Firms To Watch: Banking and finance: Bank regulatory

EY TAX & LAW ITALY appointed experienced partner Michele Odello (previously at Dentons), who specialises in regulatory matters in the banking, financial, investment and insurance sectors, as its head of practice in July 2020.
Civale Associati‘s name partner Fabio Civale has notable expertise in the legal and regulatory issues of investment firms and management companies, particularly those regarding financial, banking and insurance services and products, collective portfolio management and AML legislation.

Banking and finance: Bank regulatory in Italy

BonelliErede

BonelliErede‘s financial regulatory department comprises a dedicated investigation practice that focuses on potential civil, criminal and administrative liabilities within banks and supervised entities; clients benefit from its sophisticated AI software (under the firm’s own licence) and IT devices. The practice has also gained enviable fintech sector expertise. Giuseppe Rumi specialises in banking and insurance regulations, fintech, digital innovation and payment services, and the regulatory aspects of takeovers, combinations and reorganisations; Federico Vezzani is a capital strengthening and funding measures expert. Andrea Savigliano is a well-regarded managing associate.

Practice head(s):

Federico Vezzani

Testimonials

Pragmatic team that offers tailor-made solutions.

Competence, solidity and effectiveness are the main characteristics of the team.

Great for the preparation and experience of its professionals.

Its legal expertise is of excellent quality.

Professionals who are able to identify the most effective measures to be taken to address each question raised – always a fruitful collaboration and source of professional enrichment.

Federico Vezzani stands out as one of the most brilliant regulatory experts on the Italian market. In addition to his vast knowledge, he creates the right links with other disciplines of law in order to ensure optimal solutions for clients.

In addition to ‘Federico Vezzani’s excellent preparation, he is able to suggest the best strategy to pursue. He is also able to tell the client that he/she is wrong – a sign of both professional maturity and great competence.

Federico Vezzani – competence, availability, promptness in feedback.

Key clients

Banca AideXa

Banca Ifis

Banca Monte dei Paschi di Siena

UniCredit

Castello SGR

CDP Equity

Cerved Group

Banca del Fucino

Crédit Agricole Group

Sonect

Generalfinance

Tages SGR

Morgan Stanley SGR

Work highlights

  • Assisted the promoters of fintech project AideXa, the first fully fintech bank across Europe focused on SME businesses.
  • Assisted Banca Ifis in relation to the acquisition of the banking business of Aigis Banca.
  • Assisted Leonardo Del Vecchio with increasing the stake he held, through Delfin, in Mediobanca above the 10% threshold.

Chiomenti

Chiomenti‘s regulatory client base ranges from insurance intermediaries to credit institutions, pension funds, e-money institutions, fintech players and legacy banks. Representative work includes prudential matters, distribution arrangements, organisational structures, extraordinary transactions and corporate governance. Head of the regulation of financial institutions and activities practice, Alessandro Portolano (‘one of the best lawyers in this field‘) advises Italian and foreign financial institutions on all aspects of banking, financial, insurance, payment services and asset management regulations. Also integral to the practice are highly rated partner Vincenzo Troiano and managing counsel Felice Azzollini.

Practice head(s):

Alessandro Portolano

Testimonials

The team in question is particularly proactive and problem-solving oriented.

The practice always presents the finished product with practical/concrete solutions.

Good solid team that is always willing to help.

Alessandro Portolano is very competent and with a wide knowledge of market regulations. He has a very pragmatic approach and manages to combine client protection with business needs – I believe that he is one of the best lawyers in this field, and this is also recognised by colleagues in other banks.

Alessandro Portolano is always available, gives practical advice, and is helpful and commercial.

Particularly worthy of note is partner Alessandro Portolano – very qualified, competent, always available and pragmatic.

Managing counsel Felice Azzollini is always quick to provide the assistance requested.

Felice Azzollini is very knowledgeable.

