Firms To Watch: Banking and finance: Bank regulatory

Cleary Gottlieb Steen & Hamilton's Rome-based financial regulatory team fields Giuseppe Scassellati-Sforzolini, whose broad practice encompasses regulatory advice, and European banking and financial law expert Laura Prosperetti.
Deloitte Legal Italy -Società tra Avvocati a r.l.'s financial regulatory team is headed up by banking, finance and insurance law expert Guerino Cipriano, who advises on the regulatory aspects of day-to-day business, transactions and new product launches for payments, e-money services, and fintech.
Linklaters Studio Legale Associato' Milan team routinely advises on the regulated aspects of major  M&A transactions, in addition to assisting investment managers with financial regulation matters.
Orsingher Ortu – Avvocati Associati's financial services regulation team is led by Milan-based banking and finance law expert Luigi Baglivo, who has longstanding experience in acting for banks, financial intermediaries and payment institutions.
Studio Professionale Associato a Baker & McKenzie's Milan-based team regularly advises on financial and insurance regulatory issues, including assistance with authorisation procedures before both the Italian authorities and the ECB; the review of internal policies; and compliance with business conduct rules.
Key areas for Studio Legale Carbonetti include advising banks, insurance companies and investment firms on authorisation processes, as well as assisting intermediaries with ongoing regulation-related duties; the team also advises on relations with Italy's supervisory authorities.

Banking and finance: Bank regulatory in Italy


Core areas for BonelliErede's practice are digital payment systems, smart contracts, blockchain technology, digital lending, crowdfunding, debt and equity instrument issuances, big data, algorithms and virtual currencies. The firm’s investigation practice focuses on banks and supervised entities’ potential civil, criminal and administrative issues. Giuseppe Rumi's expertise encompasses banking and insurance regulations, fintech, digital innovation and payment services. Other advisers are Andrea Savigliano, whose workload includes supervised entities’ reorganisations, and banking and financial regulation practitioner Giulio Vece. Former partner Federico Vezzani departed the firm in January 2024 .

Other key lawyers:

Giuseppe Rumi; Andrea Savigliano; Giulio Vece


Always very qualified and supportive teams in a range of sectors.

Unconditional and full-time availability.

‘The bank regulatory practice team’s strengths are expertise, reliability, accuracy and promptness.’

Key clients

Younited S.A.

Banca AideXa S.p.A.

BitGo Deutschland GmbH

Mediocredito Centrale – Banca del Mezzogiorno S.p.A.

Banca Popolare di Bari S.p.A.

Crédit Agricole Italia S.p.A.

Addivision Wealth Management S.A.

Banca del Fucino S.p.A.

Banca Ifis S.p.A.

Poste Italiane S.p.A. – Patrimonio BancoPosta

Banca Generali S.p.A.

Cassa di Risparmio di Orvieto S.p.A.

Generalfinance S.p.A.

Zurich Italy Bank S.p.A.

Work highlights

  • Assited the promoters of fintech bank AideXa.
  • Advised ADDVision Wealth Management on regulatory matters.
  • Acted for Younited, a fintech start-up that was granted a full banking licence, on the establishment of an Italian branch.


Chiomenti leverages the bench strength of specialists in the regulatory frameworks of banks, investment firms, asset managers, insurance companies and payment institutions. The experience of practice head Alessandro Portolano covers ordinary and extraordinary transactions, proceedings before Italian and European Regulators and structuring business models and new market entries. The group also features Vincenzo Troiano, who advises banks, payment institutions, institutional and international investors, and insurance and asset management companies; Felice Azzollini, whose career includes working at CONSOB; and Flavia Pagnanelli, an adviser on the regulation of banking, insurance, finance, investment and asset management schemes.

Practice head(s):

Alessandro Portolano

Other key lawyers:

Vincenzo Troiano; Felice Azzollini; Flavia Pagnanelli; Jasmine Mazza


‘Huge and broad knowledge and experience – the team represents a guarantee, covering all areas.’

‘Chiomenti’s team is always ready to support and collaborate – they are excellent professionals and very competent, and their approach is very concrete and pragmatic.’

‘Quick answers with solid advice.’

‘The biggest strength of Alessandro Portolano and his team is that they are well-connected, both with other market players and regulatory authorities.’

‘They make it easy for clients to find adequate business solutions.’

‘Alessandro Portolano and his team are always available and ensure an excellent turnaround time.’

‘Vincenzo Troiano is able to get straight to the problem, and find the right and robust solution.’

Key clients

BPER Banca S.p.A.

Banca Finnat Euramerica S.p.A.

Gestione Carte CONAD S.r.l.

Banca Monte dei Paschi di Siena S.p.A.

Poste Vita S.p.A.

BlackRock France SAS

Fideuram Intesa Sanpaolo Private Banking Asset Management SGR S.p.A.

Blackstone Europe Fund Management S.à r. l.

Credit Suisse (Italy) S.p.A.; Credit Suisse International

Credito Emiliano

Banca Euromobiliare

Euromobiliare Asset Management SGR

Euromobiliare Advisory SIM

Credemvita S.p.A.

Banca PSA Italia S.p.A. – Santander Consumer Finance S.A.

Work highlights

  • Advising Credito Emiliano Group with the assessment of the impact of the new set of ESG rules implementing the SFDR, and the implementation of the initiatives necessary for compliance.
  • Assisted BPER Banca with 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), and all related regulatory aspects of the transaction.

Bird & Bird

Bird & Bird's wide-ranging expertise covers investment services, compliance with capital requirements, marketing investment funds and issuing financial products. Other key areas range from market abuse, insurance distribution and fintech, to sustainable finance regulation, AML, derivatives, consumer credit and payment services. Financial regulation specialist Raimondo Maggiore heads the banking and financial markets regulation department, which features Stefano Febbi, an expert in banking, financial services and insurance regulation; and Rossella Sansone, who routinely advises on asset management and financial services. Other active practitioners are Annapaola SchinoDiego Bobbo and Diego Cefaro.

Practice head(s):

Raimondo Maggiore; Stefano Febbi; Rossella Sansone

Other key lawyers:

Annapaola Schino; Diego Bobbo; Diego Cefaro

Key clients

Allianz Group

Banca Agricola Popolare di Ragusa S.c.p.a.

Banca Passadore & C. S.p.A.

