Firms To Watch: Banking and finance: Bank regulatory

Civale Associati is increasingly well-regarded among its client roster of banks, payment services providers, financial services providers and e-money issuers, among other entities.
Deloitte Legal Italy -Società tra Avvocati a r.l.‘s financial services industry regulatory practice is led by Guerino Cipriano, who acts for financial institutions and insurance companies on financial regulatory matters, including ongoing issues, extraordinary transactions and the launch of new products.
Orsingher Ortu – Avvocati Associati launched its financial services regulation practice in 2021 when it hired banking and financial law specialist Luigi Baglivo, a former partner at Grimaldi Studio Legale.
Studio Professionale Associato a Baker & McKenzie's Italian regulatory practice is headed by Eugenio Muschio, a partner as of July 2022, who is particularly experienced in the implementation of supervisory authorities' regulatory provisions.

Banking and finance: Bank regulatory in Italy


BonelliErede‘s ‘highly skilled team covers a wide range of financial and banking regulations‘. Clients particularly appreciate the firm’s dedicated investigation practice, which focuses on possible civil, criminal and administrative liabilities within banks and supervised entities. Department founder Giuseppe Rumi is a highly regarded banking and insurance regulation specialist, while the ‘really outstandingFederico Vezzani focuses on supervisory and regulatory matters involving banks, asset managers, and Italian and international financial intermediaries. The financial regulatory department additionally features Andrea Savigliano (promoted to senior counsel during 2022) and experienced managing associate Giulio Vece.

Practice head(s):

Federico Vezzani

Other key lawyers:

Giuseppe Rumi; Andrea Savigliano; Giulio Vece


The highly skilled team covers a wide range of financial and banking regulations, as it has professionals specifically dedicated to different areas.

The lawyers are very responsive and problem-solving oriented.

Federico Vezzani is really outstanding in this field, both for the knowledge and experience he has obtained over the years, and for his ability to manage the team and different practices involved efficiently.

Key clients


Enel X

Banca Popolare di Bari


Banco BPM

Banca Ifis




Banca Cividale

Work highlights

  • Assisted Generalfinance on the listing of its ordinary shares on the Euronext Star Milan Market (managed by Borsa Italiana).
  • Advised Banca Ifis (and parent company La Scogliera) on the regulatory aspects of a long-term project that involved the transfer of the registered office of La Scogliera from Italy to Switzerland.
  • Assisted Casavo Management with the incorporation of Casavo Mutui and its registration as  a credit broker.


Able to cover all areas of the financial markets‘, Chiomenti‘s practice excels in its knowledge of the regulatory framework of banks, investment firms, asset managers, insurance companies and payment institutions. Hailed as the ‘go-to-adviser in his jurisdiction‘, Alessandro Portolano heads up the firm’s regulation of financial institutions and activities group, and is an expert in banking, financial, insurance, payment services and asset management regulations. Key support is provided by Vincenzo Troiano, whose ‘financial regulation knowledge is incredibly strong‘; Felice Azzollini, an of counsel since August 2022; and recently promoted managing associate Flavia Pagnanelli.

Practice head(s):

Alessandro Portolano

Other key lawyers:

Vincenzo Troiano; Felice Azzollini; Flavia Pagnanelli


A very strong team in terms of knowledge, and always focused on the client so as to find innovative solutions to any legal issue.

‘Understands the business and technical restrictions of clients and implements the best legal solutions. This marks a big difference from other firms.’

Amazing knowledge and able to cover all areas of the financial markets.

Very responsive and works for all the major players.

Alessandro Portolano is an international leader in his field. He has decades of experience and is the go-to-adviser in his jurisdiction.

Alessandro Portolano is a very experienced lawyer who knows how to find the best legal solution to any issue.

Vincenzo Troiano’s advisory support is a guarantee – he really impresses with his talent to combine deep analytical ability and effective synthesis.

Vincenzo Troiano’s financial regulation knowledge is incredibly strong, as is his expertise in the financial sector.

Key clients

Payden & Rygel


Credito Fondiario

Credit Suisse


Intesa SanPaolo

Banca Finnat Euramerica

Unipol Group

BPER Banca




Deutsche Bank

Banca Generali

State Street Bank



Credito Lombardo Veneto

Allfunds Bank – Milan branch

Unicredit Bank – Milan branch

Gruppo Mutuionline

Allianz Bank S.p.A.

Banca Findomestic

Banca Carige

Banco BPM

Cassa Depositi e Prestiti

Banca Popolare Valconca

Work highlights

  • Assisted BBVA with the launch of a mobile retail banking business line in Italy.
  • Assisted BPER Banca with the regulatory side to the acquisition from the FITD of a direct controlling interest in Banca Carige and, indirectly, in its subsidiaries Banca Monte di Lucca and Banca Cesare Ponti.

Alma LED

Acting for banks and tech and fintech companies, Alma LED‘s banking and financial regulation team houses experts in the regulatory aspects of crowdfunding, peer-to-peer lending, and mobile payment and payment aggregator activities. Marco Zechini is experienced in banking, financial and payment services regulation, along with AML and corporate governance issues. Luca Benvenuto is the Rome banking and financial regulation team coordinator, while Virgilio Sollima is an active senior associate.

