Banking and finance: Bank regulatory in Italy

BonelliErede

BonelliErede handles filings with public authorities and regulators, analyses the impact of transactions on licences, permits and concessions, and the impact of new regulations on the organisation of banks and investment firms. In addition, the administrative law department covers regulatory-related litigation before the Italian administrative courts. The team recently advised the promoters (and future controlling shareholders) on a project involving the establishment of the first fintech bank in Italy. Regulatory practice co-ordinator Giuseppe Rumi is a banking and insurance regulations expert, and Federico Vezzani specialises in banking, financial services and asset management regulations.

Practice head(s):

Giuseppe Rumi

Testimonials

A results-driven practice that provides a high quality of service.

It has a level of competence that is above its peers.

Giuseppe Rumi is insightful and relentless in driving the regulatory process.

Key clients

Banca IFIS

Cerved Group

Crédit Agricole Italia

DEPObank – Banca Depositaria Italiana

doValue

De Lage Landen International

Fondo Interbancario di Tutela dei Depositi

Impact SIM

Magnetar Financial (UK)

Unicredit

Work highlights

  • Advised Banca IFIS and the Banca IFIS banking group on regulatory matters, including governance reorganisation issues.
  • Acting for Banque Misr, an Egyptian bank, on a feasibility study for entry to the Italian market.
  • Advised IMPact SIM on regulatory matters relating to the provision of investment services and the delegated management of investment funds.

Chiomenti

Chiomenti advises banks, insurance companies, financial intermediaries, investment firms and asset management companies on the regulatory aspects of M&A and finance transactions. It recently assisted Intesa Sanpaolo with the set-up of a strategic partnership with Intrum Justitia, which included regulatory assistance. Alessandro Portolano's experience includes assistance with both ordinary and extraordinary transactions, proceedings before Italian and European Regulators, structuring of business models, and entry into new markets. Vincenzo Troiano advises a range of regulated entities, and counsel Gabriele Buratti specialises in banking, finance, investment, insurance, and collective asset management regulation. Senior associate Felice Azzollini is experienced in banking, insurance, and financial markets.

Practice head(s):

Alessandro Portolano

Testimonials

Chiomenti’s banking practice is extremely well versed in all banking regulatory topics, and gives clients peace of mind thanks to its deep analysis, using the latest cases and laws as applicable.

It has great availability and exceptional knowledge of the market and best practices.

Alessandro Portolano is a pleasure to work with thanks to his deep expertise, matched with a hands-on mentality that is essential for an international fintech company.

Vincenzo Troiano and counsel Gabriele Buratti have exceptional knowledge of the regulatory landscape.

Key clients

Intesa Sanpaolo

Banca Generali

Unione di Banche Italiane

Banca Popolare di Bari

Credit Suisse

Banca Carige

ING Bank (Milan Branch)

Bank of China (Milan Branch)

Banca Generali

Banca Mediolanum

Cassa Lombarda

Banca Nazionale del Lavoro

Cariparma

State Street

Work highlights

  • Advised Banca Generali on the set up of a joint venture with Saxo Bank, which included filing the relevant supervisory communications.
  • Acted for Unione di Banche Italiane on several regulatory issues.
  • Acted for Banca Popolare di Bari in a sanctioning proceeding concerning the alleged breach of banking and financial law.

Clifford Chance

Clifford Chance is highly rated for its regulatory law assistance to domestic and international banks, and Italian-headquartered global funds and corporations. Banking and financial regulations specialist Lucio Bonavitacola heads the regulatory team in Italy; he specialises in banking and financial regulations, and maintains regular contact with the regulatory bodies, the Bank of Italy and Consob (the Italian Companies and Exchange Commission). Gioacchino Foti specialises in banking, financial regulations and capital markets, and senior associate Alberto Claretta Assandri  advises banks, insurance undertakings and investment firms and managers on regulations.

Practice head(s):

Lucio Bonavitacola

Testimonials

They make decision making easy, having verified all relevant aspects before.

The lawyers understand clients’ needs and the firm’s lawyers have high professional standards.

