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On January 30, opening date of the Milano-Cortina 2026 Winter Olympic Village, the so-called “Games Period” began. Throughout such term (which will end on February 24, two days after the Closing Ceremony), the Key Principles of the International Olympic Committee (IOC) are applicable to govern the use of participants’ images in advertising[1].

Just on that date, the Italian Competition Authority (AGCM) issued a press release whereby, upon a complaint filed by the Special Antitrust Unit of the Italian Financial Police (Guardia di Finanza), it had launched an investigation against a company for ambush marketing in relation to the Milano-Cortina 2026 Olympic and Paralympic Winter Games[2]. That company – who is not among the official sponsors – seems to have published online advertisements, including on major social networks, frequently showing – also in combination with its own distinctive signs – the Olympic symbol (the five coloured rings) and/or the hashtags #MilanoCortina and #MilanoCortina2026. As part of this conduct, the company also engaged influencers and advertised a line of clothing named Cortina a colori (namely Cortina in colour).

The AGCM investigation, opened in conjunction with interim measure proceedings for the provisional removal of the advertisements at stake, is grounded on the apparently unlawful direct association between the company’s brand and the Games, in breach of Article 10 of Decree-Law no. 16/2020 (Decree-Law)[3].

Let us take a step backwards to recall the ad hoc national legislation on ambush marketing, which was issued in consideration of the urgent need to strengthen the regulatory framework to counter free riding and protect well-known marks in the field of sports, as well as the specific commitments made to the IOC for Milano Cortina 2026.

Article 10 expressly prohibits free-riding activities, described as “parasitic, fraudulent, deceptive or misleading advertising and marketing activities, carried out in relation to the organization of sporting events or trade fairs of national or international importance, that are not authorized by the organizers and are intended to obtain an economic or competitive advantage” (para.1). This definition illustrates the concept of ambush marketing. A specific list of banned free-riding activities is then supplied (para.2):

1. the creation of an even indirect link between a trademark or other distinctive sign and the event, likely to mislead the public as to the identity of the official sponsors;
2. the false representation or declaration in one’s advertising of being an official sponsor of the event;
3. the promotion of one’s trademark or other distinctive sign through any action, not authorized by the organizer, that is likely to attract the attention of the public, carried out during the event and likely to give the public the false impression that the person performing the action is a sponsor;
4. the sale and advertising of products or services unlawfully branded, even only in part, with the logo of the event or with other distinctive signs likely to mislead the public about the logo itself and create the erroneous perception of a connection with the event, its organizer or sponsors.

Arguably, the conduct that is being investigated by AGCM would fall under letter/s a) and/or d) in particular.

Moreover, the conduct would be covered by the timeframe of application of the prohibitions under Article 10, which runs from the date of registration of the official logos or trademarks of the event until the 180^th day following the official end date of the latter (Art.11). Hence, the investigated company risks an administrative fine ranging between Euro 100,000 and Euro 2.5 million (Art.12).

The application of the Decree-Law to this case would not be a première. By decision no. 30099 of 29 March 2022[4], the AGCM found that a well-known company active in the field of e-commerce had put in place a free-riding advertising activity surrounding the international soccer event UEFA Euro 2020. More particularly, the Financial Police had reported the presence, in a square in Rome where UEFA had set up the official Football Village, of a large-scale billboard featuring the claim “Who will be the winner?”, the name of the company, images of the 24 flags of the countries participating in the tournament and a white football t-shirt bearing the company’s logo.

The fine was inflicted in the minimum amount set out by the Decree-Law, in consideration, among others, of the limited geographical diffusion of the message (one billboard affixed in a single square) and the circumstance that it was the first enforcement of the new provisions after their entry into force. Neither of these circumstances could be relied on in the pending case; in particular, one may observe that running ads on the Internet entails an indefinite, potentially very large, territorial reach.

It is moreover noted that, as likewise specified in the Decree-Law (Art.13), the new rules do not preclude the enforcement of other legal provisions applying to the same free-riding conducts. As IP practitioners know, ambush marketing can be addressed within the framework of several pre-existing sets of provisions, especially the following.

