EU-MERCOSUR: STRATEGIC OPPORTUNITIES AND PRACTICALIMPLICATIONS FOR ITALIAN BUSINESSESKey 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.

20th EU Sanctions Package against Russia and Belarus Overview

On 23 April 2026 the European Union adopted its 20th package of sanctions against Russia and, in parallel, strengthened the restrictive measures regime applicable to Belarus. More than the breadth of the measures, the package’s political and operational message is striking: the EU intends to move decisively from a logic of incremental prohibitions to a phase of intensified enforcement and closure of circumvention routes. The objective is not merely to widen the scope of restrictions but to make evasion more difficult and costly by targeting the infrastructures, intermediary networks and financial channels that have recently sustained commercial and logistical flows to Russia.

Energy, Maritime and Tanker Measures

The approach is evident from the initial measures in the energy and maritime sectors. The package introduces new listings affecting the Russian energy industry across the entire value chain, from exploration and production to refining and transport, with the aim of reducing capacity and revenues over the medium to long term. A qualitative shift is the heightened pressure on the shadow fleet ecosystem. The measures target not only vessels but a broader set of actors involved in oil and energy exports including third‑country operators, marine insurers and logistics providers, resulting in an aggregate number of 632 sanctioned vessels subject to port access bans and service prohibitions. The inclusion of a mechanism to delist units when conduct returns to compliance signals that the list is intended to be dynamic, incentivising compliance and increasing the importance of evidentiary quality and traceability of operators’ conduct.

In the same vein, the package addresses the sale of tankers by EU operators. From 24 April 2026 specific safeguards apply including enhanced due diligence and a mandatory contractual “no Russia” clause to reduce the risk that vessels sold by EU parties will, directly or indirectly, support Russian energy exports. This development shifts part of the sanctions compliance burden onto contractual arrangements: it is no longer sufficient to know the immediate buyer; sellers must demonstrate that transactions were structured with precautions adequate to prevent prohibited uses and must provide remedies, verification and response mechanisms in the event of diversion.

Financial, Crypto and Trade Measures

The financial measures reflect the same philosophy. The EU expands the prohibition on dealings with an additional group of Russian banks, bringing the total number of institutions excluded from the EU internal market to 70, subject to limited exceptions. The principal innovation is the focus on intermediaries in third countries. The package extends transaction bans to banks located in jurisdictions such as Kyrgyzstan, Laos and Azerbaijan that are considered to have facilitated the war effort or enabled evasive conduct, including through links to the Russian financial messaging system SPFS. For EU operators this means that the risk is no longer confined to Russia; it now extends to payment chains, transit banks and architectures that permit value to reach prohibited destinations via intermediate steps.

Measures on crypto assets and digital services further complicate the compliance landscape. From 24 May 2026 a sectoral ban will apply to transactions with Russian crypto asset service providers and decentralised platforms used to circumvent sanctions. Restrictions also target instruments deemed enabling of circumvention such as certain rouble‑linked crypto solutions and digital currency initiatives and extend to intermediaries facilitating international payments on behalf of Russia. Businesses must therefore recognise that sanctions compliance and AML/fintech controls are converging, requiring more robust procedures for wallets, platforms, service providers and settlement methods.

On the trade and industrial front the package applies a pincer strategy. It introduces new export prohibitions to Russia covering high‑value goods and product categories that may directly or indirectly support industrial and military capabilities. It also imposes new import bans on metals, chemicals and minerals and introduces a quota on ammonia to limit supply levels. The scope of prohibited services is expanded to include a specific ban on the provision of cybersecurity services to Russian entities and restrictions on managed security services. This evolution directly affects ICT operators, managed service providers and digital service companies delivering cross‑border services: the destination of the service and the nature of the counterparty become decisive factors even where no physical goods are transferred.