Key clients

Payden & Rygel

Elliot/Credito Fondiario

Credit Suisse

Tifosy

Intesa SanPaolo

Praesidium

Deutsche Bank

Banca Generali

State Street Bank

Unipol Group

BBVA

Credito Lombardo Veneto

Allfunds Bank (Milan Branch)

Unicredit Bank (Milan Branch)

Gruppo Mutuionline

Allianz Bank

Banca Findomestic

Banca Carige

Banco BPM

BPER Banca

Work highlights

  • Advising Italian bank Credito Fondiario (controlled by the Elliot Fund) on the separation of the banking business from the side that is dedicated to NPL servicing and investment.
  • Advising Credit Suisse on the implementation of an innovative project, comprising the reorganisation of its business model that is aimed at providing asset management services to institutional clients.
  • Advising BBVA, a Spanish bank, on the implementation of a business model aimed at providing banking and payment services to Italian consumers (both online and via an app).

Bird & Bird

Bird & Bird fields experts in the performance of investment services, compliance with capital requirements, investment funds, and the issue of financial products. Other specialisms include market abuse, insurance, fintech, sustainable finance regulation, AML issues, derivatives, consumer credit and payment services. The key advisers are banking and financial markets regulation department head Raimondo Maggiore; international financial services team co-head Stefano Febbi; Rossella Sansone, an asset management and financial services specialist; and of counsel Giuseppe D’Agostino, who joined in 2020 from CONSOB. Diego Bobbo, Diego Cefaro and Annapaola Schino are experienced senior associates.

Testimonials

The strength of the firm, in our opinion, is the preparation of the team and its broad skillset.

The lawyers who make up the team are very competent in relation to all matters upon which we have requested advice.

The answers we have obtained have always been broad and comprehensive, going beyond simple interpretations.

The analyses provided have always been deepened by the team’s market insights.

From the point of view of technological innovations, the firm has changed the channels of dialogue with its clients through video conference mode, which has replaced the telephone mode. We welcomed the initiatives linked to the illustrative webinars of new or recently applied rules, during which interesting insights and interpretations were provided.

Key clients

Allianz Group

Asset Management One International

AXA IM Group

Banca Agricola Popolare di Ragusa

Banca Carige

Banca Popolare del Frusinate

Banca Valsabbina

BPER Banca

CheBanca!

CNP Group

Crédit Agricole Italia

ICCREA Group

Intesa Sanpaolo Group

Invesco Asset Management

InvestiRE SGR

M&G Investments

Mediolanum Group

NN Investment Partners

PICTET & CIE Group

SACE Group

Work highlights

  • Advised Allianz Group (jointly with the firm’s consultancy practice OXYGY) on implementing the new European legal framework on sustainable finance, in relation to its operations, investment management activities, insurance products and information documents.
  • Advised BPER Banca on the integration of acquired UBI offices into its business model and operating procedures, particularly those relating to the provision of investment services.
  • Assisting the Credem Group, on an ongoing basis, with the regulatory issues it faces.

Clifford Chance

Clifford Chance‘s specialised financial regulation team maintains regular contact with Italy’s regulatory authorities, frequently assisting them with the adapting of legislation to changing market needs, as well as advising clients on the application of new legislation. Lucio Bonavitacola leads the investment funds and regulatory team, and Gioacchino Foti is a banking and financial regulations expert. Experienced partners Charles Adams, Giuseppe De Palma and Ferdinando Poscio also play leading roles within the firm’s banking and finance practice. Promoted to counsel in 2021, Riccardo Coassin specialises in banking, finance and insurance regulation.

Practice head(s):

Giuseppe De Palma

Testimonials

Its strengths are a lean and flexible team, focus on the client and business knowledge.

Competence and simplicity in their approach.

This is a very commercial practice – the lawyers give practical and easy-to-understand advice on the tangible actions we should take.

The lawyers are very responsive.

Lucio Bonavitacola is very client focused and gives commercially relevant advice.

Counsel Riccardo Coassin is very clever and has great depth of technical knowledge.