• Trademark law, with respect to the distinctive signs of the event (under the Industrial Property Code for national trademarks; under Regulation (EU) 2017/1001 for EU trademarks). This remedy may prove of limited effectiveness, considering the weak distinctive character of the trademarks concerned (inasmuch as they identify/describe the hosting town or the type of sporting event concerned), and furthermore considering that the ambusher does not necessarily reproduce or imitate the organizer’s logo/name.
• Unfair competition, under art. 2598 of the Italian Civil Code, chiefly for misappropriation of merits and/or non-compliance with principles of professional fairness, provided that the ambusher qualifies as a “competitor”.
• Fairness in advertising, in particular under the Code of the Advertising Self-Regulation Institute (IAP Code), which is binding on those having accepted it directly or indirectly; and/or under Legislative Decree no. 145 of 2 August 2007 (on misleading advertising), as for relations between entrepreneurs/professionals; and/or under the provisions of the Italian Consumer Code on unfair commercial practices to the detriment of consumers.

In real-life cases – unless in presence of “hardcore” ambush marketing, characterized by a direct association with the event through an explicit use of its official signs – drawing a clear line between legitimate and unlawful marketing initiatives may not be obvious. The borderline becomes blurred when it comes to marketing strategies where the connection established between the non-sponsor brand and the event is more indirect. This happens, for instance, in the case of so-called coat-tail ambushing, which leverages the sponsorship of a prominent participant in the event (individual athlete or whole team, coach, trainer or official), in order for the brand to gain visibility bypassing the payment of the event sponsorship fees.

According to the Decree-Law, conduct carried out performing sponsorship agreements with individual athletes, teams, artists or participants authorized to the event does not constitute free-riding advertising (Art.10, para.3).  However, the engagement of participants in commercial activities around the event, especially the use of their personal image in advertising by non-sponsors/non-partners of the event, remains a delicate issue.

As for the upcoming 2026 Winter Olympics, the abovementioned IOC Key Principles provide that “All Participants are permitted to promote their sponsors, and all sponsors are permitted to use Participant Images (in each case including Olympic Partners and Non-Olympic Partners), during the Games Period …”, but “… in accordance with the following Principles”[5], the implementation of which is a shared competence between the National Olympic Committee (for Italy, the CONI) and the Organizing Committee (for the upcoming Winter Olympics, Fondazione Milano Cortina).

Looking at the Principles, one reads that during the Game Period Non-Olympic Partners are allowed to use participants’ images for advertising subject to specific conditions. In addition to (i) obtaining the necessary consents from the participants concerned and (ii) respecting certain policies on activities that are incompatible with the Olympic values (for example, sponsorships connected with tobacco or prohibited drugs are banned), the advertising needs to (iii) avoid the use of any “Olympic Properties” and (iv) constitute “Generic Advertising”[6].

The list of Olympic Properties is extensive and detailed, including in particular: the Olympic symbol; the Olympic-related registered trademarks; the emblem, mascots, pictograms and graphics of the Games; the name of the host city along with the year of the Games (i.e. Milano Cortina 2026); the very words Olympic, Olympics, Olympic Games, etc.; names and emblems of Olympic teams (such as Italia team); the Olympic motto; films, musical/artistic works and designs created by the organizers; as well as “any other symbols, designs, works, words or expressions that are translations of, or which could be confused with, those listed above”.

In order for a marketing campaign to qualify as Generic Advertising, three cumulative requirements need to be met: that (i) the only connection between the Olympic Movement and the relevant marketing activity is the use of the image of a participant in advertising; (ii) the advertising has been on the market for at least 90 days prior to the Games Period, and (iii) the advertising has been run consistently and not materially escalated during the Games Period. Criteria (ii) and (iii) apply with a degree of flexibility, with exemptions to be considered by IOC on a case-by-case basis. In any event, within a specific deadline, Non-Olympic Partners are expected to have notified the IOC (or the relevant National Olympic Committee, in case of single-territory campaigns) of their Generic Advertising, so that the organizers are made aware of the planned activity, can verify its compliance and supply their feedback (for social media advertising, it is sufficient to describe the planned nature and content thereof, without the need to provide notice of each individual post).