Practice head(s):

Marco Zechini; Luca Benvenuto

Other key lawyers:

Virgilio Sollima; Sergio Visalli

Key clients

AcomeA SGR


American Express Italia



Banca Carige

Banca Profilo

Banca Valsabbina

Borsa del Credito – Business Innovation Lab


Cityposte Payment

CGN Fintech


Edenred Italia








Iren Mercato









Quid Ecosystem Group

Santander Sicav

Satispay Europe


Teamsystem Payments

Telepass Pay

The Reputation Exchange


Vertis SGR

Work highlights

    Bird & Bird

    Bird & Bird ‘s Italian financial regulatory practice has substantial experience in the rules governing banking and financial services activities. Banking and financial markets regulation department head, Raimondo Maggiore, is a financial regulation expert, whose practice includes contentious regulatory and enforcement matters; co-head of the financial services group, Stefano Febbi ocuses on banking, financial services (including payments services) and insurance regulation; and Rossella Sansone is experienced in asset management and financial services. Diego Bobbo and Diego Cefaro are the senior associates to note, while Annapaola Schino is a recently elevated counsel.

    Practice head(s):

    Raimondo Maggiore; Stefano Febbi; Rossella Sansone


    A very complete team that is specialised in regulatory matters.

    Some individuals of the firm have had professional working experience with the Italian regulators, which is a real plus when dealing with issues that fall under the scrutiny of such regulators.

    Key clients

    Allianz Group

    Banca Agricola Popolare di Ragusa

    Banca Popolare Pugliese

    Banca Valsabbina

    BPER Banca


    CNP Assurances

    Crédit Agricole Italia

    Credem Group

    ICCREA Group

    Intesa Sanpaolo


    Mediolanum Group



    Work highlights

    • Assisting Banca Agricola Popolare di Ragusa, Banca Valsabbina and Banca Popolare Pugliese with  multiple issues surrounding the regulatory framework applicable to the provision of banking corporate governance.
    • Assisting Allianz Group in Italy with assessing and implementing the new European legal framework on sustainable finance within the operations of its companies.
    • Advised Mediolanum Group, Intesa Sanpaolo, CheBanca!, Banca Sella, BPER Banca, Credem Banca, Mediobanca and ICCREA Group on the interpretation and application of the EU and national rules regulating the provision of investment services (among others).

    Clifford Chance

    Clifford Chance‘s financial regulation team advises domestic and international groups, arrangers and financing banks on high-profile matters. Lucio Bonavitacola heads the investment funds and regulatory team, with clients benefiting from his regular contact with regulatory bodies, the Bank of Italy and CONSOB. Gioacchino Foti‘s track record includes advising the Italian Banking Association while other key figures within the group include banking and finance partners Charles AdamsGiuseppe De Palma and Ferdinando Poscio. At counsel level, Francesca Cuzzocrea is experienced in banking products, while Riccardo Coassin advises on regulatory issues.

    Practice head(s):

    Giuseppe De Palma

    Other key lawyers:

    Lucio Bonavitacola; Gioacchino Foti; Charles Adams; Ferdinando Poscio; Francesca Cuzzocrea; Riccardo Coassin; Filippo Tassoni; Alberto Claretta Assandri


    ‘A very coordinated and competent team.’

    ‘Always available and proactive – ensures a high level of service by working cohesively.’

    ‘In addition to the excellent technical skills and the always very polite and collaborative approach, clients report a strong aptitude for problem solving.’

    Key clients

    Cassa Depositi e Prestiti

    Intesa Sanpaolo


    Macquarie Infrastructure and Real Assets




    The Student Hotel


    Work highlights

    • Assisted Intesa Sanpaolo and UniCredit (and other international and national banks) as lenders, with the renegotiation of a €1.5bn credit line granted to Saipem.
    • Advised Leonardo on a revolving ESG-linked credit facility with a pool of international and national banks.
    • Advised The Student Hotel, a global developer and operator of accommodation centres, on securing €145m in social and environmental impact financing from UniCredit.

    FIVELEX Studio Legale e Tributario

    FIVELEX Studio Legale e Tributario‘s finance, banking and insurance department acts on corporate governance issues, investment and banking services, and the issue and offering of banking and finance products. The practice also focuses on private banking services, asset management, and insurance-financial products. Francesco Di Carloreally makes a difference to clients’ success‘, whereas Edoardo Guffanti advises banks, and investment, asset management and insurance companies on non-contentious matters. Mara Fittipaldi is a finance specialist while Flavio Acerbi is ‘a highly specialised and experienced lawyer’. Debora Gobbo was recently promoted to managing associate.

    Practice head(s):

    Francesco Di Carlo; Mara Fittipaldi; Edoardo Guffanti

    Other key lawyers:

    Flavio Acerbi; Debora Gobbo; Camilla Fornasaro; Alessandra Iandoli


    The team is capable of handling highly complex situations and sorting them out with simple and effective solutions. It has also always been super responsive.

    A creative and out-of-the-box approach.

    This practice comprises professionals with great communication skills, passion for their job, and a willingness to understand and support clients throughout the whole phase of a project.

    What clients really appreciate is the ability to communicate and coordinate different functions (tax, legal and financial support), so as to provide a full package of solutions.

    Francesco Di Carlo is a business partner to clients. He really makes a difference to clients’ success.