Key clients

Macquarie Infrastructure

BNP Paribas

Deutsche Bank

Nomura International

Patrizia AG

Dedalus Holding (Ardian)

Santander Consumer Bank

Banca IMI

Banco BPM

UniCredit

Eolo

Landi Renz

Work highlights

  • Advised Dedalus Holding (75% majority-owned by Ardian) on the committed financing package for the acquisition of part of the healthcare software business of Agfa-Gevaert, and on the financing aspects of the acquisition of DXC Technology.
  • Advised a consortium, comprising Cassa Depositi e Prestiti, Blackstone and Macquarie, on the financial aspects surrounding the acquisition of Autostrade per l’Italia, the concessionaire for the construction and operation of toll highways in Italy.
  • Advised the banks (Intesa Sanpaolo, JP Morgan and BNP Paribas – BNL) on the acquisition by FNM of 82.4% of the share capital of Milan Serravalle – Milan Tangenziale (Mise) from the Lombardy Region.

FIVELEX Studio Legale e Tributario

FIVELEX Studio Legale‘s department consistently assists banks, investment firms, management companies, and other Italian and foreign financial intermediaries with the regulatory aspects of banks’ and intermediaries’ corporate governance, investment and banking services, and banking and finance products. The principal figures are Francesco Di Carlo, who has ‘longstanding, in-depth banking and financial regulation experience‘; Edoardo Guffanti, who advises banks, and investment, asset management and insurance companies; and experienced partner Mara Fittipaldi. The second line of advisers includes Flavio Acerbi, who ‘has strong technical skills‘, and experienced senior associate Debora Gobbo.

Other key lawyers:

Flavio Acerbi; Debora Gobbo

Testimonials

Flexibility, creativity and speed when solving complex situations.

An excellent firm, with one of the largest and most capable banking regulation teams in the Italian market.

The firm has in-depth expertise and outstanding technical skills, and features some of the more prominent practitioners in the market.

Francesco Di Carlo has in the last 20 years shown extraordinary professionalism and competence, which have allowed him to become a point of reference for the main companies in this sector.

Francesco Di Carlo is an extraordinary problem solver.

Francesco Di Carlo is an excellent practitioner, with longstanding, in-depth banking and financial regulation experience. Francesco is clearly extremely technical and knowledgeable, and capable of guiding the client through the various stages of proceedings before regulators.

Flavio Acerbi is an up-and-coming partner, with strong technical skills.

Senior associate Debora Gobbo is appreciated for her professionalism and technical competence.

Key clients

Amaranto SIM

Assicurazioni Generali Group

Banca Generali

Banca Mediolanum

Banca PSA

Banca Sella

Banco BPM

Banque Cramer & CIE

BNP Paribas (Suisse)

Cassa Lombarda

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

Lloyds Banking Group

PKB Privatebank Group

Saxo Bank (Schweiz)

Tack SFC

Vontobel Group

Xenon AIFM

PGIM

Work highlights

  • Assisting Decalia Asset Management SIM with assessing the feasibility of extending its business into other EU countries (particularly Belgium, France, Germany, Austria and Spain), as well as non-EU countries (particularly the UK).
  • Assisted RealStep in relation to a financing transaction and the structuring of an associated security package involving a specific sub-fund.
  • Assisted Vontobel’s group with the establishment of an Italian investment firm that provides private banking services to an Italian clientele.

Hogan Lovells International LLP

Acting for banks, payment institutions, e-money institutions and financial intermediaries, Hogan Lovells International LLP‘s Rome-based practice is sought out for its regulatory expertise in banking and payment services, financing, AML, consumer credit and banking transparency. Jeffrey Greenbaum, who focuses on the authorisation, distribution and regulatory aspects of financial entities as well as regulatory inspections, heads the Italian financial services and asset management team. At senior associate level, Claudia Colomba acts for international financial institutions on regulatory matters, and Elisabetta Zeppieri is an EU and Italian regulatory framework expert.

Practice head(s):

Jeffrey Greenbaum

Testimonials

The ability to provide clients with new and interesting initiatives.

The Hogan Lovells team provides excellent advice in the bank regulatory space. They are reliable, swift to respond and 24/7 available (if necessary). The team co-ordinates internally without friction and is 100% client focused.