Banca Popolare di Puglia e Basilicata S.c.p.A

Banca Popolare Pugliese S.c.p.a.

Banca Valsabbina S.c.p.a.

BlackRock Group

BMW Bank GmbH Succursale Italiana

BPER Banca S.p.A.

Ceresio SIM S.p.A.

CheBanca! S.p.A.

CNP Assurances SA

Consultinvest Investimenti SIM S.p.A.

Columbia Threadneedle Group

Crédit Agricole Italia S.p.A.

Credem Group

IQ EQ Fund Management (Ireland) Limited

DeA Capital SGR S.p.A.

Fideuram Asset Management SGR S.p.A.

Goldman Sachs Group


illimity Group

Intesa Sanpaolo S.p.A.

Kairos Partners SGR S.p.A.

Kryalos SGR S.p.A.

M&G Group

Mediobanca S.p.A.

Mediolanum Group

Polis Fondi SGR S.p.A.

Prelios SGR S.p.A.


Stripe Group

Vorvel SIM (formerly Hi-MTF SIM S.p.A.)

Wayflyer Limited

Work highlights

  • Announcing, together with OXYGY and the European Commission, the opening of the applications for the first cohort of the European Blockchain Sandbox, which aims to provide a framework for regulators, supervising authorities and blockchain innovators.
  • Supporting Allianz Group in Italy in assessing and implementing within the operations of its companies the European legal framework on sustainable finance.
  • Advising Italian retail commercial banks on various issues relating to the interpretation and application of the European and national rules regulating the provision of investment services.

Clifford Chance

Clifford Chance's Italy team is experienced in acting for domestic and international groups, arrangers and financing banks on the regulatory side to finance transactions. The group also assists with fintech-related issues. In 2022, Giuseppe De Palma was appointed global financial markets regional practice leader for Continental Europe, while Lucio Bonavitacola leads the investment funds and regulatory group. Other key figures are Charles Adams, Ferdinando Poscio and Gioacchino Foti; and in May 2023, Francesca Cuzzocrea was promoted to senior counsel. Riccardo Coassin is another name to note.

Practice head(s):

Giuseppe De Palma

Other key lawyers:

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


Great ability to understand all the bank’s needs.’

‘A talented and professional team that is very collaborative.’

‘Very experienced and versatile team, and flexible to business needs without losing professional focus.’

‘Compared to other firms, there is an excellent internal ability to work in teams, punctuality in the delivery of work and an extensive international organisational network.’

‘Strong technical skills, availability (at all times) and strong problem-solving and interpersonal skills.’

‘Unique individuals who stand out.’

‘Lucio Bonavitacola and Riccardo Coassin are always available to resolve clients’ legal issues.’

‘Lucio Bonavitacola has a solid background and listens to the client. Very good at negotiating contracts.’

Key clients

Banca Nazionale del Lavoro

Bank of America

BNP Paribas

Bper Banca


Cassa Depositi e Prestiti

Crédit Agricole Italia

Deutsche Bank

Generali Real Estate

Goldman Sachs


Intesa Sanpaolo

Invesco Real Estate




Work highlights

  • Assisted a pool of financing banks on a transaction, through which Ansaldo Energia implemented financial manoeuvres concerning a 2022-2027 business plan.
  • Assisted both a pool of banks, comprising Banca Nazionale del Lavoro, BPER Banca, Intesa Sanpaolo and UniCredit, and SACE, with the underwriting by Edison of a long-term revolving credit line.
  • Assisted UniCredit and Investec with the financing for the design, construction, equipping and servicing, on a turnkey basis, of three key regional hospitals in the Republic of Angola.

FIVELEX Studio Legale e Tributario

Particularly focused on private banking services, FIVELEX Studio Legale e Tributario's Milan team advises on the regulatory aspects of banks’ and intermediaries’ corporate governance, investment and banking services, and the issue of banking and finance products. The group is co-led by Francesco Di Carlo, who provides non-contentious assistance to banks, investment and asset management companies, private funds, insurance companies, trust entities and listed companies; and Edoardo Guffanti, an expert in market abuse, internal control systems and corporate governance. Other key figures are Flavio Acerbi, Debora Gobbo and Camilla Fornasaro.

Practice head(s):

Francesco Di Carlo; Edoardo Guffanti

Other key lawyers:

Flavio Acerbi; Debora Gobbo; Camilla Fornasaro


Great experience and competence in the banking and financial sector, including from a supervisory perspective.

Empathy, availability, and the ability to find solutions.

Key clients

Assicurazioni Generali Group

Banca Generali Group

Banca Mediolanum S.p.A.

Banca Sella S.p.A.

Bank of China (Italian branch)

Cassa Lombarda S.p.A.

Clessidra Group

Corner Banca SA

Credem Group

Edmond de Rothshild

EFG Bank Group

LGT Bank Ltd.

Illimity bank S.p.A.

Julius Bear Group

Lloyds Banking Group

PKB Privatbank Group

Banco BPM S.p.A.

Intesa SANPAOLO S.p.A.

BPER Banca S.p.A.

Azimut libera impresa SGR S.p.A.

Work highlights

  • Assisted Generali Investments Holding with a project aimed at creating a market-leading fund manager focused on sustainable infrastructure equity private investments.
  • Assisted Angel Capital Management with the drafting and negotiation of the terms and conditions of a financing structure.
  • Assisted Banco di Credito Azzoaglio with issuing an AT1 bond, dedicated to professional investors in a recapitalisation project, and structured according to new requirements under Directive 2019/879/EU (BRRD II).

Gianni & Origoni

Gianni & Origoni's team advises on the distribution of banking, financial and insurance products. It is also experienced in compliance, AML and market abuse. Emanuele Grippostands out as a particularly competent and business-oriented professional'; Paolo Bordi advises on the regulatory issues surrounding banking, finance, investment services, insurance and asset management; and Marco Zaccagnini is the principal figure in London. The practice further includes Raffaele Sansone, who specialises in financial markets, insurance and corporate finance; and financial regulatory law expert Claudia Colomba, a December 2023 recruit from Hogan Lovells International LLP.

Practice head(s):

Paolo Bordi; Emanuele Grippo; Marco Zaccagnini

Other key lawyers:

Raffaele Sansone; Claudia Colomba


‘Gianni & Origoni is a leading law firm, with its main strengths being its lawyers – highly professional, always available to help, client oriented, and solutions-focused.