    Francesco Di Carlo is outstanding on both the legal and tax side, as well as his longstanding experience and deep knowledge of the regulated environment; and Flavio Acerbi is a highly specialised and experienced lawyer, who always makes himself available, even at short notice.

    Flavio Acerbi impresses with his professionalism and dynamism.

    Clients appreciate the skills and competence of managing associate Debora Gobbo, who delivers precious technical support that allows clients to face regulatory challenges safely.

    Key clients

    Amaranto SIM

    Assicurazioni Generali Group

    Alleanza Assicurazioni

    Banca Generali Group

    Banca Mediolanum

    Banca PSA

    Banca Sella

    Banco BPM

    Banque Cramer & CIE

    Beyond Investment

    BNP Paribas (Suisse)

    Cassa Lombarda

    Clessidra Group

    Consultinvest Group

    Cornèr Banca

    Credem Group

    Decalia SIM

    Edmond de Rothshild

    EFG International

    Equita Group

    Ersel Group

    Four Partners Advisory SCF

    Global Capital

    Gruppo Bastogi

    Illimity Bank


    Julius Bear Group

    Kairos Group

    Milano Investment Partners SGR

    Lloyds Banking Group


    PKB Privatbank Group

    Tack SFC

    Vontobel Group


    Xenon AIFM

    Work highlights

    • Assisted Milanofiori Sviluppo with the financial aspects of Milanofiori Sviluppo’s sale of two properties in Milan to an Italian closed-end real estate investment fund.
    • Assisted Italmobiliare with the authorisation request for the acquisition of a qualifying shareholding in the corporate capital of Bene Assicurazioni.
    • Assisted PGIM with setting up its Italian branch, which included regulatory issues.

    Hogan Lovells International LLP

    A top provider of legal services in Italy’s finance industry‘, Hogan Lovells International LLP‘s practice is highly experienced in payment services, crypto regulations and AML directives; and is consistently involved in the regulatory procedures surrounding cross-border M&A transactions. Italy financial services and asset management leader Jeffrey Greenbaum acts on the authorisation, distribution and regulatory issues surrounding financial entities and regulatory inspections. Other key advisers are recently-promoted regulatory counsel Elisabetta Zeppieri and senior associate Claudia Colomba, whose expertise comprises banking, investment, insurance and payment services, collective asset management, and pension funds.

    Practice head(s):

    Jeffrey Greenbaum

    Other key lawyers:

    Elisabetta Zeppieri; Claudia Colomba


    An always available and competent team. HL is a top provider of legal services in Italy’s finance industry. Whenever clients have a complex or particularly thorough problem, this is a go-to team.’

    Hogan Lovells is a truly commercial firm, with a depth of knowledge among its team that means someone is always available to support and advise, even at short notice and out of hours.

    Its ability to understand a client’s business and products is outstanding, meaning that the advice positions the client to achieve optimum outcomes. The lawyers do not just produce legal advice but are truly trusted advisors.

    Exceptional knowledge of the Italian payment industry, payment regulatory advice and AML matters – very solutions oriented with out-of-the-box thinking.

    Hogan Lovells always delivers its service in accordance with deadlines and the expected high levels of quality.

    Jeffrey Greenbaum and Elisabetta Zeppieri are outstanding professionals – great precision, availability and timing.

    Jefferey Greenbaum and Elisabetta Zeppieri provide an exceptional service. They both understand clients’ business and needs, as well as the local Italian requirements – excellent skills and experience in communicating with the authorities.

    The team, comprising Jeffrey Greenbaum and Elisabetta Zeppieri, is excellent. The lawyers are responsive, knowledgeable and commercially aware.

    Key clients

    DeA Capital Real Estate SGR

    MFS Investment Management Company (Lux)

    Apollo Global Management

    BNP Paribas



    Work highlights

      Legance - Avvocati Associati

      Legance - Avvocati Associati‘s ‘extremely competent and efficient ‘ financial intermediaries regulation department fields (from both Rome and Milan) specialists in the regulatory aspects of banking, finance and insurance business. The figures to note are highly regarded team head Marco Penna, who ‘has broad knowledge of banking and financial markets regulation‘ and recently promoted partner Marco Romanelli, who specialises in the regulation of banks and financial intermediaries. At counsel level, Giovanna Tassitano advises on the regulation of the banking, insurance and financial markets, while Giuseppe Alessandro is an experienced managing associate.

      Practice head(s):

      Marco Penna; Marco Romanelli

      Other key lawyers:

      Giovanna Tassitano; Giuseppe Alessandro; Alberto Mozzi


      Extremely competent and efficient in delivering advice.

      Marco Penna has broad knowledge of banking and financial markets regulation, and gives practical advice that is aimed at finding viable solutions.

      Key clients

      Advent International

      Apax Partners

      Argo Finanziaria


      Banca Finint

      Banca Progetto

      Banca Sistema

      Banco BPM

      BPER Banca

      Crédit Agricole CIB





      Fortress Investment Group




      Work highlights

      • Assisted Nexi with the regulatory profiles surrounding an agreement with competitor Nets for the integration of the two groups.
      • Assisted Nexi, and its controlling shareholder Mercury UK HoldCo, on the regulatory aspects of the integration between Nexi and SIA.
      • Assisted Cboe Global Markets with the recognition in Italy of the markets Cboe Futures Exchange and Cboe Exchange.

