Muovendo dalla recente ordinanza n. 12474/2025 della Corte di Cassazione, il contributo si sofferma su talune incertezze interpretative che concernono l’istituzione e le competenze dell’assemblea degli investitori negli o.i.c.r. contrattuali chiusi e la legittimazione a impugnare le relative delibere in capo ai medesimi, alla luce dell’indirizzo giurisprudenziale che considera il fondo comune di investimento un patrimonio separato della SGR.

This essay examines the current reshaping of birthright citizenship by comparing the divergent paths of Italy and the United States. Historically dominated by ius sanguinis, Western legal traditions maintained a blood-based criterion for centuries; yet both countries now display signs of structural change. Italy, long committed to unlimited transmission of citizenship abroad, has recently restricted the reach of ius sanguinis through Decree-Law No. 36/2025, signalling growing concern over citizens with no effective ties to the Republic. Conversely, in the United States – traditionally the strongest ius soli jurisdiction – President Trump’s 2025 Executive Order introduces a restrictive reading of the Fourteenth Amendment, excluding from birthright citizenship the children of certain non-citizens. The ensuing judicial conflict reveals the fragility of a doctrine once considered settled. Together, these developments show that the balance between ius soli and ius sanguinis is undergoing a significant reconfiguration, whose long-term implications for political membership remain uncertain.

Il contributo analizza le recenti riforme in materia di aumento del capitale sociale e diritto di opzione, con particolare attenzione al confronto tra l’esperienza italiana e quella spagnola. In un contesto europeo volto a rafforzare il mercato dei capitali, il saggio esamina le semplificazioni introdotte dal legislatore spagnolo con la Ley n. 5/2021, che ha inciso profondamente sulla disciplina dell’esclusione del diritto di opzione e sull’uso delle deleghe all’organo amministrativo. L’analisi comparata evidenzia come la tendenza comune sia quella di attribuire maggiore flessibilità e centralità agli organi gestori, riducendo i tempi e i costi delle operazioni di aumento di capitale, pur mantenendo adeguate tutele per gli azionisti. Il saggio conclude sottolineando la necessità di un ripensamento delle funzioni e delle modalità di esercizio del diritto di opzione a livello europeo, nella prospettiva di un equilibrio tra tutela dei soci e competitività dei mercati.

El estudio analiza el caso "S., I. N.” (2024) resuelto por la Corte Suprema de Argentina, centrándose en las lagunas axiológicas que genera la aplicación del artículo 562 del Código Civil y Comercial argentino a casos de gestación por sustitución, y en cómo las decisiones judiciales resuelven estas tensiones mediante derrotabilidad normativa. A partir de los conceptos de derrotabilidad desarrollados por Alchourrón y el análisis de creación judicial de Bulygin, complementados por los desarrollos de Rodríguez sobre relevancia normativa, se examina cómo las técnicas de derrotabilidad revelan tensiones axiológicas preexistentes mediante interpretación restrictiva, identificando lagunas normativas específicas que exigen posterior construcción judicial. El análisis demuestra que, ante las tensiones axiológicas no resueltas por el legislador, los jueces pueden y deben construir soluciones jurídicas coherentes con el sistema constitucional, superando la dicotomía tradicional entre creación y aplicación del derecho.

This article examines the phenomenon of collusion in corporate acquisition transactions under the framework of the EU mandatory bid rule, focusing on avoidance practices that undermine the application of the highest price paid rule. Through a comparative analysis of landmark cases in France, Italy, and Germany, this study shows how collusive arrangements—often involving side contracts — enable acquirers to offer lower prices to minority shareholders, thereby undermining shareholder protection and distorting the efficiency of the market for corporate control. This article also assesses the adequacy of legal responses at both the EU and national levels in addressing these distortions, arguing that, to effectively restore an “equitable” price, supervisory authorities should take into account any additional benefits granted to the seller of the controlling stake. Compared to valuation methods based on allegedly “objective” criteria, this approach more effectively neutralizes the distorting effects of collusion and strengthens the deterrent function of the mandatory bid rule against inefficient acquisitions.