The legal assessments are well balanced and focus on the client’s key issues.

Excellent relations with the regulatory authorities, 360-degree competence of the team members, and proactivity are the strengths of Hogan Lovells.

Jeffrey Greenbaum is able to anticipate problems and assist out-of-the-ordinary clients.

Jeffrey Greenbaum can boast excellent relations with the Bank of Italy and Consob, and also with the European regulatory authorities; moreover he is able to offer clients innovative solutions by leveraging a deep knowledge of the future dynamics of the sector.

Jeffrey Greenbaum is my go-to professional for pragmatism, the ability to find effective and implementable solutions, and an immense network of knowledge among all the stakeholders in the financial sector.

Senior associates Claudia Colomba and Elisabetta Zeppieri are both excellent professionals, who are always up to date and available.

Key clients

DeA Capital Real Estate SGR

MFS Investment Management Company (Lux)

Work highlights

  • Assisting DeA Capital Real Estate SGR in relation to its operating activities and regulatory requirements.
  • Regularly assists MFS Investment Management Company (Lux) in relation to the marketing in Italy of over 300 share classes of the MFS Meridian Funds and related regulatory issues.

Legance - Avvocati Associati

Legance – Avvocati Associati‘s financial intermediaries regulation department advises banking, financial and insurance firms, as well as private equity firms, on the regulatory issues surrounding litigation and M&A. Financial markets specialist Marco Penna leads the team, which includes experienced senior counsel and regulatory specialist Marco Romanelli, a 2020 hire from Studio Legale Carbonetti e Associati. Senior partner-level support is provided by banking and debt capital markets head Andrea Giannelli, and insurance and banking and finance sector expert Gian Paolo Tagariello. Counsel Giovanna Tassitano and managing associate Giuseppe Alessandro are also noted.

Testimonials

True understanding of the banking business and its regulatory implications.

Great for its 360-vision, interaction, depth of analysis and delivery.

Marco Penna is a strong role model in his areas of expertise.

Key clients

Advent International

Apax Partners

Argo Finanziaria

Aviva

Banca Finint

Banca Progetto

Banca Sistema

BPM

BPER Banca

CaCib

CBRE

Dell

Elliott

Finest

Fortress Investment Group

Mediobanca

Nexi

UniCredit

Work highlights

  • Advised Nexi (and its subsidiaries) on the regulatory issues surrounding a cross-border M&A transaction with Nets, a merger with SIA, and the issuance of of two senior unsecured high-yield notes.
  • Assisted Fiat Chrysler Automobiles with the regulatory aspects surrounding the cross-border merger with French group PSA.
  • Assisted Credito Fondiario with the establishment of an asset management company.

Simmons & Simmons

Simmons & Simmons‘ ‘experienced and specialised‘ Italian practice undertakes complex financial services and markets regulatory work for brokerage houses, investment exchanges, investment banks, commodity traders, asset management companies, and general insurance and life assurance companies. Financial markets Italian practice head Romeo Battigaglia has extensive knowledge of derivatives, structured products, financial instruments, asset management, investment funds and market regulation. Also integral to the group are senior counsel Enrico Leone, who co-ordinates the firm’s Banking Regulatory Reform Project; and of counsel Maria Giusy Naccarato, an asset management and financial institutions sector expert.

Practice head(s):

Romeo Battigaglia

Testimonials

The team is experienced and specialised, with the ability to align the legal side with commercial practices.

The team has the ability to converse with regulators, both reactively and proactively, to ensure timely visibility of product, service and process innovations.

The team is the best in class for banking regulation.

The professionals have complete availability and adopt a problem-solving approach.

Their legal research capacity for complex and new issues is excellent and results in particularly effective advocacy.

Romeo Battigaglia and counsel Giusy Naccarato constitute a braintrust that is much appreciated by international clients.