Anti‑Circumvention and Enforcement

At the core of the package is the anti‑circumvention component. For the first time the EU activates the anti‑evasion mechanism, citing the Kyrgyzstan case and the continued re‑export to Russia of EU‑origin goods including machine tools and telecommunications equipment identified as usable in the production of drones and missiles. The message is unequivocal: the EU is prepared to intervene more directly in the geographic and commercial corridors of circumvention and to expand the lists of entities deemed facilitators. This framework also encompasses an extension of the list of goods prohibited from transiting Russian territory and an expansion of the broadcasting ban to entities that replicate content of already sanctioned actors.

Legal Protection for EU Operators and Belarus Measures

Alongside strengthened prohibitions, the package introduces measures often overlooked in public debate but crucial for market participants: legal protection for EU operators. The EU aims to shield European businesses and citizens from retaliatory measures and abusive litigation by providing tools to respond to aggressive judicial initiatives and to seek compensation where wrongful decisions are enforced in third countries. The package targets beneficiaries of so‑called temporary management described as de facto expropriation of EU operators and includes restrictions related to the misappropriation of intellectual property of European companies in Russia. It also contains significant limitations affecting research and innovation including a prohibition on accepting funding, donations or grants from the Russian government and a narrowly tailored provision permitting, under specified conditions, the use of frozen funds to cover arbitration costs subject to strict requirements regarding the recipient and the absence of sanctioned links.

With respect to Belarus the package confirms progressive alignment with the Russia regime. New listings and restrictions largely mirror the sectoral measures applied to Moscow including limitations on crypto and services and extend the regime’s duration until 28 February 2027. Notably, the inclusion of a Chinese state‑owned company in the Belarus regime underscores the EU’s willingness to target military supply chains even when they lie outside the traditional geographic perimeter.

Conclusion and Practical Implications

The 20th package signals an evolution: EU sanctions are no longer merely a set of sectoral prohibitions and listings but an increasingly integrated system aimed at disrupting the networks that enable circumvention including logistical, financial and digital channels while providing protective instruments for those in Europe subject to pressure or retaliation. For businesses the implication is clear: compliance must become more defensible, meaning documented, contractualised and capable of withstanding ex post scrutiny. It is no longer sufficient to verify the immediate counterparty; operators must understand the transaction as a whole including routes, intermediaries, payment channels, ultimate beneficiaries, ownership chains and actual destinations.

Our Assistance

GA Alliance regularly assists European and international operators with the adaptation of sanctions and export control programmes, the review of contractual documentation including insertion of anti‑circumvention clauses and audit mechanisms, and the management of litigation risk and asset protection and arbitration issues arising from restrictive measures.

Lo scorso venerdì, a Roma, si è svolto un incontro di particolare rilievo per il settore sportivo e per la comunità giuridica: il convegno “La Giustizia nello Sport”, dedicato all’analisi dell’attuale sistema italiano e alle prospettive di riforma alla luce del diritto dell’Unione Europea. L’appuntamento ha riunito professionisti, studiosi e rappresentanti delle istituzioni sportive in un momento in cui il rapporto tra autonomia dell’ordinamento sportivo e vincoli sovranazionali è al centro di un confronto sempre più serrato.

Nel corso dell’evento è stata presentata la Nota redatta da GA‑Alliance, un documento che ricostruisce con rigore sistematico il quadro normativo, le criticità strutturali e gli scenari che potrebbero aprirsi con la decisione della Corte di Giustizia dell’Unione Europea nel caso Agnelli‑Arrivabene, attesa nel primo semestre del 2026.

Un settore sempre più integrato nel mercato europeo

La Nota sottolinea come l’industria dello sport abbia ormai assunto una dimensione economica tale da non poter essere considerata un ambito separato dal diritto comune. La giurisprudenza europea, dalla sentenza Bosman alla più recente European Superleague, ha chiarito che le attività sportive professionistiche rientrano nel campo di applicazione del diritto dell’Unione ogniqualvolta assumano natura economica. L’art. 165 TFUE, che richiama la “specificità dello sport”, non crea zone franche, ma impone un’applicazione delle norme europee che tenga conto delle peculiarità del fenomeno senza derogare ai principi fondamentali, dalle libertà di circolazione alle regole di concorrenza.