      Simmons & Simmons

      Simmons & Simmons‘ Milan team is sought out by brokerage houses, investment exchanges, investment banks, commodity traders, asset management companies, and insurance and life assurance companies for financial services and markets regulatory work. The recent experience of financial services regulation group head Romeo Battigaglia includes obtaining local licenses for UK-based MiFID firms and credit institutions. At of counsel level, Maria Giusy Naccarato has notable expertise in the asset management and financial institutions sectors, while Andrea Tonon is alternative funds Italy head. Senior associate Mirella Di Carlo also advises on regulated markets.

      Practice head(s):

      Romeo Battigaglia

      Other key lawyers:

      Maria Giusy Naccarato; Andrea Tonon; Mirella Di Carlo


      Very competent, understands clients’ needs, and knows the sector very well.

      Good contacts with the regulators, and proactive and reasonable.

      The team is a one-stop shop, possessing transactional, advisory and regulatory expertise under one and the same roof.

      Key clients

      Rede & Partners

      First Sentier


      Generali Global Infrastructure

      BlueBay Asset Management

      Allianz Global Investors


      BNP Paribas

      Deutsche Bank

      F&C Management





      Vanguard Asset Management




      Foris DAX

      BB Trade

      Work highlights

        Atrigna & Partners

        Specialising in financial market regulation, Atrigna & Partners houses experts in financial intermediaries’ operational mechanisms, as well as regulatory issues. Dino Abate is regulatory banking and finance head, while Toni Atrigna advises on the rules governing markets, investment services and collective asset management activities, and the relationships between intermediaries. Alberto Manfroi focuses on financial markets law. Also key to the group, Gian Luca Greco advises on banking and investment services regulations.

        Practice head(s):

        Toni Atrigna; Alberto Manfroi

        Other key lawyers:

        Dino Abate; Gian Luca Greco


        Atrigna & Partners is a firm that is highly regarded for its strong specialisation in financial products, an expertise that is hard to find in other law firms.

        The professionals are very proactive, quick in their execution, and clear in their presentation.

        Precision in its delivery, great organisational abilities, and excellent knowledge of the subject area.

        Both the partners of the firm and the senior associates are always available, traceable and courteous.

        Always available, highly qualified and able to produce solutions for compliance and AML matters, which are tailored to the most diverse needs of clients.

        Alberto Manfroi and his team are exceptional – one of their strengths is the attention and care lavished on the client, and the willingness to help.

        Alberto Manfroi and Dino Abate have very deep knowledge and differ from others, due to their ability to find solutions to resolve both small and large concerns.

        Toni Atrigna is an absolute star who has incredible knowledge of the regulations and the capacity to find legal/regulatory solutions to every business need.

        Key clients

        Banca del Sempione

        Banor Sim

        Etica SGR

        Azimut direct

        Cassa di Risparmio di Volterra


        Banca delle Marche

        Reversal Sim


        Endeka SGR

        Natissa SGR

        Work highlights

        • Assisted Switzerland’s Banca del Sempione with proceedings before the Italian National Supervisory Authority, as part of obtaining authorisation to operate in the territory under the freedom to provide services.
        • Advised Banor Sim, an Italian investment firm, on the implementation of ESG European and Italian rules.
        • Assisted Nexi Payments with compliance and AML issues, in relation to the issuing and management of credit and debit cards, and payment services.


        The regulatory practice of CMS‘ Italy team comprises investment services, asset management, insurance, fintech and payment services. The group is led by financial services specialist Paolo Bonolis, who advises major domestic and international banks and financial institutions. Providing key support are public finance expert Domenico Gaudiello, the firm’s global head of alternative lending, and alternative investment team leader, Andrea Arcangeli. At counsel level, Domenico Musso‘s experience includes regulatory issues.

        Practice head(s):

        Paolo Bonolis

        Other key lawyers:

        Domenico Gaudiello; Andrea Arcangeli; Domenico Musso; Massimo Trentino


        ‘CMS’ strengths are its collaborative skills, quick replies and solid advice.’

        ‘Provides quick and professional answers.’

        ‘Flexibility, professional advice and tailored solutions.’

        A very well-coordinated team for cross-border transactions and regulatory cross-border aspects.

        Andrea Arcangeli is not only highly prepared, but always has a practical approach to problem solving.

        Key clients

        Commerzbank – Italian Branch

        Aberdeen Standard Investments

        Deutsche Bank

        Aareal Bank

        Legal & General Investment Management

        Morgan Stanley

        Binance Group

        Worldline – Six Payment Services – Italian Branch



        IM Global Partner

        CMC Markets UK

        81 Società di Consulenza Finanziaria Family Office

        S A G Soluzioni Assicurative Globali

        Nuveen Asset Management Europe



        La Banque Postale

        Beerfin (Heineken Group)





        BNP Paribas

        Work highlights

        • Advising Intesa Sanpaolo on the implementation of a complex cross-border project involving ten jurisdictions.
        • Advising a major crypto asset platform worldwide on the regulatory aspects associated with the onboarding and servicing of Italian crypto asset and crypto currency clients.
        • Advising a major bank on the regulatory aspects of the purchase of large-value US-originated loans.


