Newslaert - Newsalert - Securitisation provisions of the Italian “Milleproroghe” Decree

Following its publication in the Italian Official Gazette No. 51 of 29 February 2020, Italian Law No. 8 of 28 February 2020 (Conversione in legge, con modificazioni, del decreto-legge 30 dicembre 2019, n. 162, recante disposizioni urgenti in materia di proroga di termini legislativi, di organizzazione delle pubbliche amministrazioni, nonché' di innovazione tecnologica) entered into force,  giving due effect to Italian Law Decree No. 162 of 20 December 2019 (the so-called "Decreto Milleproroghe", referred to herein as the "Decree").

The Decree introduces, inter alia, a number of substantial changes to Law no. 130 of 30 April 1999 on the securitisation of receivables. In particular, it supplements the framework for securitisation transactions carried out by way of the grant of a financing (so-called sub-participation) which was introduced by the 2019 Italian Budget Law (Law no. 145 of 30 December 2018). It also introduces an additional method by which securitisation special purpose vehicles can be financed by banks and financial intermediaries.

See an analysis on the amendments introduced by the Decree, in the Newsalert by our Banking and Finance Department.