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The Bank of Italy launched a public consultation regarding new AML reporting which would replace the AML questionnaire that has been sent out for the last two years. On 31 July 2024, the Bank of Italy launched a public...more
On 26 July 2024, the Bank of Italy, COVIP, IVASS and the Italian Ministry of Economy and Finance jointly published instructions for enhanced controls on a wide range of supervised entities pertaining to the financial,...more
On 17 June 2024, the Bank of Italy published a communication on unauthorised payment transactions. Inspections revealed shortcomings with several payment service providers (PSPs), such as groundless refund refusals,...more
La Banca d’Italia ha pubblicato un aggiornamento della Circolare 285 e un aggiornamento della Circolare 288 con cui sono stati modificati i rispettivi capitoli relativi alle operazioni di cartolarizzazione. Con tali...more
The Bank of Italy published an update to Circular 285 and an update to Circular 288, amending the chapter on securitisation transactions. With these updates, on the one hand, the content of the Bank of Italy's Communication...more
The Bank of Italy published instructions to be followed by PSPs in case refunds for unauthorised payment transactions are suspended for justified suspicion of fraud....more
Expectations of a surge in non-performing loans in Italy have failed to materialize, with the country’s banking system and economy holding firm in the face of macroeconomic volatility - Despite annual inflation still...more
On 17 May, the Bank of Italy published a public consultation on the supervisory guidelines for crowdfunding service providers to implement EU Regulation 2020/1503 on European crowdfunding service providers (“CSP”) for...more
The Bank of Italy, COVIP, IVASS and the Italian Ministry of Economy and Finance have jointly launched a public consultation on draft instructions for the exercise of enhanced controls on the business of a wide range of...more
The second issue of our newsletter focuses on some recent developments that have affected different areas of the EU and Italian regulatory framework over the last few months. ...more
The Bank of Italy published a communication on Buy Now Pay Later (BNPL) products warning consumers about potential risks noting the applicable regulatory framework...more
What does the future hold for NPLs? There's still plenty of business to be done, but buyers and sellers alike will need to change tack to get the most from the available opportunities....more
In 2016 Italy introduced new forms of security, including a pledge on movable goods which would not require physical delivery to the creditor, but would take effect by way of registration in a central repository held by the...more
A recent judgment of the United Sections of the Italian Supreme Court of Cassation, the “ABI Forms Case” clarified the treatment of personal guarantees documented on the basis of the ABI’s (the Italian Banks' Association)...more
Italian tax authorities address for the first time the VAT regime applicable to the assignment of NPLs. On the very last day of 2021 the Italian Revenue Agency issued a remarkable ruling (no. 79/E) on the VAT regime...more
Nexus 6 is an android. Smarter, stronger and faster than any human being. At least in the film version, which Philip Dick was not entirely happy with. The cinematic adaptation of his novel Do Androids Dream of Electric...more
Italy is moving to adapt its legislative framework to the European Union standards and to remove fragmentation at national level for UCITS. On 15 July 2021, the Italian Council of Ministers approved, in preliminary...more
On 23 March 2021, the Italian Competition Authority (“ICA”) sent to the Italian government its proposals for changes to the Italian competition law for inclusion in the “annual law for competition” pursuant to Article 47 of...more
In the specific case submitted for its consideration, the Court of Florence established the following question of law: "whether a judge, who is asked generically to order the defendant to pay interest, without any other...more
Article 22 of Law Decree No. 183 of 31 December 2020 (the so-called “Milleproroghe Decree”) allows certain regulated firms based in the United Kingdom to continue operating in Italy for six months post-Brexit to a limited...more
The Situation: The COVID-19 pandemic is having an impact on businesses across various sectors in Italy. The Action: Further to the Law Decree No. 18 of March 17, 2020 (the "Cura Italia Decree"), the Italian Government...more
The Liquidity Decree strengthens CONSOB’s powers to impose stricter reporting requirements of relevant shareholdings in Italian-listed issuers. The Italian government has adopted Law Decree n. 23/2020 (the Liquidity...more
Several countries have announced or have already implemented extensive debt relief measures for consumers and companies. In some instances these measures also include debt moratoria. The following provides a brief overview of...more
The Situation: In the last years the Italian legislature reformed the Italian securitization law to foster investments in NPLs/UTPs by Italian and foreign professional investors. A recently approved law decree provides for...more
The Situation: The EU General Court annulled the European Commission's ("Commission") decision that Fondo Interbancario's support payment to financially distressed Banca Tercas breached EU State aid rules. Fondo Interbancario...more