Interestingly, still based on the IOC Key Principles, congratulatory advertising (either supporting an athlete/team or praising them for achievements at the Games), is not regarded as amounting to Generic Advertising, because of its “intrinsic connection with Milano Cortina 2026”. Non-Olympic Partners may undertake congratulatory advertising before and after the Games Period, but without using any Olympic Properties; brands of sporting goods participating in a specific project involving the World Federation of the Sporting Goods Industry (WFSGI Project) may do it (in the manner set out within the WFSGI Project itself) at any time, including during the Games Period.

On the whole, this set of limited restrictions is aimed at maintaining the distinctiveness of the official Olympic marketing programmes and supporting the funding of global athlete participation (the IOC runs an international marketing programme based on the principle of solidarity, to ensure that all teams are adequately funded to be able to join the Olympics)[7].

To facilitate the implementation of the Key Principles, the IOC issued an Illustrative Guidance dedicated to Non-Olympic Partners[8], containing a series of practical examples distinguishing between allowed and non-allowed initiatives, with images and brief explanations. The Guidance is relevant for advertising activities that cover more than one country, while those targeting only one territory are subject to the rules of that country’s National Olympic Committee and/or the relevant Organizing Committee.

The CONI has actually published its own Guidelines[9]. Besides, Fondazione Milano Cortina 2026 has issued, among other information on the protection of Intellectual Property in relation to the Games[10], specific Guidelines addressed to shopkeepers[11]. Basically, business owners can create a welcoming atmosphere (for example, using country flags, generic references to sports and neutral messages such as “Let’s celebrate sport!”), but without suggesting an official association with the Games. Rather, the Guidelines require a non-sponsor business to refrain from creating installations, shop windows, corners or other structures reproducing the trademarks of Milano Cortina 2026 or showing an excessive similarity to the graphics of the Games, in a way that suggests an official affiliation or association. For retailers whose stores are located within 500 meters of the competition venues and whose media exposure could be significant, the principle of continuity (so-called business-as-usual rule) applies.

To sum up, the upcoming 2026 Winter Games ought to also supply a sort of fresh legal playground. Within the multi-layer legal framework outlined above it could be instructive to see, on the one hand, whether organizers and sponsors will resort to the remedies available to them, and to which ones, to root out unlawful ambush marketing; and, on the other hand, whether marketing offices and agencies of non-sponsor businesses will succeed in being creative and ride the wave of enthusiasm surrounding the Olympics without slipping into infringement and/or free-riding practices, first and foremost in the digital landscape.  

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After years of strong dynamism, the global automotive M&A market has experienced a sharp slowdown. Data from Bain & Company show that since 2024 there has been a significant contraction in both the number and the value of transactions, reflecting an increasingly complex and unstable industrial environment.

In the short term, the focus is shifting away from large-scale acquisitions toward more flexible forms of consolidation, such as partnerships and joint ventures, which allow companies to share investments and risks in a context of still-uncertain demand and technology.

Extraordinary transactions are no longer limited to manufacturers and sales networks, but now involve the entire value chain, from components and spare parts to services.

According to Pietro Meda, interviewed on the topic by Milano Finanza, “It is undeniable that the automotive industry, and the entire supply chain, is going through a period of great production uncertainty, both in terms of volumes and demand. Current regulations, especially in Europe, and the tariff situation are creating significant uncertainty, which has led to a major market crisis. I therefore believe that potential merger transactions can represent an excellent tool for industrial recovery and should not be viewed merely as defensive moves to protect the business.”

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Our Marco Stillo was interviewed by ItaliaOggi to discuss the impact of the AI Act on healthcare and medical liability.

What new risks emerge for doctors and healthcare institutions with the use of generative artificial intelligence?

“The systems in use may not have been sufficiently tested and/or supported by scientific evidence, or they may produce systematic distortions in their outcomes (so-called bias). As a result, healthcare institutions could face significant legal and reputational risks, which could be mitigated by taking into account the World Health Organization’s Guidelines for the ethical and responsible use of generative AI”, explains Marco.

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Laboratorio Farmaceutico SIT (“SIT”) announces the acquisition of the pharmaceutical product DERINOX from Therabel Lucien Pharma Sas, a reference medicine among topical decongestants.