        Part of Dentons‘ Italy banking and finance department, its financial services practice advises banks, insurers, asset managers, financial firms, pension funds and fintech companies on a wide range of regulatory matters. Leading the financial services team in Italy, Alessandro Engst is a specialist in financial institutions regulations, investment funds and derivatives. Alessandro Fosco Fagotto leads the Italy banking and finance practice, while Valerio Lemma and Lorenzo Toppini are key counsels.

        Practice head(s):

        Alessandro Engst; Alessandro Fosco Fagotto

        Other key lawyers:

        Valerio Lemma; Lorenzo Toppini


        The team is very skilled and provides comprehensive advice.

        A balanced group with appropriate seniority, and its use of technological tools helps relationships with clients, simplifying the exchanges.

        Individuals who are very well known in the market and with solid reputations.

        A very responsive and well-coordinated team.

        Pragmatic in its negotiations with counterparties, and always available and willing to analyse the issues presented.

        Alessandro Engst is very present and approachable.

        Alessandro Engst and counsel Valerio Lemma are very knowledgeable about investment fund-related matters.

        Counsel Lorenzo Toppini coordinates the day to day advice with competence, readiness and a pragmatic approach.

        Key clients

        Intesa Sanpaolo



        Banco BPM

        REYL Innovative Banking

        IBL Banca


        DeA Capital SGR

        Eurizon Capital SGR

        Coima SGR


        Stewart Title


        Fondo Pensione COMETA

        Cassa Depositi e Prestiti




        Fort Partners

        Work highlights

        • Assisting Intesa Sanpaolo with a complex regulatory project involving the compliance of derivatives documentation and transactions with the Bank Recovery and Resolution Directive.
        • Assisting Fidelity with the regulatory and financial services aspects of its business activities in Italy.
        • Assisting UnipolSai with the regulatory assessment of its investments in financial products in a number of jurisdictions.

        DLA Piper

        The broad expertise of DLA Piper‘s financial services practice covers both domestic and cross-border banking and financial regulation work, including AML issues, derivatives, usury law, payment services, e-money and the crypto asset space. The practice of experienced financial and banking regulation specialist, Agostino Papa, covers compliance frameworks, product structuring and sanction proceedings, while Vincenzo La Malfa advises on derivatives and financial regulations. Nicoletta Alfano is an experienced legal director.

        Practice head(s):

        Agostino Papa

        Other key lawyers:

        Vincenzo La Malfa; Nicoletta Alfano; Valentina Villa


        ‘The practice has deep knowledge and is extremely reliable.’

        ‘A very extensive practice that is able to cover all areas.’

        ‘Vincenzo La Malfa is very proactive and able to understand the needs of clients.’

        Key clients

        Deutsche Bank Group

        Alkemia Capital Partners SGR

        Assicurazioni Generali

        Azimut Libera Impresa

        Banca Generali

        Banca IFIS

        Banca Sistema

        Banco BPM

        CDP Venture Capital SGR

        Commerzbank AG Milan Branch

        CREDEM Private Equity SGR


        MPS Capital Services Banca per le Imprese

        Poste Vita

        Aquila Capital Real Asset Investments

        SUSI Partners

        Quickbit eu AB

        BlueBay Funds Management Company – Italian Branch

        Natwest Markets

        UBS Asset Management (UK)


        Zurich Group / Zurich Investments Life

        Banca Nazionale del Lavoro

        Banco BPM

        Banco do Brasil

        DeA Capital Alternative Funds SGR

        Intesa Sanpaolo

        KPMG Advisory

        Banca PSA Italia

        Pricewaterhouse Coopers Advisory

        UniCredit Group

        Banca Aletti& C

        Banca Akros


        BNP REIM SGR

        ENPAP (Ente Nazione Previdenza ed Assistenza Psicologi)

        Dojo (part of Zucchetti Group)

        Fondazione Enasarco

        Fondazione Monte dei Paschi di Siena

        Cassa Forense


        Banca San Marino

        Asset Management Company (AMCO)

        Work highlights

        • Providing ongoing assistance to the Italian branch of Commerzbank, including in relation to its transparency obligations to clients.
        • Assisted Quickbit eu AB with the launch of virtual currency services in Italy.
        • Assisted Aquila Capital Real Assets Investment with a new part of a securitisation to finance receivables, though the issuance of ABS notes.

        Gattai, Minoli, Partners

        Ensuring appropriate, efficient and timely solutions‘, Gattai, Minoli, Partners‘ financial regulations practice assists banks, investment firms, and asset management, insurance and fintech companies on regulatory matters. It also acts for undertakings for collective investment, payment institutions, electronic money institutions, credit brokers, and other financial intermediaries. Financial regulations department head, Andrea Calvi, has longstanding regulatory expertise, while senior associate Stefano Giavari advises on investment services, investment fund schemes and securities offerings.

        Practice head(s):

        Andrea Calvi

        Other key lawyers:

        Stefano Giavari


        An excellent department with high levels of professionalism, expertise and client focus.

        The professional competence of the bank regulatory team is superior to those of other law firms, thus ensuring appropriate, efficient and timely solutions.

        Great for its people, availability, collaboration, and commitment to clients’ requirements.

        Leverages its broad understanding of financial and technology regulatory issues to help a fintech companies, navigating the increasingly complicated fintech regulatory landscape in Italy.