Key clients

Banco BPM

Crédit Agricole

Intesa Sanpaolo

Banca IMI

Leonardo

Mediobanca

Partners Group

SACE

Work highlights

  • Advising a number of manufacturers and distributors on the implementation of the packaged retail and insurance-based investment products (PRIIPs) regulation in Italy.
  • Acted for several EU banks and financial institutions on the potential impact of Brexit on their ability to provide services in Italy.

Bird & Bird

Bird & Bird's practice covers consumer credit, financial products, investment funds, anti-money laundering (AML), fintech and investment services. The practice also includes specialists in insurance, market abuse, payment services and e-money. Financial regulation specialist Raimondo Maggiore heads the Italian banking and financial services regulatory department; and Stefano Febbi is experienced in payment services and insurance regulation, and advising financial institutions on regulatory compliance. Rossella Sansone has extensive asset management and financial services expertise.

Hogan Lovells International LLP

Hogan Lovells International LLP assists domestic and foreign banks, payment institutions, e-money institutions and financial intermediaries with banking and payment services, financing activities, AML issues, consumer credit, and banking transparency requirements. Highly rated for his European and Italian financial regulation expertise, Jeffrey Greenbaum interacts daily with financial regulators in developing and interpreting financial regulation. Senior associate Claudia Colomba advises on the regulatory side to collective management, pensions, insurance, banking and payment services.

Practice head(s):

Jeffrey Greenbaum

Testimonials

Very good knowledge of banking regulations and market practices.

Excellent co-ordination between partners and associates.

A very well-structured team of proactive, client-focused lawyers.

Jeffrey Greenbaum and senior associate Claudia Colomba manage clients’ expectations well, providing the pros and cons analysis of different envisaged scenarios.

Simmons & Simmons

Simmons & Simmons' practice covers the Financial Services and Markets Act 2000 and EU legislation, strategic regulatory issues, investigations, disputes and disciplinary matters, derivatives and commodity trading. Romeo Battigaglia leads the financial services and regulatory group; Battigaglia regularly advises on cross-border regulatory projects, including passporting procedures and obtaining the required local licences from regulators. Of counsel Maria Giusy Naccarato focuses on investment services, financial instruments, asset management, insurance products, investment funds and market regulation.

Practice head(s):

Romeo Battigaglia

Key clients

Allianz Global Investors

Blackstone

BNP Paribas

Deutsche Bank

F&C Management

Jefferies

Jupiter

Schroders

UniCredit

Work highlights

  • Assisted Blackstone with obtaining an authorisation to conduct direct lending in Italy.
  • Advised F&C Management on establishing an Italian branch.
  • Assisted a peer-to-peer lending platform with the regulatory challenges surrounding a fintech matter.

CMS

CMS' regulatory expertise covers investment services, asset management and financial and payment services. Paolo Bonolis' experience includes advising Italian and foreign banks and financial institutions on complex financing transactions and regulatory matters, and Massimo Trentino assists investment funds and issuers with regulatory matters. Of counsel Andrea Arcangeli is an investment management and financial services specialist, and counsel Maria Giovanna Pisani is experienced in regulatory compliance.

Practice head(s):

Paolo Bonolis

Key clients

Hetalab

Royal Bank of Scotland

FNZ (UK)

Legal & General – Investment Management

Deutsche Leasing

BrickVest IM

CMC Markets

Macquarie

Aberdeen Standard

Six Payment Services

Commerzbank

Aareal Bank

AON Hewitt Investment Consulting

JCI Capital

Classis Capital

Banca Transilvania

Work highlights

  • Advised Heta Lab on the regulatory issues surrounding  cryptocurrency transactions.
  • Acted for Legal & General Investment Management on its reorganisation, which included regulatory issues.
  • Assisted CMC Markets UK with the regulatory aspects of the provision of investment services in Italy.

Dentons

Dentons assists with the regulatory procedures surrounding the incorporation of regulated entities, extraordinary transactions involving regulated entities, the structuring of compliant internal procedures and policies, and the provision of regulated services and activities. Alessandro Engst is focused on financial institutions regulation, derivatives and investment funds. Michele Odello, who specialises in legal and regulatory matters in the banking, financial, investment and insurance sectors, was made partner.