In questo contesto, l’Italia si trova a gestire un calendario di eventi sportivi internazionali di portata eccezionale, che richiedono stabilità regolatoria, certezza del diritto e piena conformità agli standard europei. La recente introduzione del valore costituzionale dello sport nell’art. 33 Cost. rende ancora più stringente l’esigenza di un sistema di giustizia sportiva coerente con i principi dell’ordinamento interno ed europeo.

Le criticità del modello italiano

La struttura attuale della giustizia sportiva italiana, delineata dal decreto‑legge n. 220/2003 e dalla legge n. 280/2003, si fonda su una netta separazione tra ordinamento sportivo e giurisdizione statale. Tuttavia, l’interpretazione giurisprudenziale consolidata ha prodotto un risultato che oggi appare difficilmente compatibile con il diritto dell’Unione: il giudice amministrativo non può annullare né sospendere in via cautelare le sanzioni disciplinari sportive, potendo intervenire solo attraverso la tutela risarcitoria.

La Nota ricostruisce il percorso che ha condotto a questo assetto, dalle pronunce della Corte Costituzionale del 2011 e del 2019 fino alle più recenti applicazioni. Il sistema, pur ritenuto costituzionalmente legittimo, presenta evidenti limiti rispetto ai requisiti europei di effettività della tutela giurisdizionale, indipendenza degli organi giudicanti e garanzie procedurali. Il deficit di terzietà degli organi endofederali, la mancanza di criteri uniformi di proporzionalità delle sanzioni e l’estensione automatica delle misure disciplinari in ambito UEFA e FIFA amplificano ulteriormente le criticità.

Il caso Agnelli‑Arrivabene e il rinvio pregiudiziale alla Corte di Giustizia UE

Il convegno ha dedicato ampio spazio al caso che oggi rappresenta il punto di snodo del dibattito: il rinvio pregiudiziale sollevato dal TAR Lazio nel procedimento promosso da Andrea Agnelli e Maurizio Arrivabene. La vicenda, originata dal procedimento FIGC sulle plusvalenze, ha posto in discussione non solo la proporzionalità delle sanzioni irrogate, ma l’intero impianto della legge n. 280/2003.

Le tre questioni sottoposte alla Corte di Giustizia riguardano la compatibilità del sistema italiano con l’art. 47 della Carta dei Diritti Fondamentali, la conformità delle sanzioni alle libertà di circolazione e la relazione tra autonomia sportiva e norme antitrust. Le Conclusioni dell’Avvocato Generale Dean Spielmann, depositate il 18 dicembre 2025, hanno riconosciuto che un divieto biennale di operare nel calcio professionistico può essere compatibile con il diritto europeo solo se giustificato da obiettivi legittimi e proporzionato. Hanno però affermato con chiarezza che il diritto dell’Unione osta a una normativa che impedisca al giudice nazionale di annullare una sanzione disciplinare illegittima.

Secondo l’Avvocato Generale, se il TAR Lazio è l’unico organo dotato dei requisiti di indipendenza richiesti dall’art. 47 della Carta, esso deve poter esercitare un sindacato pieno, comprensivo del potere di annullamento e di sospensione cautelare. La verifica di tale presupposto è rimessa allo stesso TAR, ma la Nota osserva come difficilmente gli organi di giustizia sportiva possano essere qualificati come “giurisdizioni” europee, essendo i loro componenti nominati dalle stesse federazioni soggette al loro giudizio.

