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Structured finance in Faenza sits within Italy’s broader financial markets framework. It primarily involves securitisation of receivables and asset backed securities, enabling originators to convert loan pools into tradable notes. This process relies on carefully designed SPVs, trustees, servicers and rating agencies to manage risk and align interests among investors and originators.
In Faenza and the Emilia-Romagna region, banks, financing entities, SMEs and law firms work under Italian and European rules to structure transactions, issue securities and manage ongoing servicing obligations. Local practice emphasises due diligence on asset pools, clear waterfall structures and robust investor disclosures to ensure regulatory compliance and market confidence.
Italy regulates securitisation through a combination of national statutes and EU rules implemented in Faenza. The main frameworks include EU securitisation regulation and Italian laws that govern SPVs, disclosure, and market conduct.
Law No. 130/1999 on securitisation of receivables created the basic framework for transferring assets to a special purpose vehicle (SPV) to issue securities backed by receivables. It enables originators to isolate assets and manage the securitisation process under Italian law. The law was enacted in 1999 and has been updated to align with EU rules on securitisation.
Legislative Decree No. 58/1998 (TUF) - Testo Unico della Finanza provides the consolidated framework for financial markets, including trading, disclosure and governance of securitisation instruments. It has been amended over time to accommodate securitisation activities and SPV structures in Italy.
EU Regulation on securitisation (Regulation (EU) 2017/2402) establishes a harmonised EU framework for securitisation and introduces the simple, transparent and standardised (STS) criteria. It became applicable on 1 January 2019 and is implemented in Italy through national rules under the TUF and related securitisation provisions.
“Structured finance transactions require precise alignment of asset pooling, transfer mechanics and ongoing disclosure to investors.”
In Faenza, these rules are implemented by local banks, asset originators and service providers in line with national and EU requirements. Since securitisation affects balance sheets and investor reporting, counsel in Faenza regularly coordinates with auditors and regulators to ensure ongoing compliance.
Recent European reforms continue to refine the STS criteria and due diligence requirements, with Italy adapting its national rules accordingly. Practitioners in Faenza should stay informed about updates to EU securitisation rules and Italian implementing measures.
Securitisation pools assets and transfers them to a SPV, which issues securities backed by those assets. Investors buy the securities and receive payments from the asset pool through a servicing structure.
Begin with a feasibility assessment, select an SPV structure, and engage a lawyer to draft the initial documentation and coordinate with a custodian, trustee and servicer.
The SPV is a legally separate entity that holds the securitised assets and issues securities to investors. It protects investors from the originator’s other obligations.
Yes. A lawyer ensures compliance with Law 130/1999, the TUF, and EU securitisation rules, and helps draft the necessary agreements and disclosures.
Costs vary by transaction size and complexity. Typical engagements may include a fixed initial retainer plus success-based fees or hourly rates, ranging in the lower to mid five figures for standard deals.
Simple securitisations may close in 2-4 months; complex or cross-border deals can take 6-12 months or more, depending on asset quality and regulatory reviews.
Typically yes, a SPV is used to isolate the securitised assets. In Faenza, the SPV’s legal form and location must align with Italian and EU requirements.
Yes, with appropriate cross-border documentation, tax considerations and regulatory approvals. Coordination with local and EU-based advisers is essential.
STS status can improve investor appeal and access to certain funding channels. It requires meeting defined, verifiable criteria and rigorous documentation.
Common documents include the SPV charter, asset transfer agreements, servicing agreements, a credit enhancement plan, and investor disclosures. Specific terms vary by deal.
Regulatory requirements depend on the structure and asset class. Often Consob and supervisory rules apply, along with disclosure to investors.
Official guidelines are issued by Italian financial authorities and EU regulators, along with EU securitisation regulation. See IFRS and OECD resources for related governance and reporting standards.