The product is indicated for the short-term symptomatic local treatment of congestive and inflammatory conditions during acute rhinitis, in adults and adolescents over 15 years of age.

This acquisition will enable SIT to strengthen and expand its product portfolio, further consolidating its growth path and presence in the French market, establishing itself as a reliable partner in international acquisitions of mature branded pharmaceuticals.

SIT continues along its path of innovation and development, reinforcing its offering and international presence to meet the needs of patients and healthcare professionals with high-quality and reliable solutions.

The M&A and Life Sciences team of De Berti Jacchia assisted SIT on all legal aspects of the transaction. The team was coordinated by Partner Pietro Meda, with the collaboration of Partner Claudio Corba Colombo and the support of Senior Associates Benedetta Mazzotti and Francesca Zironi.

Intellectual property aspects were handled by Partner Andrea Terragni, assisted by Senior Associate Laura Bussoli.

Banking aspects were overseen by Partner Giuseppe Cristiano.

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Shein and Temu, Chinese e-commerce giants, dominate the “fast fashion” sector in Europe thanks to extremely low prices and online-only sales. These platforms, classified as VLOPs (Very Large Online Platforms) with over 45 million active users in the EU, are accused of engaging in unfair competition against Italian and European fashion brands.

In Italy, for example, production fell by 6.6% in 2025, and European governments and antitrust authorities (in Italy, Germany, France, and Sweden) have launched investigations and fines, though the economic impact remains limited for now.

Is there a way for companies to defend themselves?

In an interview with Affari&Finanza, Laura Bussoli stated that “first of all, companies need to build strong IP portfolios, that is, intellectual property portfolios. They should continue registering trademarks, designs, and models both at the EU level and in the countries where this phenomenon originates — namely China and Hong Kong. It’s also important to consider using reliable authentication technologies, such as anti-counterfeiting labels or QR codes, which should be an integral part of the so-called digital passport — a document meant to accompany textile products to guarantee their certified authenticity.”

Are these measures enough?

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De Berti Jacchia assisted NJF Sports & Media Limited, an investor specializing in sports, media, and technology, with expertise in the exploitation and maximization of commercial and sports rights, in the joint venture project with the Lega Pallavolo Serie A Femminile (Italian Women’s Volleyball League).

The deal concerns the management and commercialization, through a newly established vehicle, of the audiovisual and commercial rights related to the sports competitions organized by the League – as representative of the associated clubs – from the 2025/2026 to the 2035/2036 seasons. These currently include the Serie A1 and A2 Championships, the A1 and A2 Italian Cups, the Italian Super Cup, and the All Star Game.

The transaction represents a decisive step toward the modernization and enhancement of the media sector, laying the groundwork for a project which, starting from the 2026/2027 season, envisages free broadcasting of all matches on major platforms and integrated management of media and marketing rights, with the goal of developing and promoting Italian women’s volleyball.

De Berti Jacchia assisted NJF Sports & Media Limited on all legal and tax aspects of the deal with a team composed of partners Andrea Terragni and Claudio Corba Colombo, respectively for intellectual property and corporate matters, supported by senior associate Benedetta Mazzotti. Tax aspects were handled by partner Massimiliano Gazzo.

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On 15 September 2025, the Fashion Sustainability and Law Forum took place, organized by the Sustainability, Education and Business Club in partnership with the Department of Law of the Università degli Studi di Bergamo.

Our senior associate Giulia Beneduci participated as a speaker in an interactive session with Matteo de Padova, co-founder of Winetage Design, entitled: “From Waste to Wow: a Dialogue on Arele, an Upcycling Project Embracing Design, Fashion, and Wine Made in Italy”.

Their speech started from the story of Arele: a luxury chaise longue crafted by Winetage’s designers and exhibited at Milan Design Week 2025, made from reclaimed wine barrels in collaboration with Tommasi Family Estates and upholstered with natural fabrics by Luca Faloni.
Among others, it was described how the underlying creative process reinterprets certain features – like colour, curvature and scent – imprinted to staves by wine during the ageing process, in harmony with the appearance of the cloth, in turn evoking the nuances of wine.
Besides tracing how this upcycling project concretely took shape, certain legal challenges were explored, especially contractual issues and IP protection. Last but not least, it was discussed whether and how this project could pave the way for larger-scale cross-cutting regenerative practices.
One of the key takeaways from Arele’s experiment and vision is that progress towards a more sustainable future, also leveraging Italian excellence, is likely to be driven by collaboration and “contamination” between diverse sectors, rather than by working in silos.

