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Structured finance in Gorizia follows the same national and European framework as the rest of Italy. There are no separate local statutes unique to Gorizia for securitisation and asset backed financing. Practitioners rely on Italian laws and EU regulations applied across the country, with local courts enforcing contract and securitisation-related disputes.
In practice, transactions are typically executed through Italian special purpose vehicles (SPVs) such as S.p.A. or S.r.l. located in Italy, with originators, sponsors and servicers coordinating across borders if needed. Cross-border securitisations may involve Slovenian counterparties or EU-wide investors, which heightens the importance of harmonised regulatory standards and clear contractual allocations of risk. Local counsel in Gorizia often coordinates with national and EU supervisors to align transaction documents with applicable law.
The European Union's Securitisation Regulation aims to harmonise securitisation rules across member states, including transparency and risk disclosure requirements.
Regolamento (EU) 2017/2402, EUR-Lex
In Italy, cartolarizzazione is governed by Law 130/1999 and the Consolidated Law on Finance (Testo unico della finanza - TUF) as part of the national framework for securitisation.
Leggi 130/1999; D. Lgs. 58/1998, Normattiva
Cartolarizzazione is the process of converting illiquid assets into tradable securities through an SPV. In Italy, assets are transferred to an SPV, which then issues notes to investors and pays returns from asset proceeds. This structure shifts credit risk to investors while enabling ongoing financing for the originator.
Formation usually involves an Italian corporate entity (S.p.A. or S.r.l.) that purchases assets and issues notes. You will need legal, tax, and regulatory approvals, plus documentation for asset transfer, servicing, and investor rights. A qualified structured finance lawyer coordinates the process and liaises with regulators.
The EU regime applies to securitisations conducted within the EU or involving EU counterparties. It requires STS designation for certain deals and imposes risk retention, transparency, and reporting obligations. In Italy, national law implements these EU requirements.
Official texts are available on the Italian government portal Normattiva. You can review Law 130/1999 and related amendments there to understand asset transfer, SPV formation, and investor protections. Always confirm you are reading the up-to-date consolidated text.
Risk retention aligns incentives between originators and investors and reduces moral hazard. Under the EU Securitisation Regulation, retention requirements apply unless a specific exemption is available. Your counsel will calculate the appropriate retention and document it precisely.
Yes, Italian law supports receivables securitisation, provided you satisfy asset criteria, regulatory approvals, and disclosure obligations. A lawyer will help structure the transfer to the SPV and ensure compliance with the TUF and Law 130/1999.
Local counsel familiar with Friuli-Venezia Giulia markets can coordinate with national specialists. A regional attorney can handle local filings, court matters, and cross-border aspects while engaging a national firm for complex regulatory or tax issues.
Notarisation is typically required for certain corporate acts and asset transfers in Italy. Your lawyer will confirm notary involvement for SPC formation and document execution, ensuring compliance with Italian civil law formalities.
Costs vary widely by deal size and complexity. Expect fees for legal advisory, negotiate- and document drafting, regulatory filings, and a potential success-based component. Your lawyer will provide a formal estimate after an initial scoping.
Transaction timelines depend on asset complexity and regulatory approvals. A straightforward receivables securitisation may close in 8-12 weeks, while cross-border or high-value deals can extend to several months.
Yes. Securitisation transfers asset risk to investors via an SPV and typically involves structured cash flow and heightened disclosure. Traditional lending remains a loan from a bank to a borrower with direct contractual obligations.
No. Both large enterprises and certain smaller originators can securitize assets if they meet asset quality, legal transfer, and regulatory requirements. The transaction structure and investor appetite drive feasibility.
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