Verso una riforma necessaria

La decisione della Corte di Giustizia potrebbe determinare l’incompatibilità della legge n. 280/2003 con il diritto dell’Unione, imponendo al giudice amministrativo di disapplicare la normativa interna e di esercitare un controllo pieno sulle sanzioni disciplinari. Le conseguenze sarebbero rilevanti sia per i singoli procedimenti, come quello che coinvolge Agnelli e Arrivabene, sia per l’assetto complessivo della giustizia sportiva italiana.

Il Governo ha già avviato un tavolo di lavoro con CONI e CIP per una riforma organica del sistema. La Nota evidenzia come tale riforma non possa limitarsi a riconoscere al TAR Lazio poteri più ampi, ma debba necessariamente intervenire sulla struttura interna delle federazioni, riducendo i gradi di giudizio, rafforzando l’indipendenza degli organi e codificando garanzie procedurali minime uniformi. Solo un intervento complessivo potrà assicurare un equilibrio tra autonomia sportiva, effettività della tutela giurisdizionale e conformità ai principi europei.

Sport Desk Legal & Tax di GA‑Alliance

GA‑Alliance ha costituito il primo team integrato Legal & Tax dedicato allo Sport con coverage nazionale e internazionale, guidato dal professor Enrico Lubrano ed Ezio Simonelli. Lo Sport Desk riunisce competenze di eccellenza nel diritto sportivo, amministrativo e fiscale, grazie a una squadra multidisciplinare composta, in Italia, dal Prof. Lubrano, dal Dott. Simonelli (presidente della Lega Calcio di Serie A), dai partner Cristiano Cerchiai (presidente della Federazione Italiana Golf), Laura Bellicini (già membro del collegio sindacale FIG), e dal Counsel Vincenzo Volpe (Procura Federale FIGC). A livello internazionale, il Desk si avvale dell’esperienza dei partner Bahaa Alieldean (Egitto), Joao Valadas Coriel (Portogallo), Stevan Dimitrijević (Bosnia‑Herzegovina) e Panagiotis Drakopoulos (Grecia & Cipro), garantendo una piattaforma transfrontaliera coordinata e unica nel mercato.

La Practice globale “Sport Legal & Tax” offre assistenza completa lungo l’intero ciclo di vita dell’attività sportiva: diritto sportivo, regolamentazione e disciplina nazionale e internazionale, sponsorizzazioni, licensing, accordi commerciali, diritti media e digitali, nonché supporto su progetti infrastrutturali e sviluppo di stadi tramite modelli di partenariato pubblico‑privato. Il Desk segue inoltre la strutturazione fiscale e la pianificazione cross‑border per club, atleti e investitori, e gestisce contenziosi sportivi e arbitrati, assicurando sempre la massima compliance ai parametri di sostenibilità finanziaria e vigilanza regolamentare. Una piattaforma integrata pensata per accompagnare l’evoluzione dell’industria dello sport in Italia e all’estero.

Scarica la Nota completa

Per approfondire nel dettaglio il quadro normativo, le questioni pregiudiziali e le prospettive di riforma, è possibile scaricare la Nota integrale redatta da GA‑Alliance.Il documento offre un’analisi completa e aggiornata, utile per professionisti, operatori del settore e studiosi interessati all’evoluzione della giustizia sportiva italiana nel contesto europeo.

Scarica la Nota completa

NOTA_Giustizia_Sportiva_17.04.2026 GA-Alliance Sport DeskDownload

FROM THE GREEN DEAL TO THE TERRITORY: The role of industrial areas and districts in the energy transition

21 April 2026, 10:00GA‑Alliance – Via Pinciana 25, Rome

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Europe is accelerating toward decarbonization, radically transforming the energy mix and the rules of the electricity market. For ASI Consortia and the companies operating within them, the transition is no longer just a regulatory requirement but a strategic lever to reduce operating costs, improve ESG ratings, and ensure energy independence.

In a scenario of high price volatility, the integration of renewable sources and storage systems becomes a decisive factor for the competitiveness and attractiveness of production territories.

