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Structured finance in Italy, including Cinisello Balsamo, centers on using dedicated legal entities and financing structures to pool and transfer financial assets. The goal is to improve liquidity, diversify funding sources, and manage risk for issuers and investors. Italy follows both national banking and civil law, and EU rules that shape securitisation, asset backed securities, and SPV governance.
In practice, most transactions involve an SPV that purchases or securitises a pool of receivables or assets, issues notes or securities to investors, and relies on credit enhancements and servicing arrangements. Regulatory oversight comes from national authorities and EU regulations, with specific Italian laws shaping true sale transfers, retention requirements, and disclosure standards. For residents of Lombardy and nearby Milan suburbs like Cinisello Balsamo, local counsel often coordinates cross-border aspects with national supervisors and local notaries.
Source: OECD guidance on securitisation markets and regulation in member economies supports the role of SPVs and standard disclosure practices in securitisation transactions. https://www.oecd.org
Source: IFRS Foundation provides the accounting framework for structured finance instruments, including securitisation and asset-backed securities. https://www.ifrs.org
These are concrete scenarios that commonly require structured finance legal counsel in Cinisello Balsamo and the Lombardy region.
Below are the core laws and regulations that govern structured finance in Italy, including Cinisello Balsamo. Each item includes the general scope and its relevance to local practice.
The Testo Unico Bancario governs banking activities, credit institutions, and financial intermediation in Italy. It sets the framework for securitisation transactions through true-sale transfers and SPV mechanics. The decree has been amended repeatedly to align with EU rules and market developments. Expect ongoing updates as Italy implements EU securitisation directives.
This law introduced securitisation as a financing tool by enabling the transfer of receivables to an SPV and the issuance of asset-backed securities. It remains a foundational reference for Italian securitisation structures, often used in combination with TUB provisions and EU rules. The law was established in 1999 and has seen refinements to accommodate new financing models.
The EU Securitisation Regulation sets common standards for securitisation transactions, including risk retention, due diligence, and disclosure. It applies to Italian securitisations as part of the EU regime. The Regulation took effect on 1 January 2019, with national adaptations implemented across member states including Italy. Local practice now consistently aligns with these EU standards.
In practice, Italian securitisation also relies on generic Civil Code provisions for contracts and transfers, as well as Bank of Italy and Consob guidance for governance, servicing, and investor communications. Local Lombardy professionals frequently coordinate between SPV documentation, servicing agreements, and Italian notarial requirements to ensure enforceability in Cinisello Balsamo.
Structured finance uses SPVs to pool assets and issue securities or notes to investors. It dedicates cash flows from the assets to repay investors, often with credit enhancements and servicing arrangements. The goal is to improve liquidity and risk management for the originator.
Begin with asset inventory and an objective assessment of funding needs. Engage a structured finance lawyer to design the SPV, determine asset transfer type, and prepare initial term sheets for investors. You will then proceed to regulatory checks and closing.
Yes. A lawyer helps ensure true-sale transfer adherence, compliance with DTA and EU rules, and proper drafting of SPV, servicing, and disclosure agreements. They also coordinate notarial steps and cross-border considerations if needed.
From initial structuring to closing, 3 to 6 months is common for straightforward pools. More complex transactions with cross-border elements may extend to 6 to 12 months, depending on due diligence and regulatory review times.
An SPV is a separate legal entity created to isolate assets and liabilities from the originator. It protects investors, facilitates securitisation, and helps manage credit risk and cash flow waterfalls. In Italy, SPVs must meet statutory and tax considerations and be governed by clear servicing and governance contracts.
Expect hourly rates or flat-fee engagements for initial advisory, document drafting, and closing. Typical costs include due diligence, SPV formation, and regulatory compliance work. Ask for a detailed fee schedule and milestone payments upfront.
No residency is required for the SPV to operate in Italy, but you may need local representations or tax registrations. A local lawyer helps ensure compliance with Italian corporate, tax, and regulatory requirements.
Key risks include asset pool quality, misrepresentation in disclosures, servicing performance, and regulatory compliance failures. Proper structuring, risk retention, and robust servicing agreements mitigate these risks.
Originators must retain a material portion of credit risk, typically 5 percent, to align incentives with investors. This retention must be demonstrated through legal and accounting mechanisms and documented in the transaction agreements.
A true sale transfers actual ownership of assets to the SPV. Synthetic securitisation uses credit derivatives or guarantees to transfer risk without transferring title to assets. Italian practice commonly prefers true sale for asset-backed structures but may use synthetic methods in specific cases.
Yes. Securitising NPLs can help banks manage balance sheets and liquidity. The transaction requires careful due diligence, risk retention considerations, and compliance with EU and Italian rules on servicing and disclosure.
There is no universal minimum in law, but practically the pool must be large enough to be cost-effective and attractive to investors. Banks and SPVs typically assess scale, diversification, and servicing viability before closing.
These official resources provide background on accounting, regulatory, and international perspectives relevant to structured finance and securitisation.
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