        Andrea Calvi offers an outstanding service, making it extremely easy for clients to follow his advice – he also provides very timely services.

        Andrea Calvi produces solid results.

        Andrea Calvi is attentive, has commercial acumen, and is able to provide advice and solutions that are commercially viable.

        Andrea Calvi is a pragmatic lawyer with a strong background in Italian and European financial regulations. His advice always has practical implications that effectively help clients.

        Key clients

        Banca Generali

        Euroclear Bank

        Banco BPM

        Klarna Bank

        Italia NFT

        Itelyum Regeneration

        Fondazione Social Venture Giordano Dell’Amore

        Kyip Capital SGR

        Davis & Morgan

        Work highlights

        • Advised Banca Generali on implementing services that allow customers to purchase crypto assets through a home banking service.
        • Advised Klarna Bank on both Italian and EU legislation, in relation to consumer credit, banking transparency and lending activities.
        • Advised Italia NFT on the compliance aspects of a digital platform.

        Gianni & Origoni

        Gianni & Origoni‘s team advises on the regulation of financial services, banking, insurance, and pension and investment funds. It also assists with investment offerings on the primary and secondary markets, and listed issuers’ governance. Emanuele Grippo co-heads the financial markets department, while Paolo Bordi is an expert in the regulatory aspects of banking, financial and investment services, and insurance and asset management business. Marco Zaccagnini is the key London contact.

        Practice head(s):

        Paolo Bordi; Emanuele Grippo; Marco Zaccagnini


        A very famous firm with highly skilled professionals, especially in the field of wealth management.

        Relying on the professionals of Gianni e Origoni is a guarantee when managing clients and financial intermediaries in many areas. Clients have relied on its services for years and the quality is always very high.

        Special appreciation to Emanuele Grippo, a professional who is serious and competent. A real benchmark in the private banking industry.

        Key clients

        Advance SIM


        Allianz Bank Financial Advisors

        Arcadia SGR

        Arrow Global Group

        Banco Santander Milan


        Candriam Investors Group

        Capital Dynamics SGR

        Capital International Limited

        Cerved Master Services

        Cirdan Capital Management

        Credit Suisse

        DeA Capital

        Eurizon Capital Real Asset SGR


        Eurofactor Italia

        Euronext SA



        GAM (Italia) SGR

        Goldman Sachs

        Grosvenor Capital Management

        Itas Mutua

        Lombard Odier

        Neuberger Berman

        Pirelli & C.


        Santander Consumer Bank


        Wilmington Trust

        Zurich Italy Bank

        Work highlights

        • Assisting Zurich Group with the setting up of Zurich Italy Bank and obtaining authorisation from the Bank of Italy and the European Central Bank to carry out banking activity and provide investment services (among others).
        • Assisting AIPB – Italian Private Banking Association in its discussions with Consob, Bank of Italy and the Ministry of Economy and Finance, in relation to new legislative proposals for financial markets regulation.
        • Assisted BBPLC with respect to its Italian operations, further to the UK’s withdrawal from the EU.

        Lener & Partners

        Lener & Partners‘ practice covers a range of financial services regulatory matters, including contentious and restructuring work. Representative experience includes the establishment of banks, asset management companies, investment firms and insurance companies, along with financial intermediaries providing regulated services. Team head Raffaele Lener is a financial services regulation expert, while Grazia Bonante specialises in banking, financial services, insurance and international finance law. Sonia Locantore‘s practice also includes financial services issues.

        Practice head(s):

        Raffaele Lener

        Other key lawyers:

        Grazia Bonante; Sonia Locantore


        ‘The team is very knowledgeable and extremely professional.

        Great competence and great attention to detail.

        Professionals with enthusiasm, excellent preparation, excellent relations with institutions, and common sense.

        Unlike very large firms, Lener & Partners’ strength is its size, not only in terms of its professionals, but also in terms of the humanity and time it dedicates to clients.

        Always open to dialogue and confrontation – decisions are never taken without informing the client in a timely and thorough manner. A true team effort that is not to be taken for granted.

        Preparation, timing, presence, continuous availability, and respect for clients’ needs.

        Immediate understanding of clients’ needs, including those concerning recently-enacted regulations.

        Raffaele Lener is a great adviser and it’s a pleasure working with him on challenging new projects.

        Key clients

        Cassa di Risparmio della Repubblica di San Marino

        Banca del Fucino

        illimity Bank

        JP Morgan

        London Stock Exchange Group

        Borsa Italiana Group

        Banca Carige

        Intesa Sanpaolo

        Euronext Group

        Credit Suisse Italy

        Work highlights

        • Advised Cassa di Risparmio della Repubblica di San Marino on the final stage of the execution of a debt restructuring agreement.
        • Advised illimity Bank on the establishment of a joint venture with Banca Sella, in relation to the development of a digital banking services platform.
        • Assisted Intesa Sanpaolo with court proceedings initiated by the Comune di Perugia to have four interest rate swaps declared invalid.

        Osborne Clarke

        Osborne Clarke‘s experienced Italy team is particularly experienced in financial services regulatory work involving fintech and crowdfunding, along with other novel financial products. It regularly advises challenger banks and financial services providers on the regulatory licences required to establish crowdfunding platforms, consumer credit matters, MiFID2 and AIFMD license applications, and liaising with Italy’s regulatory authorities. Sofia Caruso and Umberto Piattelli left the firm in September 2022.