‘All the Gianni & Origoni lawyers are very professional and helpful.’

‘In-depth knowledge of the Italian regulatory framework and understanding of wholesale banking operations.’

‘Not only does this practice have a deep understanding of key banking and finance regulatory issues, but they are extremely effective in supporting clients when incorporating the issues into each specific business model.’

‘They invest the time and resources in anticipating future trends, with a particularly competitive edge in fintech and new digital solutions.’

‘The partners are outstanding in terms of knowledge and experience. They know and understand the clients’ business models, and are able to customise their professional support in such a way that makes a difference.’

‘Emanuele Grippo is recommended for his professionalism and high-quality advice, as well as his availability and solutions-oriented mindset.’

‘Emanuele Grippo stands out as a particularly competent and business-oriented professional, who is able to devise innovative solutions for complex issues.’

Key clients

Advance SIM

Agos Ducato S.p.A.

Allianz Bank Financial Advisors S.p.A.

Arrow Global Group

Banca Generali

Banco Santander, S.A. Milan

Banque J. Safra Sarasin

Barclays Bank PLC


Candriam Investors Group

Capital International Limited

Cassa di Sovvenzioni e Risparmio fra il Personale della Banca d’Italia S.c.r.l.

Cerved Master Services S.p.A.

Cirdan Capital Management Ltd.

Credit Suisse

DeA Capital S.p.A.

Deutsche Bank

Eurizon Capital Real Asset SGR

Euroclear S.A./N.V.

Euronext SA

Fideuram S.p.A.

FinecoBank S.p.A.

GAM (Italia) SGR S.p.A.

Goldman Sachs

Grosvenor Capital Management

Itas Mutua

Lombard Odier

Macquarie Bank Limited

Neuberger Berman

Pirelli & C. S.p.A.


Santander Consumer Bank S.p.A.

Treezor (Société Générale Group)

UniCredit S.p.A.

Wilmington Trust

Zetland Capital Partners LLP

Zurich Italy Bank S.p.A.

Work highlights

  • Assisted Zurich Group with the setting-up of Zurich Italy Bank.
  • Assisted Treezor with the analysis of several technical, regulatory and security matters relating to its ongoing operational activities.
  • Provides ongoing assistance to BBPLC with respect to its Italian operations, following the UK’s withdrawal process from the EU (Brexit).

Hogan Lovells International LLP

Very good at liaising with regulators to find innovative solutions', Hogan Lovells International LLP's recent experience includes acting for governments, governmental entities and independent authorities on Brexit and ESG issues. Qualified in Italy, the UK and the US, Italian financial services and asset management team leader Jeffrey Greenbaum focuses on financial entities’ authorisation, distribution and regulatory issues, as well as on regulatory inspections. Elisabetta Zeppieri advises banks, financial intermediaries and payment and e-money institutions on banking and payment services, fintech and financing, along with AML, consumer credit and banking transparency.

Practice head(s):

Jeffrey Greenbaum

Other key lawyers:

Elisabetta Zeppieri


‘Excellent relationship with CONSOB. Very pragmatic, easily reachable and proactive.’

‘The team is collaborative and goal oriented, with extremely solid expertise, experience and professionalism.’

‘They often go the extra mile and are very good at liaising with regulators to find innovative solutions.’

‘Jeffrey Greenbaum manages the team really well.’

‘Jeffrey Greenbaum is definitely a leader in European and Italian financial regulation – his knowledge covers a large spectrum of activities, including payment services, AML, investment services, mutual funds, banking regulation and insurance.’

‘Jeffrey Greenbaum is very proactive in approaching regulators on behalf of clients.’

‘Elisabetta Zeppieri has a solid background in Italian banking and financial regulation.’

Key clients

Paysafe Payment Solutions Limited

Paysafe Prepaid Services Limited

Legance - Avvocati Associati

Legance - Avvocati Associati‘s financial intermediaries regulations practice acts for banking, financial and insurance clients on an array of regulatory matters, including related litigation and M&A deals. The ‘skilled and technicalMarco Penna predominantly focuses on investment services, securities offerings and off-site offerings; Giuseppe Alessandro‘s practice encompasses both regulatory issues and compliance matters, along with capital requirements, internal governance, general business activities and product governance; and Giovanna Tassitano advises banks, insurance companies and financial institutions on regulatory issues. Banking, financial services and asset management regulation specialist Federico Vezzani joined the group in February 2024 from BonelliErede, while former partner Marco Romanelli departed the firm in July 2023.

Practice head(s):

Marco Penna; Federico Vezzani

Other key lawyers:

Giuseppe Alessandro; Giovanna Tassitano


‘The team is competent, well resourced, and can count on the deep knowledge of laws and markets that Legance has developed over time.’

‘Marco Penna is skilled and technical, but he understands clients’ needs and demonstrates flexibility when finding legal solutions that are best for clients.’

Key clients

Advent International

Apax Partners

Banca Finint

Banca Progetto

Banca Sistema

Banco BPM

BPER Banca

Crédit Agricole CIB




Fortress Investment Group





In January 2024, Pedersoli Studio Legale and Gattai, Minoli, Partners merged to form PedersoliGattai. The firm’s financial regulations practice advises Italian and international, listed and unlisted regulated entities on a range of regulatory matters, including assisting with the management of relations with the supervisory authorities. ‘Exceptional regulatory lawyer' Andrea Calvi heads up the financial regulations department; Giulio Sandrelli advises banks, financial intermediaries and asset management companies on regulatory issues; and Stefano Giavari, who is experienced in financial markets’ regulations, focuses on investment services, investment funds schemes and securities offerings.

Practice head(s):

Andrea Calvi

Other key lawyers:

Giulio Sandrelli; Stefano Giavari; Alberto Prade; Giovanni Bandera


‘Outstanding knowledge of the functioning of the financial market and its regulation at national and worldwide levels. Very sensitive to gender diversity issues.’

‘Skilled professionals with a practical, solution-oriented approach.

‘Very good responsiveness and deep specialisation.’

‘Professionalism, accuracy and a pragmatic approach. Talented people with ethics.’

‘Market knowledge, innovative thinking and collaboration.’

‘Very competent and supportive, especially during very complex deals.’

