Patrizio Messina

Patrizio Messina

Orrick, Herrington & Sutcliffe LLP

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Le Societa Benefit

Law no. 208 of 28 December 2015 (the "Law of Stability 2016"), entered into force on 1 January 2016, has developed a new formula for the conduct of business: the company for profit that distribute profits, but pursue at the...more

12/6/2016 - Financial Institutions Financial Sector Italy New Legislation Shareholders Social Welfare Organizations

Italian State Guarantee For NPL Securitisations: Implementing Decree Is Approved

Decree of the Ministry of Economy and Finance containing implementing provisions (the "Implementing Decree") for State guarantees for securitisations of non-performing loans (Garanzia Statale sulla Cartolarizzazione delle...more

9/8/2016 - Financial Sector Italy Non-Performing Loans (NPL) Securitization Securitization Vehicles

Le nuove garanzie introdotte dal Decreto Legge n. 59 del 2016, il Pegno Non Possessorio ed il Patto Marciano

On May 3, 2016, the Official Gazette no. 102 was published the decree Law n. 59/16, launched by the government on April 29 (the "Decree") containing, inter alia, a series of measures to speed up the recovery of receivables....more

5/9/2016 - Banking Sector Borrowers Debt Italy Lenders Liens Loans Notice of Default

Il Decreto Banche E La Vigilanza Sulle Obbligazioni Bancarie Collateralizzate

The decree law no. 18 of 14 February 2016 (cd. Banks Decree, hereinafter the "Decree 181 ") has recently been converted, with modifications, by Law no. 49 of 8 April 20162 ("Exchange Act"). Thanks to the Conversion Law were...more

5/4/2016 - Banking Sector Covered Bonds Italy Small Credit Institutions SMEs

GACS Approvato Il Disegno Di Legge Di Conversione Del Decreto Sulla Garanzia Statale Sulla Cartolarizzazione Delle Sofferenze

On 10 February 2016, decree no. 18/2016 (the "Decree") was passed which, following the agreement reached with the EU late last month, sets out the details of the Italian government guarantee scheme for senior tranches of...more

4/8/2016 - Asset-Backed Securities Banking Sector EU Italy Non-Performing Loans (NPL) Securitization

GACS: Approved The Conversion Law Of The Relevant Decree

On 10 February 2016, decree no. 18/2016 (the "Decree") was passed which, following the agreement reached with the EU late last month, sets out the details of the Italian government guarantee scheme for senior tranches of...more

4/8/2016 - Asset-Backed Securities Banking Sector EU Italy Non-Performing Loans (NPL) Securitization

Trasparenza e correttezza nei rapporti con la clientela. L'applicazione delle clausole di indicizzazione dei finanziamenti

In the loan agreements providing for compensation clauses anchored a parameter (SO-CALLED indexing) allows you to automatically adjust cost of operations at the baseline economic scenario changes. As it is known, as...more

3/8/2016 - Banking Sector Consumer Financial Products Indexing Italy Regulatory Oversight Transparency

Fondi di investimento alternativi italiani e UE ammessi a investire in crediti in Italia

The decree law no. 18 of 14 February 2016 (the "Decree"), published in Official Gazette no. 37del February 15, 2016 and in force since February 19, 2016, introduced, inter alia, new provisions of collective asset management....more

2/26/2016 - Alternative Investment Funds Asset Management Banking Sector EU Investment Italy

Decree passed introducing Government Guarantee scheme for Italian securitisations of Non-Performing Loans

On 10 February 2016, decree no. 18/2016 (the "Decree") was passed which, following the agreement reached with the EU late last month, sets out the details of the Italian government guarantee scheme for senior tranches of...more

2/19/2016 - Asset-Backed Securities Banking Sector EU Italy Loans Securitization

Reform of Italian Cooperative Credit Banks

On 10 February 2016, the government approved decree no. 18/2016 (the "Decree") which, after months of discussions and speculation, introduces some important reforming measures for the Italian credit cooperative banks (the...more

2/18/2016 - Bank of Italy Banks Capitalization Corporate Conversions Italy Regulatory Oversight

Pubblicato in Gazzetta Ufficiale il Decreto Legge sulle BCC

With reference to our previous alert of 11 February 2016 on the reform of the BCC, we drafted this alert follow up following the publication in the Official Gazette, General Series n. 37 of 15 February 2016, of the decree law...more