Key clients

Rede & Partners

First Sentier

HarbourVest

Generali Global Infrastructure

BlueBay Asset Management

Allianz Global Investors

Blackstone

BNP Paribas

Deutsche Bank

F&C Management

Jefferies

Jupiter

Schroders

UniCredit

Vanguard Asset Management

CMS

Acting for banks, funds, investment companies and payment institutions, CMS‘ Italy practice assists with the regulatory issues surrounding investment services, asset management activities, insurance, and financial and payment services. With longstanding regulatory experience, Paolo Bonolis is the contact partner for several leading domestic and international banks and financial institutions; counsel Maria Giovanna Pisani‘s areas of expertise include the regulatory compliance issues surrounding banking and financial and investment services.

Practice head(s):

Paolo Bonolis

Other key lawyers:

Maria Giovanna Pisani

Testimonials

Competence, professionalism and versatility.

The team that follows us is very prepared in relation to regulatory matters, and it is used to working in international contexts – at the same time the team is very precise when identifying possible differences that differentiate the Italian legislation from European laws, and is able to suggest dedicated solutions to comply with both.

A well-established and very collaborative team that works very closely with clients, and suggests ad-hoc solutions depending on the problem.

The team is able to advise on all relevant areas from a single source and the quality of the support is very high.

The availability of the team is always guaranteed, even at very short notice – collaboration with the responsible partner and team members is simple, efficient and pleasant.

Paolo Bonolis responds with high professionalism and speed to our requests. He has high levels of expertise in our areas of law, both at national and European level, and has an important international background. He knows our business well, and is able to find pragmatic and efficient solutions.

Counsel Maria Giovanna Pisani is always available to analyse the legislation. She stands out because she manages to apply the implementation of the regulatory part to our reality and suggest valid solutions.

The added value of Maria Giovanna Pisani is that she is clear, precise and proactive.

Key clients

Intesa Sanpaolo

Aberdeen Group

Legal & General Investment Management

Aareal Bank

SIX Payment Services

Commerzbank

CMC Markets UK

Quantessence Financial

Zurcher Kantonalbank

Nuveen

Macquarie

Monese

IM Global Partners

Barings

Beerfin

La Banque Postale

Binance

Work highlights

  • Advised Aberdeen Asset Managers on the process of obtaining CONSOB’s authorisation for the provision of investment services in Italy as a non-EU investment company.
  • Advised Legal & General Investment Management on the establishment of its Italian branch and the regulatory aspects surrounding the provision of investment services in Italy.
  • Advised Six Payment Services on the regulatory aspects surrounding the transfer of acquiring agreements from BPER.

Dentons

Dentons‘ Italy group consistently works alongside banks, insurers, asset managers, financial firms, pension funds and fintech companies on a wide range of regulatory matters; it is best known for its assistance to regulated entities in liaising with regulators. Focused on financial institutions regulation, investment funds and derivatives, Alessandro Engst is the Italy financial services head, and Alessandro Fosco Fagotto heads up the Italy banking and finance practice.

Other key lawyers:

Valerio Lemma; Lorenzo Toppini

Testimonials

The team is always very helpful in solving the problems that we as clients pose.

Dentons is always very proactive in bringing to our attention regulatory changes that have potential implications on our business.

Alessandro Engst and Valerio Lemma are characterised by excellent professionalism and strong empathy with the client, which allow for interactions that are always very frank, informal to the right degree, and above all very productive.

Competence, speed and kindness.

Availability and long track record.

Strong interpersonal skills.

Key clients

Intesa Sanpaolo

Mediobanca

UniCredit

DeA Capital

Fidelity Fondazione Enasarco

AIG

UnipolSai

Stewart Title

Poste Vita

Value Italy SGR

SACE

Fondo Pensione COMETA

Kering

Eurizon

Work highlights

  • Advised Mediobanca on the regulatory aspects of its first-of-their kind transactions, aimed at providing access to the real estate trophy assets market to ultra-high-net-worth clients.
  • Assisted Intesa Sanpaolo in connection with a 50-plus jurisdictions regulatory project concerning derivatives, repo and stock lending transactions.
  • Advised Fidelity on the regulatory options surrounding the provision of investment services in Italy and the management of certain investment agreements with Italian institutional clients (further to Brexit).

