as well as other procedural rules. It came into force at the end of July this year, although the law provides for a transitional regime. Among other measures, the law includes a new regulation of the civil cassation appeal, including that provided for in the Draft Law on Procedural Efficiency Measures for the PublicJustice Service, and other amendments to the Civil Procedure Act.

Structure of the new cassation appeal

Art 477.1: Judgments subjects to appeal in cassation:

• Judgments that put an end to the second instance issued by the provincial courts.
• Decisions and sentences handed down on appeal in proceedings on the recognition and enforcement of foreign judgments, when the right to appeal is recognized in the corresponding treaty, convention or regulation of the European Union.
  
  Art 477.2 Requirements:
• To have an interest on the case.
• Civil judicial protection of fundamental rights.
  
  The possibility of accessing the cassation appeal if the amount of the case was greater than €600,000 is eliminated.
  Who will decide on the appeal? It will correspond to the First Section of the Supreme Court. This is unless the appeals are against decisions of the civil courts seated in the Autonomous Community.
  
  Procedure:
  It shall be brought before the court which delivered the decision within 20 days. The court that receives it decides whether or not to accept the appeal.
  
• If it accepts it, the appeal is deemed to have been lodged.
• If the requirements are not met, an order dismissing the appeal is issued.
  Novelty in the procedure: The parties will not participate in the admissibility or inadmissibility part of the appeal.

Format:

• An appeal shall be divided into grounds of appeal.
  o Different offences may not be combined in the same different offences may not be joined in the same ground of appeal.
• Each ground of appeal shall begin with a heading, which shall contain the precise wording of the rule infringed and a summary of the infringement committed rule infringed and a summary of the infringement committed.
  o The grounds of each plea shall be set out in the grounds of appeal, without departing from the essential content of the heading.
• The maximum length of the appeal shall not exceed 25 pages.

Bankruptcy law

Barcelona Commercial Court no. 2 has issued judgment no. 26/2023, approving the CELSA Group’s Restructuring Plan. This is a highly relevant judgement, as it discusses the conflict of interests arising from the control of the Group between the shareholders and the financial creditors, most of whom are investment funds dedicated to the purchase of debt assets.

The restructuring plan has gone through several stages, building relevant doctrine on the new dynamics of pre-bankruptcy restructuring after the reform approved by Law 16/2022 of 5 September. The judicial approval of the Restructuring Plan extends its effects to the dissident classes of creditors, on the understanding that the legal conditions for this are given:

• The amount of the debt is much higher than the value of the company.
• With the creditors' proposal, the viability of the Celsa Group is assured, qualifying it as the only viable alternative in the medium term.

This result has been made possible following the reform of the TRLC to transpose Directive 2019/1023 on restructuring and insolvency. The new regime, which replaces the old refinancing agreements and out-of-court payment agreements with Restructuring Plans, is designed to enable companies to anticipate an insolvency situation and restructure their debt with creditors. Among the measures, the Spanish legislator has given legal status to the possible imposition of a debt-toequity conversion despite the opposition of the shareholders of the company concerned.

The judgment contains certain aspects that will be useful for the future elaboration of Restructuring Plans:

• The judge uses the term “joint and several” to refer to the sacrifice made by all classes of creditors.
• For the judge, it is perfectly lawful for market operators to take investment decisions based on interests other than those of the company's good purpose, although in this case those interests coincided with those of maintaining the viability and solvency of the group, since the alternative would lead CELSA into insolvency.
• The Restructuring Plan can go ahead without the approval of the shareholders. In this ruling, it is argued that the new wording of the TRLC deliberately leaves the debtor and the shareholder on the sidelines: through a teleological interpretation of articles 627 et seq. of the TRLC, the speed of the procedure and the best interests of the company, the shareholders and the market must take precedence. The shareholders will tend to hinder
  the application of a Plan that could alter their representation in the share capital, as is the case here. For this reason, the Judge recalls that the interests of the company's viability outweigh those of the shareholders.
• The importance of accompanying the Restructuring Plan with a financial report on the valuation of the company is highlighted because if the debt exceeds the value of the capital, the TRLC allows creditors to keep the company, leaving the shareholders out of the money.

Corporate Law

The new regulation, published in the Official State Gazette (BOE hereinafter) on July 12 and which entered into force on September 19th, creates the registry, which will be electronic, central, and unique throughout the national territory. The Central Registry of Real Estate Titles (hereinafter, “RCTIR”) is created, and its operating regulations are approved.

In the first place, the beneficial owner is understood to be:

• Natural person or persons who directly or indirectly control more than 25% of the capital or voting rights of a company.
• In the absence of such beneficial owner, such control is deemed to be exercised by the director(s).

A series of additional information requirements are established, thus increasing certain data that must be shared with the administration, specifically the e-mail address of all those considered to be beneficial owners.

Objectives:

Its objective is to collect and publicize information on beneficial ownership of all Spanish legal persons and non-legal entities or structures (such as trusts) that have the seat of their effective management or their main activity in Spain, or that are managed or administered by natural or legal persons resident or established in Spain or that, not being managed or administered from Spain or another European Union (EU) State, nor registered by another EU State, intend to establish business relations, carry out occasional operations or acquire real estate in Spain.

Information to be included in the register:

Name, surname, date of birth, identification document (Passport or DNI), country of issue of the identification document, country of residence, nationality, criteria that consider that person as the real owner and e-mail.

Penalties:

The sanction in case of non-compliance will be the closure of the registration sheet and financial penalties are foreseen which have not yet been determined.