We thank all participants and the organizing committee for making the event a valuable opportunity for networking, discussion, and growth.

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On 23 July 2025, the Italian Communications Authority (Autorità per le garanzie nelle comunicazioni, AGCOM) updated[1] its Guidelines for influencers and approved a Code of Conduct which, drafted in cooperation with the stakeholders of the so-called “influencer marketing”[2], establishes criteria for transparency and responsibility.

The rules find their rationale, on the one hand, in the exponential growth of influencer marketing in Italy, which generates employment opportunities and value for both influencers and companies, and, on the other hand, in the increasing weight content creators exercise on consumers’ choices. When influencers present a company’s product or service, indeed, they do not simply describe it, but also express their personal opinions, experiences and recommendations, which followers tend to perceive as a spontaneous advice from a role model. The AGCOM, therefore, deemed it necessary to protect the latter by making influencers expressly responsible for the audiovisual contents they create, produce and share on social media.

The Guidelines and the Code are addressed chiefly to influencers, i.e. those persons who carry out a professional activity individually, as a company or as part of an association, similar or comparable to that of audiovisual media service providers. The new rules, however, will not apply to all influencers, but only to the “significant” ones, i.e. those who have a minimum of 500.000 followers on at least one of the social media or video-sharing platforms used or an average monthly viewership of one million. If they reach either threshold on one platform, influencers will have to follow the Guidelines and Code of Conduct on all social media or video-sharing platforms where they have a profile, no matter how many followers they have or how many views they obtain. These individuals will be included in a special list drawn up, administered and updated every six months by an impartial third party appointed by the AGCOM, and will have to show the wording “influencer listed by AGCOM” on their social media profile. Influencers who are not significant according to the Guidelines may still request to be included in the list by registering with the platform managed by the above-mentioned third party and will then be required to comply with the Code of Conduct.

The Code imposes various obligations on influencers.

In the first place, their contents must comply with the provisions of the Consolidated Law on Audiovisual Media Services (Testo Unico dei servizi media audiovisivi, TUSMA)[3] on objectivity, completeness, fairness and impartiality of information, as well as combating disinformation strategies and infringement of intellectual property rights. Second, influencers must respect human dignity and, therefore, not publish content or expressions that are likely to spread, incite, justify, minimise or otherwise legitimize violence, hatred or discrimination. Influencers must moreover comply, on the one hand, with the TUSMA rules on commercial communications, teleshopping, sponsorship and product placement[4] as well as the prohibition of surreptitious advertising, and, on the other hand, with the provisions of the “Digital Chart Regulation”[5] on the recognizability of commercial communications spread via the internet. Finally, influencers must comply with the rules on minors’ protection by not publishing contents that are seriously harmful to their physical, mental or moral development.

Influencers will be fined up to EUR 250.000 if they violate the Code’s general rules and up to EUR 600.000 if they violate those on minors. In determining the amount, the AGCOM will consider the seriousness of the violation, the influencer’s efforts to eliminate or mitigate its consequences as well as his personality and his economic situation.

By qualifying influencers as communication professionals, AGCOM has officially recognised all the changes that have taken place in recent years in the so-called “Creator Economy”[6]. Although the Code has been welcomed by the majority of stakeholders, however, the Italian Customers Association (Coordinamento delle associazioni per la difesa dell’ambiente e dei diritti degli utenti e dei consumatori, Codacons) pointed out that the new rules might not be able to limit the excessive power influencers enjoy, as they do not address the changes brought about by the artificial intelligence and, above all, only apply to influencers operating from Italy, thus allowing those established abroad to remain exempt. The Code, therefore, should not be seen as a final step on the regulation of influencers, but rather as a work in progress that, in the coming years, might avert the occurrence of situations like the so-called “Ferragni case”[7] and grant consumers a stronger protection while ensuring content creators’ liability.

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