News & Analysis as of

Italy Financial Institutions

White & Case LLP

Resilient Italian economy keeps non-performing loans in check

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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

Hogan Lovells

Bank of Italy Regulation re compliance to EBA Guidelines on the use of remote customer onboarding solutions

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On 15 June 2023, the Bank of Italy published on its website a series of acts aimed at reviewing the domestic AML rules to comply with EBA Guidelines on the use of remote customer onboarding solutions....more

White & Case LLP

How ESG features are changing the Bank of Italy’s supervision approach

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The attention of financial regulators on environmental, social and governance factors is significantly and rapidly increasing. A proper integration of ESG features in the business model of financial and non-financial entities...more

Hogan Lovells

Italian FIU issues new Regulation on anomaly indicators for suspicious transactions reporting

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On 25 May 2023, the FIU Regulation containing anomaly indicators to be used by obliged entities for suspicious transactions reporting was published in the Official Gazette....more

Hogan Lovells

Italy: banking, pension, insurance and financial regulators consult to fight arms producers funding

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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

Hogan Lovells

Law Decree implementing the DLT Pilot regime in Italy - Major change to Italian sandbox

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Law Decree implementing EU Regulation 2022/858, containing urgent provisions on issuance and circulation of financial instruments in digital form, was published in the Official Gazette on 17 March 2023. It provides for the...more

A&O Shearman

Financial regulatory news – Italy

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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

Orrick, Herrington & Sutcliffe LLP

Comunicazione Della Commissione Sugli Orientamenti Relativi Alla Procedura Di Vendita Alle Condizioni Migliori Di Crediti...

In data 21 ottobre 2022 è stata pubblicata la comunicazione della Commissione Europea del 21 ottobre 2022 concernente gli orientamenti relativi alla procedura di vendita alle condizioni migliori di crediti deteriorati sui...more

Hogan Lovells

Global Payments Newsletter, September 2022

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Key developments of interest over the last month include plans to consider increasing regulation on crypto firms in several countries; the Bank of Thailand publishing a payment development strategy for 2022-2024; and "The...more

White & Case LLP

NPL market dynamics are changing, possibly for good

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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

Hogan Lovells

As the entry into force draws near, we look into the new non-possessory pledge in Italian law

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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

Orrick, Herrington & Sutcliffe LLP

Piattaforme on-line, Comparazione Finanziamenti E Riserva Di Legge. Consultazione Oam in Corso

L’OAM ha lanciato una consultazione relativamente al testo di una propria comunicazione (la “Comunicazione”) avente ad oggetto: “Chiarimenti in merito al funzionamento delle piattaforme on-line che offrono servizi di...more

Orrick, Herrington & Sutcliffe LLP

Blade Runner and the Non-Possessory Pledge

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

Hogan Lovells

Global Accountants' Liability Update – October 2021

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A company that specialized in the design and production of optical instruments (hereafter: the Company) hired an accounting firm and a tax consultancy firm (hereinafter: the Accountants) to prepare its annual accounts between...more

Hogan Lovells

Impact of the Italian class action reform on financial institutions

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The 2021 Italian class action law reform may entail increased litigation involving financial institutions in traditional areas as well as in cybersecurity and data breach instances and cryptocurrency-related disputes. The...more

Hogan Lovells

Bank of Italy implements PSD2 provision on the obligation to inform consumers of their rights

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On 1 July 2021, the Bank of Italy transposed into the Italian legal framework Article 106 of PSD2 regarding the obligation for payment service providers to inform consumers of their rights in the context of the provision of...more

White & Case LLP

State of the art of the Italian liquidity measures - Keeping Italian Companies Alive?

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Since March 2020, the Italian Government has enacted a package of measures designed to help Italian businesses survive the dramatic effects of the coronavirus ("COVID-19") pandemic. The measures include guarantee schemes from...more

Jones Day

Temporary Post-Brexit Regime Applies to UK Financial Institutions Operating in Italy

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In Short  The Situation: As of the close of the Brexit transition period ending on December 31, 2020 ("Withdrawal Date"), UK banks, UK investment firms, and UK electronic money institutions ("UK Financial Institutions") can...more

A&O Shearman

Statutory penalty interest at 8%: the latest relevant jurisprudential trends in Italy

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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

Hogan Lovells

Italian Government repeals money transfer tax

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The Italian Government repealed the tax, introduced in 2018, on money remittances outside EU executed through payment institutions....more

Jones Day

Italy: 110% Tax Deduction Enacted for Certain Energy and Anti-Seismic Works on Existing Buildings

Jones Day on

The Situation: For years, the Italian tax system has provided for certain tax deductions from income taxes in case of building restoration works. The Result: The tax deduction from income taxes has now been increased to...more

Hogan Lovells

Italian AML news: confirmation of the new provisions on on-line KYC

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Italian news on on-line KYC for AML purposes, including the possibility to rely on SCA when certain conditions are met, have been confirmed. On 14 September, Law Decree No. 76/2020 regarding urgent measures for...more

Hogan Lovells

FIU Communication on the prevention of financial crimes in the context of the COVID-19 emergency

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On 16 April 2020 the Italian Financial Intelligence Unit (FIU) published a communication stressing the need for intermediaries, professionals, other qualified entities and public administrations to calibrate AML measures in...more

Hogan Lovells

Bank of Italy recommendations on the COVID-19 emergency

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On the basis of the measures recently adopted by the Italian Government to face the current COVID-19 emergency, on 10 April 2020, the Bank of Italy issued its recommendations to financial intermediaries on (i) anti-money...more

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