        Key clients

        BLender Italia

        Bluefield Partners


        Diaman Partners

        Edge Retreats

        Framont & Partners Management

        Health Italia


        Sierra Italy Agency

        Smartika (Banca Sella Group)

        Treatwell IT

        WEX Europe Services

        Work highlights

        • Assisting Maltese fintech company, Diaman Partners, on the regulatory aspects of the opening of a new branch in Italy.
        • Advising Sierra Italy Agency and Edge Retreats on various Italian financial services regulatory issues.
        • Advising Framont & Partners on the financial services regulatory aspects of the opening of a branch in Italy.

        White & Case (Europe) LLP

        Enjoying strong relationships with banking and financial sector entities, White & Case (Europe) LLP‘s ‘extremely efficient‘ bank regulatory practice covers corporate governance issues, shareholding structures, organisational models and outsourcing arrangements, along with capital requirements and other regulatory-driven deals. Italy financial services regulatory practice head Alessandro Zappasodi, and experienced associate Licia Mongiello, were recruited from Pedersoli Studio Legale during 2021, while financial regulatory associate Andrea Lamonica is a February 2022 arrival from Chiomenti.

        Practice head(s):

        Alessandro Zappasodi; Licia Mongiello; Andrea Lamonica


        The team is extremely efficient in terms of competence, efficiency, ability to understand the questions asked (from a business-oriented perspective), and very quick in providing replies and producing the required documentation.

        Dedicated and involved teams.

        Excellent responsiveness and strong knowledge of the regulatory framework.

        Key clients

        Banca di Asti

        BC Partners Credit

        BFF Bank

        Crédit Agricole Corporate & Investment Bank


        Intesa Sanpaolo

        Snatt Logistica

        Société Générale Group

        Work highlights

        • Advised BC Partners Credit on structuring a syndicated acquisition finance loan, through Italian securitisation vehicle Agorà Finance and UniCredit (as co-lenders), to a company that is dedicated to holding equity stakes in industrial and real estate entities.
        • Advised BFF Bank on the issuance of subordinated notes, eligible as additional Tier 1 capital instruments, and the redemption of existing tier 2 capital instruments (through the exercise of a call option).
        • Advised SNATT Logistica (and certain affiliates) on the contribution of 20 logistics assets to an Italian real estate investment fund.

        ADVANT Nctm

        ADVANT Nctm‘s experienced banking and finance department regularly handles the regulatory aspects of complex fintech matters in the payments sector. It also has extensive expertise in regulatory compliance issues. Practice head Danilo Quattrocchi provides regulatory advice on banking, securities and investment services, as well as on asset management matters.

        Practice head(s):

        Danilo Quattrocchi

        Other key lawyers:

        Stefano Padovani; Giovanni Giuliani; Jacopo Pisani


        Great communication and case/matter management.

        Solid partner availability and engagement.

        Key clients

        Bank of China Italian Branch

        Banca Popolare Alto Adige Volksbank



        Banca di Credito Peloritano

        Banca IFIS


        Banca Finanziaria Internazionale

        Open Capital Partners SGR

        Work highlights

        • Assisting Cashinvoice with the regulatory aspects of the launch of a Buy Now Pay Later fintech platform (dedicated to the business-to-business segment in Italy).
        • Providing legal assistance to Recrowd in relation to the regulatory aspects of its lending crowdfunding portal.
        • Assisted Sorgente SGR (under Extraordinary Administration and under the control of the Supervisory Authority) with its sale as a going concern, including the management of its funds.

        EY TAX & LAW ITALY

        EY TAX & LAW ITALY‘s Milan practice is experienced in the regulatory aspects of corporate matters, acquisition finance transactions, corporate financing, and syndicated and real estate loans, including the ongoing fulfilment of regulated entities’ regulatory obligations. Regulatory expert Michele Odello was recruited as partner and practice head from Dentons during 2020.

        Practice head(s):

        Michele Odello

        Other key lawyers:

        Francesco Paolo Sasso

        Key clients

        Banca Sistema

        Banca Monte dei Paschi di Siena

        Banca Nazionale del Lavoro

        Banca Patrimoni Sella


        BNP Paribas Leasing Solutions

        BNP Paribas

        Cassa di Risparmio Monte dei Paschi

        Carrefour Bank

        Caterpillar Financial Corporación Financiera

        Consultinvest SIM

        Deutsche Leasing Italia

        Fondo Pensione Monte dei Paschi

        Groupama Asset Management

        Impact SGR

        Natixis Investment Managers

        ING Bank – succursale italiana

        Oney Bank

        Oxy Capital


        Work highlights

        • Assisted Carrefour Banque with the regulatory aspects surrounding the sale of a credit agreement portfolio.
        • Assisted ING Bank – succursale italiana with the regulatory aspects surrounding the purchase of several portfolios of tax credits provided by the Italian Government.
        • Assisted Banca Monte dei Paschi di Siena with the regulatory aspects surrounding the acquisition of tax credits provided by the Italian Government.