Testimonials

A highly available practice.

Key clients

Intesa Sanpaolo

Banca Sistema

UniCredit

Banca IMI

IBL Banca

UnipolSai Assicurazioni

AXA

UBI Banca

Eurizon Capital SGR

AQA Capital

Savills SGR

Prelios SGR

BNP Leasing Solutions

BNL Leasing

Canadian Imperial Bank of Commerce

BPM Vit

Work highlights

  • Advised AQA Capital – Fondo AMSI  on the regulatory issues surrounding the replacement of the previous management company of a reserved real estate alternative investment fund.
  • Acted for Intesa Sanpaolo on the repapering of ISDA, GMRA and GMSLA documentation in response to Breit.
  • Assisting IBL Banca with updating its existing framework agreement, which regulates the provision of investment services.

DLA Piper

DLA Piper advises on a range of domestic and cross-border banking and financial regulation matters, including AML, derivatives, usury law, payment services, e-money and other matters involving the technology applied to financial services. Agostino Papa is highly rated for his advice on the regulation of the financial markets and Vincenzo La Malfa is focused on public finance matters. Of counsel Danilo Quattrocchi provides regulatory advice to banks, listed companies, financial intermediaries, pension and social security institutions, and insurance companies.

Practice head(s):

Agostino Papa

Testimonials

Keen on delivery, with great ability to listen to clients and accordingly adapt a team approach.

Serious, prepared, flexible and empathetic.

Key clients

Assicurazioni Generali

Azimut Libera Impresa SGR

Banca Generali

Banca IFIS

Banca Sistema

Banco BPM

CDP

Commerzbank (Milan Branch)

CREDEM Private Equity SGR

Finlombarda

Intesa Sanpaolo

MPS Capital Services Banca per le Imprese

Poste Vita

Royal Bank of Scotland Group

Work highlights

  • Assisted Banco BPM with the treatment of derivatives, collateral arrangements and related netting agreements for the purposes of the EU Capital Requirement Regulation.
  • Advised the Italian branch of Commerzbank on regulatory issues, arising from its operations in Italy.
  • Assisted Banca Generali with the regulatory aspects of a complex M&A deal.

FIVELEX Studio Legale

FIVELEX Studio Legale assists banks, fund managers, investment firms, family offices, financial advisory firms, insurance companies and trust companies on financial regulatory matters. It also advises on litigation involving the breach of business conduct rules. Edoardo Guffanti provides regulatory advice to financial intermediaries, and Francesco Di Carlo has longstanding experience of advising financial institutions and Italian and foreign funds. Regulatory specialist Matteo Catenacci is also noted.

Testimonials

The law firm is very well structured and organised, with the very highest competence and proficiency.

The team is extremely committed and knowledgeable about the applicable laws and regulations and market standards.

It has a good understanding of regulations and a proactive approach.

Francesco Di Carlo is very committed, motivated, personable and knowledgeable.

Edoardo Guffanti has longstanding experience and he is quick and clear in his explanations.

Key clients

Assicurazioni Generali Group

Banca Generali

Banca Mediolanum

Banca Sella

Banco BPM

Credem Group

DeA Capital Alternative Funds

Edmond de Rothshild

EFG International

Equita Group

Ersel Group

Global Capital

Goldman Sachs International

Milano Investment Partners

PKB Privatebank Group

Real Step SICAF

Squircle Capital

United Ventures

Work highlights

  • Assisted Banca Generali with creating new business collaborations with Swiss banks, which included presenting the project to the Italian regulatory authorities.
  • Acted for Cornér Bank on a distribution agreement with Azimut Financial Insurance, which included advice on its compliance with Italian regulations.
  • Assisted Allianz Bank Financial Advisory with the review of remuneration policies in accordance with banking regulations.

