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Project financing: Italian supervisory authority publishes a new market consultation opportunity

Project financing: Italian supervisory authority publishes a new market consultation opportunity

The Italian Authority for the Supervision of Public Contracts for works, services and supplies (AVCP) has initiated a public consultation process (by issuing the so-called “Consultation Document”) to elicit from interested parties review and comment of the Determinations of January 14, 2009 no. 1 (Project Finance Guidelines after the entering into force of the third decree amending the Code of Public Works) and of March 11, 2010, no. 2 (Issues relating to the rules governing the performance of public works concession contracts) (the “Determinations”).

In consideration of the importance of the issues in question and of the need to involve widespread, constructive discussion of various points and subjects, the Authority has decided to disseminate the Consultation Document to market operators to generate suggestions and to stimulate other useful ideas.

The Consultation Document is available at: http://lgl.kn/8f0a1

The purpose of the consultation is to test the effectiveness of the indications contained in the Determinations and to potentially adopt changes based upon cogent criticalities relating thereto, including those applicable to project financing laws regarding services and supplies.

The renovation of the Determinations is necessary also in the light of:
a) the significant legal amendments in the field of public-private partnerships (PPPs), as well as
b) the entry into force of the Presidential Decree of October 5, 2010, no. 207 containing the implementation rules of Legislative Decree of April 12, 2006, no. 163 (the Italian code of public contracts)

The Authority also intends to update the standard form of project financing tenders.

Following the completion of the consultation process, the Authority will evaluate the opportunity to propose one or more determinations based on the opinions expressed in the course of the consultation, together with an explanatory document.

Any public and private subjects who should be interested can submit their observations to the Authority within December 9, 2013, 6 pm.

In this respect, the lawyers of CBA Studio Legale e Tributario are qualified and readily available to assist and enhance the preparation of any observations and proposals in conjunction with market operators and investors.

By Marco Cerritelli, LLM

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