‘Andrea Calvi – on top of being an exceptional regulatory lawyer, he is also very business oriented and pragmatic. He understands business’ needs and is able to provide advice in the format his clients ask for.’

‘Alberto Prade takes a very personal approach to any matter. He really cares about all of his clients’ enquiries and gives very valuable opinions and sought-after advice.’

Key clients

Credito Emiliano S.p.A.

Banca Euromobiliare S.p.A.

Euroclear Bank SA/ NV

Le Dimore del Quartetto S.r.l. impresa sociale

Borgosesia S.p.A. and Consultinvest S.p.A.

FlowPay S.r.l.

Sky Group

Kyip Capital SGR S.p.A.

TeamSystem Capital at Work SGR S.p.A.

Labware S.p.A.

Lendlease Italy SGR

Cassa di Risparmio di Bolzano

Intesa Sanpaolo

Stellantis N.V.

Banca Investis (formerly Banca Intermobiliare di Investimenti e Gestioni)

Cassa di Risparmio di Asti

Pitagora S.p.A.

We Finance S.p.A.



Anthilia Capital Partners SGR

Ver Capital SGR

EnVent Capital Markets Ltd.

Work highlights

  • Assisted Credem and Euromobiliare with the creation of a private banking hub.
  • Advised SKY Italia Group on the distribution of a banking product, aimed at financially supporting its customers with the purchase of Sky Glass televisions.
  • Assisting FlowPay, an innovative payment institution in the Italian market, with its day-to-day business and extraordinary activities.

Simmons & Simmons

Simmons & Simmons' Milan-based financial services regulatory practice comprises specialists in the Financial Services and Markets Act 2000, EU legislation, investigations, disputes, derivatives and commodity trading. Experienced in assisting with cross-border MiFID licences granted by CONSOB, Romeo Battigaglia heads up the financial services regulation group; Andrea Tonon leads the Italy alternative funds team; and Maria Giusy Naccarato has wide-ranging expertise in the asset management and financial institutions sectors. Another name to note is Mirella Di Carlo, who focuses on financial markets and regularly advises on cross-border regulatory projects.

Practice head(s):

Romeo Battigaglia

Other key lawyers:

Maria Giusy Naccarato; Andrea Tonon; Mirella Di Carlo; Enrico Leone


‘They are very professional, business oriented, able to work to tight schedules, capable of delivering on time,and provide sound advice.’

The team works closely with other specialists within the firm to offer clients a cohesive multidisciplinary service that is at the leading edge of the financial services industry.

‘Romeo Battigaglia focuses on financial markets, where he has extensive knowledge of investment services, financial instruments, structured products and derivatives, asset management, investment funds and market regulation.’

Key clients

Rede & Partners

First Sentier


Generali Global Infrastructure

BlueBay Asset Management

Allianz Global Investors


BNP Paribas

Deutsche Bank





Vanguard Asset Management Limited




Foris DAX

BB Trade

Alma LED

Particularly active in the payment services and fintech sectors, Alma LED's banking and financial regulation team covers crowdfunding, peer-to-peer lending, mobile payments and payment aggregators. Banking and financial regulation team head Marco Zechini is a specialist in banking, financial and payment services regulation, as well as AML matters. The workload of Luca Benvenuto, who coordinates the Rome office’s offering, includes banking transparency and AML work. Experienced lawyer Sergio Visalli assists banks and financial institutions with the regulatory side to investment services, and banking and financial products.

Practice head(s):

Marco Zechini; Luca Benvenuto

Other key lawyers:

Sergio Visalli


Professionalism and client relations at the highest level.

Extremely competent in the banking and finance space – very experienced in emerging regulatory issues.

Luca Benvenuto and Marco Zechini – high levels of professionalism and the ability to understand clients’ needs.

Key clients

CGN Fintech S.r.l.

Tinaba S.p.A.

Demetra Capital S.r.l.

Banca Valsabbina S.C.p.A.

Soisy S.p.A.

Hype S.p.A.

Smartika S.p.A.

Otter Finance Ltd

Centrico S.p.A.

Teamsystem Capital At Work S.p.A.

Integrae SIM S.p.A.

EnelX Financial Services S.r.l.

Sodifficult S.r.l.

Sunday Marketplace

Prometeia S.p.A.


Satispay S.A.

Edenred Italia S.r.l.

Mooney S.p.A.

Paytipper S.p.A.

Vertis SGR S.p.A.

Iren Mercato S.p.A.

Atrigna & Partners

Boutique law firm Atrigna & Partners specialises in financial market regulation. Toni Atrigna focuses predominantly on the regulatory side to market rules, investment services and collective asset management activities, as well as market abuse regulations; and Alberto Manfroi is a financial market law specialist. Other key figures are Gian Luca Greco, who is ‘recommended for his ability to think outside the box'; and regulatory banking and financial law head Dino Abate.

Practice head(s):

Toni Atrigna; Alberto Manfroi

Other key lawyers:

Gian Luca Greco; Dino Abate


‘The team is highly knowledgeable in relation to the evolution of investment services and financial services regulation.’

‘Clients rely on their deep insight to calibrate their choices.’

‘A hands-on team that provides constant feedback, as well as considerate support for individual projects.’

‘Both the senior and junior professionals have excellent focus and provide a passionate service.’

‘Great support and collaboration – very good team work.’

‘The team is very committed and professional – cares about clients and is collaborative.’

‘They are highly oriented towards problem solving, and have the ability to anticipate potential issues in relation to the client’s business dynamics.’

‘Gian Luca Greco is recommended for his ability to think outside the box, his proactive approach and outstanding skills in the AML field.’

Key clients

Etica SGR

Azimut Direct S.p.A.

Nexi Payments S.p.A.

PGIM Limited Italian Branch (Prudential Group Inv. Mgmt.)

Hope SICAF S.B. S.p.A.

Endeka SGR S.p.A.

Natissa SGR S.p.A.

Arcano Capital S.G.I.I.C. S.A.U.

Impact SGR S.p.A.

Obsidian Capital SGR S.p.A.

Work highlights

  • Assisted Azimut Direct with several matters concerning lending transactions and the regulation of credit brokers.
  • Advised Etica SGR on reviewing its ESG policy, marketing communications and strategy procedures for investments.
  • Assisted PGIM Limited with setting up an Italian branch, including the anti-money laundering framework.

