There are two sexual encounters depicted in this film, both are mild and only the second contains partial nudity.
The first of the two takes place in Giovanna Mezzogiorno's (Sabina) bed with her boyfriend Franco. The lights are out so it is hard to see anything. There is no nudity in this scene because Sabina is still wearing a bra and Franco and the lower half of her body are under the blankets. There is music playing while this scene is going on so you don't hear any rhythmic sounds or moans.
The second of the two also involves Sabina and Franco. It begins with them kissing, he lifts up her shirt and you see the side of her right breast. They fall off screen onto a bed and the scene ends. Later in the movie you find out someone was taking pictures, you do not see the pictures, but they are talked about in mild detail.
A scene of non-sexual nudity involving a man going swimming naked. A woman is sitting on the bank of the river where he is swimming talking to him. When he emerges from the water you can see a very very very brief view of his genitals, he then puts his underwear on and the scene continuous with them talking.
(Deleted. Personal opinions about ratings are not appropriate for the Parents Guide.)