Consortia are evolving from simple area managers into true Energy‑Environmental Hubs, playing a leading role in territorial planning and resource management. The workshop will examine the updates needed to statutory and regulatory frameworks to enable new competencies: from promoting renewable energy plants to managing energy communities and complex incentive schemes.

The event will also explore tools to streamline authorization procedures and coordinate infrastructure development in line with the objectives of the European Green Deal.

The conference will offer a practical guide to managing new self‑consumption models and structuring long‑term contracts to stabilize energy costs. Through the analysis of energy‑management models and the optimization of available incentives, concrete pathways will be illustrated to turn the complexity of electricity markets into development opportunities.

The goal is to provide decision‑makers with tools and operational solutions to govern change and finance the sustainable growth of industrial districts.

ROUND TABLE Francesco Sciaudone – Managing Partner, GA‑Alliance Caterina Belletti – Member of the Board, GSE S.p.A. Laura Bruni – Director of Institutional Affairs, Schneider Electric Italy Letizia Magaldi – Executive Board Member, Magaldi Power Raffaele Mellone – Managing Partner, FIEE Sgr Fabrizio Penna – Head of Mission Unit PNRR, MASE Amedeo Teti – Head of Department for Market and Consumer Protection, MIMIT Antonio Visconti – President, FICEI Rosaria Arancio – Partner, GA‑Alliance LOGISTICS

📅 21 April 2026🕙 10:00 Registration and Welcome Coffee🕥 10:30 Opening Session🕧 12:30 Closing and Light Lunch

📍 GA‑Alliance Headquarters – Via Pinciana 25, Rome

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GA-Alliance has recently supported the European Commission’s Directorate-General for Economic and Financial Affairs (DG ECFIN) by leading a study on the cross-border Cash-in-Transit (CIT) market.

The study assessed the legal, economic, and operational framework governing the professional cross-border transport of euro cash under Regulation (EU) No 1214/2011. Drawing on extensive stakeholder consultations, the study also examined the Regulation’s practical application more than a decade after its entry into force, identifying key challenges related to enforcement, market functioning, and operational efficiency.

Based on these findings, the study put forward a set of policy-oriented considerations to support the European Commission in shaping an informed position on the future of the Regulation, taking into account the EU’s broader policy objectives, including competitiveness, the digital and green transitions, and Better Regulation principles.

Overview of Cross-Border Euro Cash Transport

The cross-border transport of euro cash is a highly regulated activity within the euro area. Since 2011, this activity has been governed by Regulation (EU) No 1214/2011, which introduced a partially harmonized framework for the professional cross-border transport of cash by road. The Regulation sought to balance fair competition and high safety standards with national flexibility in areas where full harmonization was not considered appropriate.

More than a decade after its entry into force, the Regulation has delivered mixed results. In its 2022 implementation report, the European Commission identified shortcomings, including uneven monitoring and enforcement across Member States, limited awareness of the rules among operators, and operational inefficiencies linked to divergent national transport arrangements. These challenges raised questions about the Regulation’s effectiveness and its continued suitability for the evolving European cash landscape.

Commission Study: Purpose and Scope

Against this backdrop, the European Commission’s Directorate-General for Economic and Financial Affairs commissioned a comprehensive study to assess the existing economic and legal framework applicable to cross-border Cash-in-Transit (CIT) services. The purpose of the study – which GA-Alliance was entrusted with leading – was to provide the Commission with a robust analytical basis for deciding whether the Regulation should be reviewed.

To this end, the Study delivered an in-depth examination of the legal, economic, and operational dimensions of cross-border CIT activities within the euro area. From a legal perspective, it assessed inconsistencies arising both from the internal design of the Regulation and from its interaction with broader EU policies. From an economic standpoint, it analyzed the structure and functioning of the cross-border CIT market, identifying key constraints to efficiency and competition. The assessment was grounded in extensive stakeholder consultations, ensuring that the analysis reflected practical experience and lessons learned since the Regulation’s adoption.