Studio Legale Cappelli RCCD

Studio Legale Cappelli RCCD‘s financial services regulation department comprises experts in the regulatory frameworks of banks, investment firms, asset managers, insurance companies and payment institutions. Michele Crisostomo is a banking, insurance and financial regulation specialist; Silvio Riolo is experienced in financial derivatives; and Gabriele Buratti advises on banks’ control systems. Alessandra Davoli regularly assists with the regulation of capital adequacy and investment services, as well as with market abuse issues.

Practice head(s):

Silvio Riolo; Gabriele Buratti; Michele Crisostomo

Other key lawyers:

Alessandra Davoli; Federico Di Lorenzo

Key clients

Intesa Sanpaolo S.p.A.

Mediobanca S.p.A:

Unicredit S.p.A

Mediocredito Centrale

Illimity Group

Poste Italiane


BPER Banca S.p.A.

Banco BPM S.p.A.

Banca Generali S.p.A.

Banca Popolare di Bari S.p.A.

ViViBanca S.p.A.

Nextalia SGR S.p.A.

Work highlights

  • Assisting both Unicredit and Azimut Holding with the structuring of a commercial partnership aimed at strengthening and developing UniCredit’s asset management strategy.
  • Assisted Poste Italiane S.p.A. with the acquisition – through its fully owned subsidiary PostePay S.p.A. – of the entire shareholding of LIS Holding S.p.A. and LIS Pay S.p.A. from International Game Technology PLC.
  • Advised BPER Banca S.p.A. on the issue of a dematerialised bond that is held in Monte Titoli (now Euronext Securities Milan) by an Italian bank.


CMS' Italy practice is particularly active in relation to the regulatory aspects of investment services, asset management, insurance, fintech and payment services. The Rome-based group’s workload covers compliance issues, along with updates on legal developments. ‘Clients are in very good hands' with practice head Paolo BonolisDomenico Gaudiello is a renowned public finance sector expert; and Andrea Arcangeli focuses on alternative investments. Domenico Musso also maintains an active regulatory practice.

Practice head(s):

Paolo Bonolis

Other key lawyers:

Domenico Gaudiello; Andrea Arcangeli; Domenico Musso; Massimo Trentino; Eva Selvaggiuolo


Clients are very impressed with CMS Italy.’

‘Once engaged, the team begins to work right away. Truly excellent English.’

‘A hassle-free experience.’

‘What makes CMS Italy stand out most is the sense of client service and excellent English skills.’

‘Clients are in very good hands with Paolo Bonolis.’

‘Paolo Bonolis always finds a way to accommodate requests, no matter how complicated.’

‘Paolo Bonolis has a fair, client-friendly approach. All administrative tasks are handled without complication – recommended without any reservation.’

‘Paolo Bonolis blends a unique ability to anticipate issues with a great knowledge of all regulatory, legal and commercial aspects.’

Key clients

Commerzbank AG – Italian Branch

Aberdeen Standard Investments Limited

Deutsche Bank

Aareal Bank AG

Legal & General Investment Management Limited

Ostrum Assets Management

Morgan Stanley

Binance Group

Worldline Group




IM Global Partner

CMC Markets UK Plc


S.A.G. Soluzioni Assicurative Globali


La Banque Postale

Beerfin (Heineken Group)




FTX Crypto Services Limited


Classis Capital SCF S.p.A

Enpacl ‐ Ente nazionale di previdenza e assistenza per i consulenti del lavoro

Gens S.p.A.

Aviva Investors

Griffin European Markets


Work highlights

  • Advising Intesa Sanpaolo on regulatory issues.
  • Assisting companies operating as service providers or technological partners in the fintech space, such as Intesa Sanpaolo, Klarna, Paypal, Visa, Worldline, Amazon, Microsoft, Keyless and Quantessence.
  • Providing regulatory assistance to major players in the cryptocurrency industry, such as Binance, Coinbase, FTX and 1inch.


Well-recognised in the market‘, Dentons' Italian financial services team is highly active in deals involving bank regulatory issues. Italy financial services head Alessandro Engst focuses on financial institutions’ regulations, investment funds and derivatives; and Alessandro Fosco Fagotto heads up the firm’s Italy banking and finance department. The practice further features Valerio Lemma, an adviser on on banking, financial and insurance regulation and asset management, and ‘outstanding lawyer' Lorenzo Toppini.

Practice head(s):

Alessandro Engst; Alessandro Fosco Fagotto

Other key lawyers:

Valerio Lemma; Lorenzo Toppini


‘Dentons’ team is well-recognised in the market for its competence and experience in the financial sector.’

‘Clients appreciate their pragmatic approach and the efficiency of the assistance provided.’

‘The team is very prepared and proactive.’

‘Alessandro Engst has a solid regulatory background. He has deep knowledge of the industry and a good reputation.’

‘Alessandro Engst and Valerio Lemma lead negotiations with knowledge and a pragmatic, yet technical, approach.’

‘Valerio Lemma has outstanding knowledge of fintech law issues, and he provides effective and smart expertise, especially in relation to payment services regulation.’

Lorenzo Toppini is an outstanding lawyer. He is very talented, readily available and always proposes creative and efficient solutions.

Key clients


Intesa Sanpaolo



Banco BPM

IBL Banca

Banca Monte dei Paschi di Siena

REYL Innovative Banking





DeA Capital SGR

Eurizon Capital SGR


Castello SGR

Fondo Pensione COMETA

Finlombarda SGR



Fondazione ENASARCO

Cassa depositi e prestiti

Work highlights

  • Assisting CaixaBank with the opening of a branch in Milan.
  • Assisting Fidelity with the implementation of its strategic plans, in relation to the offer of financial products in Italy and other EU countries.
  • Assisting Intesa Sanpaolo with the regulatory side to the provision of banking/investment services in Italy and abroad.

DLA Piper

Part of its Italy finance, projects and restructuring group, DLA Piper's financial services team advises on a broad range of banking and financial regulation-related domestic and cross-border matters. Examples include AML issues, derivatives, usury law, payment services, e-money and crypto assets. Heading the team, Agostino Papa has significant financial and banking regulation experience, while Vincenzo La Malfa's workload includes derivatives. Nicoletta Alfano also focuses on financial services regulation.