        GIM Legal

        GIM Legal is particularly active in relation to financial services, and investment and real estate investment funds. Former CONSOB regulator Luigi Rizzi is an investment funds regulation expert, while fellow founding partner Sergio Beretta is experienced in internal and management control systems. The firm recently launched an office in London.

        Practice head(s):

        Luigi Rizzi

        Other key lawyers:

        Sergio Beretta; Marco Corica; Manuela Rasori


        ‘A great boutique for service, legal and otherwise.’

        ‘Appreciated for the team’s personal and professional qualities, which is brilliantly led by Luigi Rizzi.’

        Key clients

        A M U Investments SIM

        Castello SGR

        Banca Promos

        Dea Capital SGR

        Groupama SGR

        IAM Capital


        Invesco Group

        Invicta Securities

        P&G SGR


        Pairstech Capital Management

        Assiteca SIM

        Work highlights

          Lexia Avvocati

          Lexia Avvocati‘s regulatory expertise covers fintech, open banking, decentralised finance, blockchain, crypto assets and alternative investments. The practice is jointly led by Angelo Messore, a 2021 recruit from White & Case (Europe) LLP and expert in the regulation of banking, financial, insurance, investment and payment services, alongside founding partner Francesco Dagnino.

          Practice head(s):

          Angelo Messore; Francesco Dagnino


          Lexia is well-equipped with all the professional components to meet clients’ legal and tax needs.

          Clients express an excellent degree of satisfaction with the team.

          Lexia’s team is super prepared, and able to lead clients to the most effective legal solution.

          The team is remarkable because of the accuracy of the information provided to clients.

          Proactive and takes care of clients’ needs.

          Able to manage clients activities remotely through good technological tools that allow excellent interaction with the client.

          Angelo Messore and his team have shown solid knowledge and awareness of insurance issues, resolving questions that are often confused by the recent legislation issued by the Institute for the Supervision of Insurance.

          Francesco Dagnino is very knowledgeable and responsive – great for complex regulatory issues.

          Work highlights

          • Assisted Bitpanda Pro Europe with the setting up of a pan-European platform, dedicated to the trading of cryptocurrencies and crypto assets.
          • Assisted Vivid Digital on the setting up of its Italian business operations.
          • Assisted Sienna Investment Managers and RollingFunds with the launch of an Italian platform offering lending solutions to SMEs through a France-established alternative investment fund.

          Molinari Agostinelli

          Molinari Agostinelli‘s financial services practice covers asset management and banking regulations, joint ventures and distribution partnerships. It also advises on product launches and contracts, along with organisational models. Nicolò Juvara routinely assists with insurance and financial services matters, while Paolo Barbanti Silva and Daniela Runggaldier are experienced senior counsels.

          Practice head(s):

          Nicolo’ Juvara

          Other key lawyers:

          Paolo Barbanti Silva; Daniela Runggaldier


          ‘Nicolò Juvara and senior counsel Daniela Runggaldier are very quick to respond with complete answers.’

          ‘Nicolò Juvara and Daniela Runggaldier are really business oriented and smart in their legal knowledge. This is still what clients expect from a lawyer’s advice.’

          Key clients


          Compass Banca – Mediobanca Group

          Banco di Desio e della Brianza

          Agos Ducato

          Sace BT

          Société Générale Securities Services


          Banca Valsabbina


          ING Bank – Milan Branch

          Crédit Agricole Group

          Admiral Financial Services Italia


          King Street

          Noosa Innovation

          Work highlights

          • Assisted ING Bank (Milan Branch) on structuring and implementing a project for the paperless distribution of insurance products through internet banking and other platforms.
          • Advising Noosa Innovation on a cross-border factoring project involving the purchase of portfolios of receivables.
          • Advised Societe Generale Securities Services on negotiations with Unicredit regarding the payment of a tax credit.

          Studio Legale Cappelli RCCD

          Studio Legale Cappelli RCCD‘s team advises domestic and international financial institutions on banking, insurance and financial regulation, along with compliance issues. Silvio Riolo and Michele Crisostomo act on regulatory matters, while Federico Morelli is on hand for capital markets work. Regulatory expert Gabriele Buratti joined in October 2021 from Chiomenti.

          Practice head(s):

          Silvio Riolo; Gabriele Buratti; Michele Crisostomo; Federico Morelli

          Other key lawyers:

          Alessandra Davoli


          Extremely competent lawyers, who are able to read facts, deals and negotiations from different perspectives.

          Ability to provide excellent advice during negotiations and alternative views on single issues.

          The firm showed the utmost availability, responding well to urgent matters and with extreme care for the client’s needs.

          Always punctual and responds to the client’s satisfaction.

          Key clients



          Hines Italy RE

          Cassa Depositi e Prestiti

          Nextalia SGR

          Fondo Italiano Investimenti SGR

          Blue SGR

          Mediocredito Centrale


          Poste Italiane

          Poste Vita

          Assicurazioni Generali


          ITAS Mutua

          Work highlights

          • Assisted AMCO with the second phase of a project involving the setting up of a platform for the management of loans classified as unlikely to pay.
          • Assisted UniCredit with the aborted acquisition of MPS Bank, which included an analysis of regulatory and state aid issues.
          • Assisted Mediobanca with a process carried out by Deutsche Bank, in relation to a potential transaction concerning a going concern operated by Deutsche Bank.