Gianni, Origoni, Grippo, Cappelli & Partners

Gianni, Origoni, Grippo, Cappelli & Partners is particularly focused on the regulatory issues surrounding the distribution of banking, financial and insurance products. It also handles disciplinary proceedings, precautionary measures and sanctions surrounding the provision of banking, financial, investment and insurance services. Paolo Bordi has significant expertise in the regulatory issues surrounding banking and finance, investment services, insurance and asset management; Paolo Iemma is a key name for market abuse regulation; and securities and insurance regulations expert Emanuele Grippo heads the firm's Luxembourg desk. Financial market regulations specialist Marco Zaccagnini provides additional partner-level expertise from London.

Testimonials

This is a highly experienced and competent practice.

Key clients

Advance SIM

Capital Dynamics SGR

Agos Ducato

Allianz Bank

Arcadia SGR

Banco Santander (Milan)

Candriam Investors Group

BlackRock

Capital International

Cerved Master Services

Credit Suisse

Fideuram

FinecoBank

GAM (Italia) SGR

Goldman Sachs

Grosvenor Capital Management

Lombard Odier

Partners Group

Pirelli & C

Poste Italiane

UniCredit

PGA China

Arrow Global Group

Work highlights

  • Assisted Banco Santander with AML and market abuse regulation issues.
  • Advising GAM (Italia) SGR on regulatory compliance and its relations with the supervisory authorities.
  • Advised UniCredit on a range of regulatory issues surrounding the implementation of the Payment Services Directive – PSD 2 and the Commission Delegated Regulation (EU).

Legance - Avvocati Associati

Legance - Avvocati Associati focuses on the provision of investment services, the solicitation of investments, and the offering of financial instruments off-site. It also specialises in the capital requirements applicable to banks and other financial institutions, authorisation procedures, and AML issues. Marco Penna's banking law expertise includes regulatory capital and financial intermediaries incorporated under the Italian Banking Act. Senior associate Giovanna Tassitano assists banks, insurance companies and financial institutions with regulatory issues.

Testimonials

This is a really very competent practice.

Key clients

Advent International

Afex

Agos Ducato

Apax Partners

Argo Finanziaria

Aviva

Banca Farmafactoring

Banca Finint

Banca Popolare di Milano

BPER Banca

CaCib

CBRE

Credito di Romagna

Credito Fondiario

Dell

Elliott

Fiditalia

Finest

Fortress Investment Group

Illimity

King Street

Mediobanca

Work highlights

  • Advised BPER Banca on the regulatory authorisation requests submitted for the acquisition of Unipol Banca’s share capital.
  • Acted for Banco BPM on certain regulatory issues surrounding the transfer (as a going concern) to BNP Paribas Securities Services of depositary and fund administration bank services.
  • Acted for Illimity Bank on investment opportunities, including complying with the applicable regulatory framework.

Linklaters

Linklaters' recent experience includes the regulatory aspects of restructurings, portfolio disposals and asset transfers, as well as advising  financial institutions on Brexit-related issues. Dario Longo specialises in  financial markets. At managing associate level, Anna Ferraresso's financial regulatory experience includes assisting with the restructuring and reorganisation of banking groups; and Emanuele Umberto Aurilia advises financial institutions on complex regulatory issues.

Pedersoli Studio Legale

Pedersoli Studio Legale advises on ongoing regulatory issues, ordinary and extraordinary transactions, and relations with the Italian and EU supervisory authorities. Alessandro Zappasodi, a former Chiomenti partner, advises banks, asset managers, insurance companies and other regulated entities on their day-to-day activities and financing transactions.

Practice head(s):

Alessandro Zappasodi

Work highlights

  • Advised Intesa Sanpaolo and Banca 5 on the regulatory issues surrounding an agreement signed with Sisal Group to set up a business offering banking products and payment and transaction services.
  • Advised Banca di Asti and Fondazione Cassa di Risparmio di Asti on the regulatory matters arising out of the acquisition by Banca di Asti of shareholdings in Biverbanca.
  • Assisted MSD Solutions with the set-up of an online platform for the trading of loan portfolios between banks and financial institutions.  