Practice head(s):

Agostino Papa

Other key lawyers:

Vincenzo La Malfa; Nicoletta Alfano


The team offers a high-quality service and supports its clients in all circumstances.

Capable of handling highly complex situations, resolving them through effective solutions.

The team is very professional and has very deep knowledge of the real estate market.

Availability and a client-oriented approach are key qualities of the team.

Key clients

Asset Management Company – AMCO

Zurich Group

Zurich Italy Bank

Zurich Investments Life S.p.A.

Alkemia Capital Partners SGR S.p.A.

Assicurazioni Generali S.p.A.

Azimut Libera Impresa SGR

Banca Generali S.p.A.

Banca IFIS S.p.A.

Banca Sistema S.p.A.

Banco BPM S.p.A.

CDP Venture Capital SGR S.p.A.

Commerzbank AG Milan Branch

CREDEM Private Equity SGR

Finlombarda S.p.A.

MPS Capital Services Banca per le Imprese S.p.A.

Poste Vita S.p.A.

Aquila Capital Real Asset Investments

SUSI Partners AG

Quickbit eu AB

BlueBay Funds Management Company S.A. – Italian Branch

Natwest Markets NV – Italian Branch

ZPay Istituto di Pagamento

Work highlights

  • Advised Zurich Group on the newly-incorporated Italian bank of Zurich Group (Zurich Italy Bank).
  • Advised Asset Management Company – AMCO on the drafting and review of pre-contractual and contractual documentation concerning lending activity.
  • Provides ongoing assistance to the Italian branch of Commerzbank AG.

Lener & Partners

Boutique corporate and financial services firm Lener & Partners provides a comprehensive service for financial services regulation issues, including contentious and restructuring-related matters. The practice’s expertise includes setting up banks, asset management companies, investment firms and insurance companies, as well as financial intermediaries that provide regulated services. The team is led by Raffaele Lener, ‘one of the most authoritative Italian lawyers for regulatory matters'. Lener is supported by Grazia Bonante and Sonia Locantore.

Practice head(s):

Raffaele Lener

Other key lawyers:

Grazia Bonante; Sonia Locantore


‘A very deep network – great for problem solving and strong collaboration.’

‘The team has specialised skills in the regulation of financial markets – it stands out on the Italian legal market.’

‘Innovative, punctual and reliable. Regulatory lawyers like these get the deal done. Unbeatable for structuring transactions.’

‘Very focused on its work and aims to find solutions.’

‘An excellent and very professional team.’

‘Raffaele Lener makes complex things easy to understand, and he is very efficient.’

‘Raffaele Lener is a leading professional, with consolidated experience in regulatory issues relating to investment funds, private equity and financial products.’

‘Raffaele Lener is one of the most authoritative Italian lawyers for regulatory matters, and is excellent when assisting clients with highly complex matters.’

Key clients

Cassa di Risparmio della Repubblica di San Marino

illimity Bank S.p.A.




Intesa Sanpaolo S.p.A.

Monte Titoli S.p.A.

Work highlights

  • Advised Cassa di Risparmio della Repubblica di San Marino during the final stage of the execution of a debt restructuring agreement, which involved financial undertakings controlled by Cassa di Risparmio della Repubblica di San Marino.
  • Provided illimity Bank with regulatory assistance in relation to the establishment of a joint venture with Banca Sella for 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 executed between the bank and the municipality declared invalid.

White & Case (Europe) LLP

White & Case (Europe) LLP‘s Italy team advises on the financial regulatory aspects of Italian and EU banking sector-related M&A and capital markets transactions. The Italy financial services regulatory practice in Italy is led by banking, financial, payment services and asset management regulations expert Alessandro Zappasodi. The other key team members are Licia Mongiello, whose practice covers authorisation procedures before Italian and EU supervisory authorities and Andrea Lamonica who advises on banking, financial and insurance regulatory issues.

Practice head(s):

Alessandro Zappasodi

Other key lawyers:

Licia Mongiello; Andrea Lamonica


‘Able to show commitment in any particular complex scenario – highly skilled in cross-border projects.’

‘The ability to listen to the client’s needs makes the team one of the most prominent law firms around.’

The regulatory team comprises highly qualified lawyers with solid reputations on the market. The team is always available and ready to tackle any type of situation.

‘The team is able to provide strong competences in any regulatory scenario.’

‘The financial services team at White & Case Italy has solid technical knowledge, vast experience in Bank of Italy procedures, good understanding of clients’ needs, and the ability to influence decisions on the basis of sound legal recommendations.’

‘Alessandro Zappasodi and the team show eagerness and commitment in understanding the client’s needs.’

‘Alessandro Zappasodi is an excellent lawyer. In addition to his technical skills, he is able to navigate complex international organisations with several stakeholders in different departments. Finally, he has the appropriate soft skills to address delicate situations.’

‘Alessandro Zappasodi and Licia Mongiello both show dedication and commitment in order to meet high-quality standards.’

Key clients

Banca di Asti

Banca Monte dei Paschi di Siena

BFF Bank

Crédit Agricole Corporate & Investment Bank




Intesa Sanpaolo

Société Générale Group

Work highlights

  • Advised Intesa Sanpaolo and Equiter (an Italian independent advisory company) on the negotiation and execution of operational agreements with the European Investment Bank.
  • Advised Mediobanca on the EU, UK and US regulatory aspects of its strategic agreement with the partners of Arma Partners and US Arma Partners to join forces in the digital economy space.
  • Advised Banca Monte dei Paschi di Siena on the US and EU regulatory aspects of its €2.5bn rights issue.


ADVANT Nctm's financial services regulation practice covers the regulatory side to payment sector-related fintech matters. It is also experienced in regulatory compliance work. Danilo Quattrocchi advises on corporate governance, capital requirements, anti-money laundering issues and the transparency and conduct rules applicable to the distribution of banking and financial products.

Practice head(s):

Danilo Quattrocchi

Other key lawyers:

Stefano Padovani


‘A team of lawyers that is very prepared and ready to assist clients with any matter.’

‘The greatest strength lies in the fact that there are departments within the firm that deal competently and thoroughly with all areas and issues that may affect a credit institution.’

‘The partners and team members are very competent, available even at short notice, and solid in their feedback.’

‘Outstanding professionals who are able to customise their service in a unique way.’