Building on this analysis, the study explored four alternative policy scenarios designed to address the identified shortcomings. These scenarios ranged from maintaining the existing regulatory framework while strengthening its implementation through non-legislative measures, to simplifying, substantially revising, or repealing the Regulation. Each scenario was assessed also within the European Union’s wider policy agenda, by taking into account the digital and green transitions, the European Commission’s Better Regulation principles, ongoing efforts to reduce administrative burdens and regulatory complexity, and the Draghi Report’s recommendations on strengthening EU competitiveness.

Based on its findings, the study formulated a set of policy-oriented considerations intended to support the European Commission in shaping an informed position on the future of Regulation (EU) No 1214/2011. These considerations aim to enhance legal certainty, improve market functioning, and ensure that the regulatory framework remains fit for purpose in a changing economic and policy environment.

GA‑Alliance, an international law and tax firm operating in 80 countries with more than 2,600 professionals, announces the appointment of Roberto Mastroianni as of counsel, effective 15 March 2026. This appointment strengthens the firm’s ability to handle complex European litigation and antitrust matters with a high-level institutional and technical perspective.

Professional and academic profile

Roberto Mastroianni is a full professor of European Union Law at the University of Naples Federico II. His career combines international academic experience with senior institutional roles: he served as a Judge and Presiding Judge of a Chamber at the General Court of the European Union in Luxembourg (2019–2025) and has held positions as a référendaire at the Court of Justice of the European Union and as Counsellor for Legislative Affairs at the Department for European Affairs of the Italian Prime Minister’s Office.

His academic training includes a law degree from Florence (1987), an LL.M. from Penn State University (1990) and a PhD from Bologna (1992), with further study at institutions such as the University of Geneva, the University of Amsterdam and New York Law School. He has taught at numerous universities in Italy and abroad, including LUISS, Paris 2 Panthéon‑Assas and American University.

Distinctive expertise and practice areas

Throughout his career, Professor Mastroianni has maintained an active litigation practice, authorised to appear before Italy’s highest courts and European courts for more than twenty‑five years. His experience is particularly notable in competition law as applied to the Media and TMT sectors, and in regulatory issues related to the digital single market.

Mastroianni brings to GA‑Alliance a rare combination of the judicial decision‑maker’s perspective and the practical experience of an adviser, enabling him to assist clients in antitrust proceedings, cross‑border disputes and complex matters of European litigation.

Impact for the firm

Mastroianni’s arrival enables GA‑Alliance to offer clients advice that integrates technical expertise, institutional experience and strategic capability in European litigation. This reinforcement is strategic in an increasingly complex regulatory environment, where understanding the dynamics of the single market and EU judicial procedures is crucial for legal risk management and for designing effective defensive and regulatory strategies.

Statement from the managing partner

Francesco Sciaudone, Managing Partner of GA‑Alliance, emphasised that Mastroianni’s appointment confirms the firm’s growth trajectory and its ability to attract leading legal and fiscal minds at both national and international levels. According to Sciaudone, the experience gained at the General Court of the European Union provides the firm’s clients with a depth of technical and institutional insight that constitutes a significant competitive advantage.

Conclusion and outlook

The appointment of Roberto Mastroianni as of counsel marks an important step for GA‑Alliance in building an integrated offering for high‑profile European litigation and antitrust matters. For clients operating in regulated and digital sectors, the presence of a figure with leading judicial and academic experience represents both reassurance and a strategic asset.

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The workshop “Basket Bond Regione Lazio: Beyond Traditional Credit”, hosted last week at GA‑Alliance’s Rome office, turned discussion into a practical roadmap for local SMEs. Technical presentations, real‑world case studies and a roundtable with institutional representatives and market participants demonstrated how the Basket Bond can become a tangible instrument to finance growth, internationalisation and financial consolidation.