2/17/2016 - Asset Management Banking Sector Capital Markets Capitalization EU Italy

Approvato Il Decreto Legge Sullariforma Delle Banche Di Credito Cooperativo

Wednesday, February 10, the Cabinet of Ministers has approved the decree that, after months of discussions, starts the reform of cooperative banks (the "Decree"). The reform, as stated in the press release issued by the...more

2/12/2016 - Banking Sector Capital Markets Cooperative Agreements Italy

Italian Finance Ministry Announces Government Guarantees to NPLS

Last Tuesday after months of negotiations, Italy finally reached an agreement with the EU regarding a solution to the Italian banks' non-performing loans problem with a scheme that has been confirmed does not constitute State...more

2/1/2016 - Asset-Backed Securities Banking Sector EU Italy Loans

I DECCS: La Bce Introduce Una Nuova Classe Di Attività Stanziabili

Il 27 agosto 2015 il Consiglio direttivo ha adottato l'Indirizzo BCE/2015/27 che modifica l'Indirizzo BCE 2015/510 sull'attuazione del quadro di riferimento della politica monetaria dell'Eurosistema (BCE/2014/60) (le...more

10/10/2015 - Business Assets Debt Market EU European Central Bank Financial Institutions Italy Non-Marketable Debt Instruments

L'attuazione In Italia Della Nuova Disciplina Europea Per La Gestione Delle Crisi Bancarie

In data 10 settembre 2015, il Governo italiano ha approvato due decreti legislativi – in attesa di emanazione - volti a dare attuazione alla disciplina comunitaria della gestione delle crisi degli intermediari bancari, di cui...more

10/6/2015 - Banking Crisis Banks BRRD Crisis Management EU Restructuring

D.M. 19 Giugno 2015: Il Decreto Sul Credito D'imposta Per - Enti E Fondi Previdenziali

La presente newsletter analizza il Decreto del Ministro dell'Economia e delle Finanze 19 giugno 2015 (pubblicato in Gazzetta Ufficiale n. 175 del 30 luglio 2015) (di seguito, il "Decreto") concernente condizioni, termini e...more

10/5/2015 - Business Entities Pensions Social Security Tax Credits

Riforma delle Banche Popolari - Le Disposizioni di Attuazione di BKI

Con il decreto legge 24 gennaio 2015 n. 3, entrato in vigore in data 25 gennaio 2015 (il "DL n. 3/2015"), sono state introdotte alcune disposizioni modificative della disciplina delle banche popolari contenuta nel decreto...more

6/18/2015 - Bank of Italy Banking Industry Regulations Banking Reform Banking Regulators Banks Complex Corporate Transactions European Central Bank Italy Ministry of Finance New Legislation Proxy Voting Guidelines Share Redemption Transfer of Assets

Le novità introdotte dal Decreto Crescita: Minibond, concessione di finanziamenti e cartolarizzazione dei crediti

In data 24 giugno 2014, è stato pubblicato in Gazzetta Ufficiale n. 144, il decreto legge 24 giugno 2014 n. 91 (il "Decreto Crescita") che introduce: (i) misure a favore delle emissioni di obbligazioni...more

7/8/2014 - Bonds Corporate Taxes

Amendments to the Italian Securitisation Law introduced by the "Destinazione Italia" decree

On 23 December 2013, law decree n. 145 or the so-called Destinazione Italia decree ("Decree n. 145") was published in the Italian Official Gazette providing for certain changes to law n. 130 of 30 April 1999 ("Law 130" or the...more

1/27/2014 - Banks EU Securities Segregation Requirements Transfers

Le modifiche apportate dal decreto legge "Destinazione Italia" alla legge sulla cartolarizzazione dei crediti

In data 23 dicembre 2013, è stato pubblicato in G.U. n. 300 il decreto legge n. 145 (il "Decreto n. 145"), in vigore dal 24 dicembre 2013, recante inter alia interventi urgenti di avvio del piano "Destinazione Italia". In...more


Further legislation regarding termination and renewal of lease agreements by Italian public entities

In December 2013, law decree No. 151 of 30 December 2013 ("Decree No. 151") introduced further changes regarding the right of certain Italian public entity tenants to terminate and renew their real estate...more

1/14/2014 - EU Leases Public Entities

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