‘Every single problem has the right consultant to solve it.’

‘Continuous updating and a worldwide presence guarantee outstanding advice.’

‘Combines in-depth knowledge of legislative and regulatory issues with a constant focus on finding solutions.’

‘Danilo Quattrocchi is a strong point of reference for all matters involving financial markets and banking transparency. He is also capable of explaining things in a simple and clear way.’

Key clients

Banco di Desio e della Brianza S.p.A.

Finint (Banca Finanziaria Internazionale S.p.A.)

Cashinvoice S.r.l.

Younited SA

Fondo Sanità

Recrowd Srl

Open Capital Partners SGR S.p.A.


Hilco Capital Limited

Banca Popolare dell’Alto Adige

Solidarietà Veneto Fondo Pensione

Banca IFIS


Luchi Fiduciaria SpA

Work highlights

  • Assisted Banco di Desio e della Brianza with the regulatory aspects of a transaction involving the acquisition from BPER Group of 48 banking branches.
  • Providing legal assistance to Recrowd, in relation to the regulatory aspects of its lending crowdfunding portal, and the registration as a crowdfunding service provider under the ECSP Regulation.
  • 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.

Civale Associati

Civale Associati's banking regulatory practice features Fabio Civale, an expert in the regulatory aspects of investment firms and management companies, particularly in relation to financial, banking and insurance services and products, collective portfolio management and AML. Civale is supported by Alberto Debernardi, Alberto Debernardi, Sebastiano Zanco and Federico Cattaneo.

Practice head(s):

Fabio Civale; Alberto Debernardi; Stefania Starace; Sebastiano Zanco; Federico Cattaneo


‘High levels of competence, and understanding of the client’s business and operations.’

‘The team is always available, kind and competent.’

‘The availability of lead partner Fabio Civale is exceptional. His ability to understand the issues quickly and find a possible solution is unique. He also has in-depth knowledge of banking activities and the authorities’ priorities.’

‘The firm’s team is well-organised, committed and skilled. ’

‘The Civale law firm considers dialogue with the client to be the best way, not only to tailor solutions that meet regulatory and supervisory obligations, but to promote professional growth.’

Key clients

Banca Intesa

Banca Mediolanum


Illimity Bank

BNP Paribas Lease Group


Ak Nordic


Cassa di Sovvenzione e Risparmio dei dipendenti della Banca d’Italia


Banca Sistema


Credit Agricole

Cassa Centrale


Banca di Piacenza

Banca Sella

Banco Desio

Banca Popolare Pugliese

Banca Popolare Sant’Angelo

Banca UBAE



Che Banca




Scania Finance


Work highlights

  • Assisted Volksbank with a class action brought before the Venice Court of Appeal in relation to its shares.
  • Assisted with a Bank of Italy inspection.
  • Assisted client with the revision of internal regulations.


EY TAX & LAW ITALY‘s team routinely advises on the regulatory side to corporate issues, as well as on acquisition, corporate and real estate finance deals. The practice additionally assists with the regulatory obligations of regulated entities. Providing ‘excellent guidance’, Milan-based Michele Odello heads up the banking and finance regulatory group.

Practice head(s):

Michele Odello

Other key lawyers:

Orsola Zane; Francesco Paolo Sasso


‘EY has very good knowledge in terms of the banking and finance sector. The legal consultants are always available to support the client’s requests.’

‘They manage the legal advice very well and always do their best in order to support the client.’

‘The team is always available, even on short notice, and always offers practical solutions to very complex problems.’

‘Great attention to detail, and the lead partner remains involved throughout the transaction, while assisted by a very competent team of assistants.’

‘Very good understanding of banking legislation and a pragmatic approach.’

‘Academic and practical knowledge of banking regulation.’

‘Commitment and dedication to the project.’

The communication and synergy with Michele Odello is excellent. He is supportive and collaborative throughout, and provides excellent guidance.

Key clients

Banca Sistema S.p.A.

Cassa di Rsparmio di Asti S.p.A.

Fineco Bank S.p.A.

Banca Nazionale del Lavoro S.p.A.

Banca Patrimoni Sella S.p.A.

Consultinvest SIM S.p.A.


BNP Paribas Leasing Solutions

BNP Paribas S.A.

Deutsche Leasing Italia S.p.A.

Fondo Pensione Monte dei Paschi

Cassa di previdenza aziendale per il personale del Monte dei Paschi di Siena

Groupama Asset Management

Impact SGR S.p.A.

ING Bank N.V. – Succursale italiana

Adelaide S.A.S.

Obsidian Capital S.p.A.

AQA Capital – Italian Branch

NTT Data Italia S.p.A.

Work highlights

  • Assisted Adelaide Sas, a French insurance intermediary, with the acquisition of 80% share capital of an Italian insurance brokerage company.
  • Assisted Fineco Bank with the application of a bail-in procedure.
  • Advises Cassa di previdenza aziendale per il personale del Monte dei Paschi di Siena on the organisational structure of its pension scheme.

GIM Legal

GIM Legal's team covers the regulations that apply to financial activities. It also advises banks on banking regulations, including capital reserve regulations, risk management and regulatory compliance. Investment funds regulation expert Luigi Rizzi is a former CONSOB regulator, while the firm’s operations partner Sergio Beretta is another key figure.

Practice head(s):

Luigi Rizzi

Other key lawyers:

Sergio Beretta; Marco Corica; Manuela Rasori; Marco Conti

Key clients

A.M.U. Investments SIM

Asset Management GWM Group

Banca Promos

Dea Capital RE SGR

Groupama Asset Management SGR

IAM Capital Ltd

Illiquidx Limited

Invesco Group


Migliora S.r.l.

Cattolica Assicurazioni

LCA Studio Legale

In September 2022, LCA Studio Legale hired financial services regulation specialist Umberto Piattelli in Milan as practice head from Osborne Clarke. Further growth includes the January 2023 recruitment of Rome-based Giancarlo Ranucci from Gianni & Origoni; Ranucci’s wide-ranging financial services regulation practice covers the rules surrounding insurance and the structuring of financial products.

Practice head(s):

Umberto Piattelli

Other key lawyers:

Giancarlo Ranucci; Sofia Caruso


Availability, prompt feedback and high-level analyses.’