Why the Basket Bond matters for SMEs Access to long‑term capital — The Basket Bond enables companies to secure financing with longer maturities than traditional bank loans. Diversification of funding sources — Collective issuances allow SMEs to reduce reliance on bank credit and attract institutional investors. Strengthening governance and reputation — Participation in an issuance requires transparency and standardisation, which improve corporate governance and market perception.

How it works in practice Securitisation and public guarantee — Technical sessions explained how securitisation converts receivables into tradable securities and how public guarantees mitigate risk, making the securities more attractive to institutional investors. Stable returns and mitigated risk — The combination of structure, rating and guarantees delivers a risk/return profile aligned with professional investors’ requirements. Practical examples — Case studies illustrated pricing, maturities and placement mechanisms.

The operational role of arrangers Key arrangers — CDP, Mediocredito Centrale, Banca Finint and Banca Finnat Euramerica outlined the essential operational steps: structuring the issuance, setting pricing, market placement and post‑issuance management. Arrangers’ added value — Their experience is crucial to translate corporate needs into effective financial solutions and to secure market success.

Testimonials and value for companies Support for growth plans — Participant testimonies highlighted how the Basket Bond model can finance productive investments and international expansion projects. Operational Q&A — Questions from attendees clarified practical aspects for SMEs: eligibility requirements, impact on financial structure and implementation timelines.

GA‑Alliance’s role as Legal & Tax Advisor

Francesco Sciaudone, Managing Partner of GA‑Alliance, described the legal role of arrangers and the firm’s contribution in supporting issuances. With experience in approximately 200 issuances, GA‑Alliance emphasised the importance of specialised legal support to manage contractual complexity, compliance and relationships with institutional investors.

Roundtable speakers and principal contributors Francesco Sciaudone — Managing Partner, GA‑Alliance Roberta Angelìlli — Vice President, Regione Lazio Giulio Bastia — Co‑General Manager, Banca Finnat Euramerica Giuseppe Biazzo — President, Unindustria Roma – Frosinone – Latina – Rieti – Viterbo Angelo Camilli — Vice President Credit, Finance and Tax, Confindustria Vincenzo Paolo Carbonara — Head of Alternative Finance, CDP Toni Ciolfi — Councillor, Ordine dei Commercialisti di Roma Lorenzo Coletta — Head of Minibond and Basket Bond, Mediocredito Centrale Massimo Fabiano — Head of Business Development Corporate Debt, Banca Finint Andrea Martina — Partner, GA‑Alliance Giovanni Sabatini — Senior Advisor, GA‑Alliance Fabrizio Sadun — Head of Public Affairs Italy, GA‑Alliance Paola Sepe — Counsel, GA‑Alliance

Key takeaways The Basket Bond is a practical solution for SMEs seeking medium‑ to long‑term capital while retaining flexibility. Structure and public guarantees make the securities more attractive to institutional investors. An experienced arranger and specialised legal counsel are decisive factors for a successful issuance.

We thank the speakers and the nearly 100 participants for a substantive, action‑oriented discussion that laid the groundwork for new financing opportunities across the Lazio region.

 

Our Team

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.

We are proud to announce that Rosaria Arancio, partner at GA-Alliance, is the winner of the Lawyer of the Year award in the RNG (Renewable Natural Gas) category at the prestigious Legalcommunity Energy Awards.

This recognition celebrates Rosaria’s deep and highly specialized expertise in the Energy sector, as well as her continued commitment to supporting the most dynamic operators in a field that plays a central role in the country’s economy. From administrative and regulatory advisory work to the management of complex litigation, her comprehensive 360-degree approach has proven decisive in a year marked by major challenges and transformation for the industry.

This award is not only an individual milestone but also reflects the dedication of the entire GA-Alliance team in supporting key players in the energy transition with outstanding legal solutions.

Congratulations to Rosaria on this well-deserved success!

Pictured:Rosaria ArancioMarcella Pirello