GIM Legal

Founded in late 2017, GIM Legal advises on the regulatory issues surrounding investment and private banks, fund managers, financial companies, and payment institutions; it also assists with corporate governance consultancy. Specialisms include financial services, insurance and pension funds, listed companies, real estate, fintech and digital finance, and structured finance. Former Consob regulator, Luigi Rizzi, specialises in financial markets law and financial regulation.

Practice head(s):

Luigi Rizzi

Key clients

Wood Financial Services

Consultique

Blue Communication Group

Assiteca SIM

GROUPAMA SGR

Vertis SG

Pairstech Capital

Depaho

Fondo Pensioni UNICREDIT

Dea Capital SGR

Illiquidx

iAM Capital

Work highlights

  • Acted for Panrhema Società di Consulenza Finanziaria in an authorisation process before the Italian Supervisory Authority of Financial Advisors.
  • Advised Invesco on the regulatory aspects surrounding the setting-up of an Italian Sicaf, a closed-end alternative investment fund.
  • Advised a client on the regulatory issues surrounding the establishment of a Luxembourg real estate investment fund.

Grimaldi Studio Legale

Grimaldi Studio Legale advises domestic and international banks and financial institutions on the regulatory aspects of their operations, including the management of relations with the banking and financial authorities. Davide Contini is a banking and insurance law specialist. Luigi Baglivo has longstanding experience in advising banking and finance institutions at a national and international level.

Practice head(s):

Davide Contini; Luigi Baglivo

Testimonials

This problem-solving group’s knowledge of the market and responsiveness and availability are key elements.

Key clients

Banca Imi

Intesa Sanpaolo

Unicredit

Banca Monte dei Paschi di Siena – Banca Widiba

Unione Fiduciaria

Banco BPM

Credit Suisse

Prometeia Advisor SIM

Hines

Progress Tech Transfer SLP –RAIF – MI.TO. Technologies

UBS Europe SE

Illimity Bank

LM Group – BravoNext

Work highlights

  • AdvisingBanca IMI, on an ongoing basis, on regulatory matters surrounding the provision of investment services.
  • Acting for Banca Widiba on complying with the legislative framework.
  • Assisting Intesa Sanpaolo with the regulatory aspects of its provision of investment services under the Alternative Investment Fund Managers Directive and related legislation and regulations.

Molinari e Associati

Molinari e Associati assists Italian, European and US financial services companies with acquisitions, joint ventures, bancassurance partnerships, asset management and non-performing loan disposals, new product launches, and organisational models and policies. Nicolò Juvara advises on regulatory matters involving insurers, banks and financial institutions. Of counsel Daniela Runggaldier acts on capital and organisational restructuring processes, resulting from the implementation of the Single Supervisory Mechanism and the Banking Recovery and Resolution Directive.

Practice head(s):

Nicolò Juvara

Testimonials

A highly competent regulatory team.

Key clients

UniCredit

Compass Banca

Banco di Desio e della Brianza

Banca Valsabbina

Agos Ducato

Generali Investments Europe SGR

Sace

Société GénéraleSecurities Service

Work highlights

  • Assisted Compass Banca with a filing to obtain regulatory authorisation for an acquisition.
  • Advised Banca Valsabbina on the implementation of the EU’s Insurance Distribution Directive.
  • Advised an Italian bank on the implementation of the PSD2 regulation for its payment services and operations.

Osborne Clarke

Osborne Clarke stands out for its financial services regulatory expertise in fintech, crowdfunding and other novel financial products. Umberto Piattelli leads the Italian financial services team; he has particular expertise in financial regulation in relation to alternative forms of finance, payments and fintech.

Practice head(s):

Umberto Piattelli

Key clients

Rendimento Etico

Edison

Banca Sella Holding

Wirecard Bank

WEX Europe Services

Smartika

MoneyGram International

Work highlights

  • Advised Edison on the regulatory issues surrounding the launch of its crowdfunding platform.
  • Assisted Rendimento Etico with the regulatory aspects surrounding the establishment of a novel real estate lending platform dedicated to real estate NPLs.
  • Acted for PLA on the regulatory issues surrounding the creation of an Italian lending crowdfunding platform.