‘In-depth knowledge of diverse regulations. Compatibility with business needs in terms of insights and suggestions.’

‘Consistently meets clients’ requirements and business expectations.’

‘Very creative approach that yields results within the legal framework without requiring constant guidance and feedback from clients.’

‘Deep understanding of the local regulatory landscape. Ability to deliver compliant but out-of-the-box proposals in a timely manner.’

‘Umberto Piattelli and Sofia Caruso consistently demonstrate availability, reliability and the ability to meet client expectations.’

Clients are thoroughly content with the calibre of work provided by Umberto Piattelli and Sofia Caruso.

Key clients

Advantia Bank

Banca Sella Personal Credit S.p.A.

Diaman Partners LTD

Brick Up S.r.l.

Buildlenders S.r.l.

Coinflow S.r.l.

EML DAC payments

Folkfunding S.r.l. (Clubcore)

Framont & Partners

Leone Investments S.r.l.

October S.r.l.

Olinda SAS

Prepay S.r.l.

Qomodo S.r.l.

Roots Funding Inc.


Volkswagen Financial Services S.p.A.

Work highlights

  • Assisting Blender with preparing and submitting to the OAM (the competent authority supervised by the Bank of Italy) its request to be enrolled in the relevant register in order to operate as a financial agent of the Lithuanian e-Money Institution.
  • Assisting Brick Up, an equity crowdfunding platform, with obtaining a license from CONSOB and Bank of Italy to operate as a lending crowdfunding platform manager under EU regulations.
  • Advising UBS Europe SE on the review of the contractual documents for its credit products.

Lexia Avvocati

Lexia Avvocati's team focuses on fintech, open banking, payment services and e-money, along with blockchains, decentralised finance, crypto assets and alternative investment vehicles. Angelo Messore advises on the regulation of banking, financial, insurance, investment and payment services, while Francesco Dagnino is particularly experienced in the technology and fintech sectors.

Practice head(s):

Angelo Messore; Francesco Dagnino

Other key lawyers:

Andrea Berruto; Federico Bonardi


‘Proactive, simple, clear and commercial.’

‘A team that is dedicated to its work and able to deliver difficult projects.’

‘The team is composed of people with important experience and know-how in this field.’

‘People who are really collaborative and responsive.’

Punctual and serious professionals who have an efficient and effective working method.

Treats clients’ problems as their own.

The associates are of an exceptionally high level.

‘The standout partner is Angelo Messore.’

Key clients

One Trading

Amundi SGR

Amundi Asset Management

Vivid Digital

Vivid Invest



Folks Finance



Look Lateral









Five Elements Labs






Mondial Bony Service




Signor Prestito



Trading 212

Vivid Money

World Cup Apes




H1 Finance

Skyline Digital




Pie Systems






Clubdeal On-line



EFG Bank

Persia International Bank

Piece Finance

PKB Private Bank


Sienna Investment Managers






Calamatta Cuschieri

Work highlights

  • Assisted TPPay with completing the authorisation procedure with the Bank of Italy to become a fully licensed electronic money institution.
  • Assisting Calamatta Cuschieri with the setting up of its Italian branch for the provision of investment services for the benefit of Italian professional and retail customers.
  • Assisted Checksig with the authorisation and validation of custody layers (used by its customers to safekeep crypto assets).

Molinari Agostinelli

Molinari Agostinelli's team advises financial services companies on joint ventures, distribution partnerships, product launches and asset management and banking regulation. It also assists with the implementation, maintenance, evaluation and monitoring of organisational models. Group head Nicolò Juvara, who has an active financial services practice, is supported by Daniela Runggaldier.

Practice head(s):

Nicolò Juvara

Other key lawyers:

Daniela Runggaldier

Key clients

Compass Banca S.p.A. – Mediobanca Group

Banco di Desio e della Brianza S.p.A.

Société Générale Securities Services S.p.A.


Banca Valsabbina


ING Bank NV, Milan Branch

Crédit Agricole Group

Admiral Financial Services Italia S.p.A.


Rabobank/De Lage Landen

JC Flowers

Banca Profilo S.p.A.

Compre Group

Work highlights

  • Advised Compass Banca on the acquisition of Soisy and a significant interest in HeidiPay.
  • Advised ING Bank on the structuring and implementation of a project aimed at reviewing ING Bank’s insurance product proposition model.
  • Advised Banco Desio on the regulatory filing and information duties towards the Bank of Italy, regarding the sale by Banco Desio of its merchant acquiring business to Worldline.

Osborne Clarke

Osborne Clarke's ‘very committed team‘ comprises experts in investment and asset management, ESG integration, and fintech and digital payments. The group’s specialisms also include peer-to-peer lending. Heading up the firm’s Italian banking and finance regulatory department, longstanding regulatory expert Nunzia Melaccio is a January 2023 partner hire from Studio Alpeggiani.

Practice head(s):

Nunzia Melaccio


‘Very committed team with huge experience in wealth and asset management, and regulatory issues.’

‘What makes the individuals we work with stand out is their willingness to be helpful on any occasion.’

‘Nunzia Melaccio is very competent in the regulatory side to asset management and services, and very close to different important players in the market.’

‘Nunzia Melaccio is a very professional adviser – apart from her ability to analyse the legislation, she is able to give practical solutions to problems. This makes a great difference.’

‘Osborne Clarke is unique in that it provides a holistic range of services across diverse practices and geographies in a consistently professional manner, applying lateral thinking to serve its clients in a timely fashion.’

‘The combination of diversity, professionalism, lateral thinking and timeliness is quite unique in the industry.’

Key clients

Azimut Investments S.A.

Opyn Group

WEX Europe Services Ltd

Amber Capital SGR S.p.A.

Decalia SIM S.p.A.

VC Capital Partners SGR S.p.A.

Ulixes SGR S.p.A.

Work highlights

  • Advised Amber Capital on its evolution from an alternative investment fund manager (AIFM), under the threshold, to a fully-licensed AIFM, and on establishing its cross-border distribution activities.
  • Advising Italian peer-to-peer lender, The Opyn Group, on the incorporation of climate and environmental risks into its operational and disclosure strategies, in accordance with the Bank of Italy and CONSOB’s sustainability regulations.
  • Advising DECALIA SIM, an Italian investment portfolio management firm, on its efforts to broaden its investment services in Italy.