The essay assesses the validity and enforceability of a clause which precludes the remedy of termination by breach of the contract, allowing the parties only either to enforce the contract or to seek damages. The clause is widely adopted in several contractual transactions, such as SPA (Sale and Purchase agreement) contract in Mergers and Acquisitions (M&A) business, as it shaped as the so called “sole remedy” clause, allowing in case of breach of the Representations and Warranties (R&W) only to seek the indemnity provide by the contract. The Author concludes for the validity of the clause under Italian Law, under the limit set forth by Sect. 1229 Italian Civil Code and providing it safeguards the alternative remedies of specific performance and damages, set forth by Sect. 1453 ICC.

This study assesses the experiences of offering language services and accommodating language diversity during civil proceedings in the United States, India, and South Africa as a lesson for Ethiopia. To explore the experiences of the United States, India, and South Africa, the author used a comparative socio-legal research approach that includes extensive document reviews as well as legal and case analyses. In the case of Ethiopia, the study additionally undertakes semi-structured interviews with court staff and litigants of the selected Federal Courts, Oromia Regional State Courts, and Central Ethiopia Regional State Courts. The author also conducted civil proceeding court observations to enrich the study. The article concludes that Ethiopia’s civil justice system should learn from comparative experiences in terms of developing comprehensive legal and normative frameworks that govern the provision of quality court interpretation, court file translations, and sign language interpreters. Effective communication and defending of one’s own case in court is an essential element for accessing justice. The state is responsible for regulating and providing appropriate facilities or mechanisms to address the language barriers encountered by court litigants.

La sentenza 27792/2024 della Cassazione ha dichiarato la nullità parziale di un fondo patrimoniale. Nonostante non sia particolarmente innovativa, la decisione della Corte tratta insieme due temi altrimenti lontani tra loro: la funzione del fondo patrimoniale e la nullità parziale. La decisione è conforme a numerosi precedenti nei quali vengono definiti la funzione del fondo patrimoniale, il concetto di famiglia, l’essenzialità della clausola nulla e la rilevabilità d’ufficio della stessa. La concentrazione di questi istituti rende quindi la sentenza un terreno fertile per discutere più in generale una serie di questioni teoriche e pratiche relative alle ipotesi di nullità dell’atto costitutivo di fondo patrimoniale, alla applicabilità della nullità parziale e della conversione al fondo patrimoniale. Con questo studio s’intende affermare che la funzione economica protettiva dei bisogni della famiglia potrebbe, invero, essere assicurata, ad avviso dello scrivente, dall’art. 167 c.c. – per mezzo di lettura sistematica, costituzionalmente orientata, funzionale e non formalistica – non solo limitatamente alla famiglia nucleare ma anche estesa, stante l’eadem ratio protettiva meritevole di tutela, alla famiglia parentale senza dover necessariamente ricorrere al più flessibile strumento negoziale della destinazione patrimoniale di cui all’art. 2645-ter c.c.

A key factor in franchising relating to franchisors is the possibility to cash in and repatriate fees and royalties (financial issues). What are the main legal issues relating to financial aspects in Algeria and what is the current practice of the stakeholders in the aspects of financial under the franchise business in Algeria. The main objectives are to examine the legal framework issues relating to financial and to analyse the current practice of the stakeholders in the aspects of financial under the franchise business in Algeria. The doctrinal legal method complemented with qualitative interview was used. The armchair library approach was employed to collect data. The findings show that: the current banking system and legislations relating to the payment of royalties and fees discourage the development of the franchising sector in Algeria. Current franchising practices focus on the financial aspects (payment of royalties and fees) by franchisee who manage the royalty and fees payments by circumventing the law. Franchisee pay royalties without declaring them in Algeria or including them in the sale price of goods imported into Algeria. The results also show that: there is a need to establish a specific law to regulate franchising businesses in Algeria.