DLA Piper

DLA Piper‘s financial services team is experienced in domestic and cross-border banking and financial regulation work, including AML, derivatives, usury law, payment services and e-money. Agostino Papa has notable expertise in the organisational and procedural requirements for asset management companies, banks and brokers in relation to AML and compliance matters; Vincenzo La Malfa, who ‘stands out for his preparation and availability‘, is a derivatives and financial regulation specialist.

Practice head(s):

Agostino Papa

Testimonials

Excellent assistance and availability with a proactive approach.

The DLA team certainly stands out for its availability, proactivity and tangible contributions to finding solutions to stalemate situations with counterparties.

They relate flexibly and efficiently with clients.

Vincenzo La Malfa stands out for his preparation and availability. He has a commercial approach that allows him to meet the needs of clients.

Vincenzo La Malfa is very attentive to clients’ needs, available and professional in the advice he provides. He has excellent knowledge of the world of derivatives.

Key clients

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

Banca PSA Italia S.p.A.

Project Oil Limited

Work highlights

  • Represented Banca Generali S.p.A. in the acquisition and the subsequent merger of Nextam Partners Group, including assistance with regulatory approvals from the Bank of Italy and the FCA.
  • Assisted Xyence Capital SGR S.p.A. (a boutique asset management firm specialised in private equity and venture capital investments in the healthcare sector), following its acquisition by Apothems S. à r.l. with respect to all tax and regulatory issues related to the private equity alternative investment funds managed by the same.
  • Assistance to Valeur Securities AG in the acquisition process of a fintech UK company that has developed “LinkedTrade”, an SaaS multi-dealer platform, which included assistance with regulatory issues including matters arising in the post-Brexit environment.

Gattai, Minoli, Partners

A partner at Gattai, Minoli, Partners since 2018, Andrea Calvi oversees the firm’s financial regulations department, and has extensive knowledge of EU and Italian financial regulations, as well as fintech. Calvi regularly acts for corporations, investment and commercial banks, stock exchanges, clearing houses, centralised securities depositaries, brokerage houses, and hedge and private investment funds. Senior associate Stefano Giavari is focused on investment services, investment fund schemes, securities offerings and off-site offerings.

Practice head(s):

Andrea Calvi

Other key lawyers:

Stefano Giavari

Testimonials

Provided legal advice in a very professional and timely manner.

The ability to identify creative but robust solutions.

Competence, availability and flexibility.

The team is a pleasure to work with. They provide practical advice on navigating Italian regulatory processes.

The team supported us in very complicated cross-border operations. We have always felt adequately represented, and our interests have always been defended with the right firmness and from a business perspective.

Andrea Calvi combines a deep technical knowledge of financial law with the ability to create innovative technical solutions that allow our company to achieve its objectives.

Andrea Calvi is very knowledgeable about Italian regulatory requirements.

Andrea Calvi provides commercial, practical advice in a helpful and co-operative manner.

Key clients

Cherry 106

Consultinvest SIM

TeamSystem

WP Lavori

Banca Generali

200 Crowd

TeamSystem Capital at Work SGR

Kyma Investment Partners SGR

Work highlights

  • Advised Cherry 106, an Italian-based financial intermediary, on the preparation of the contractual infrastructure for a complex project aimed at the purchase of tax credits, through a joint venture with Banco BPM and to be executed via a digital platform managed by Whit-e (a member of TeamSystem group).
  • Assisted Banca Generali with the regulatory analysis of a transaction involving the acquisition of a stake in Conio, a fintech startup focused on setting up a virtual wallet to store digital currencies (principally bitcoins).
  • Advised TeamSystem on the financial regulatory implications (under the EU Credit Rating Agency Regulation) of the acquisition of ModeFinance, the first fintech credit agency in Europe.

Gianni & Origoni

Gianni & Origoni‘s team advises on the regulation of financial services, pension and investment funds, and banking and insurance matters, as well as share and other investment offerings. It also assists with listed issuers’ governance. The principal advisers are head of the firm’s Luxembourg desk Emanuele Grippo; Paolo Bordi, a regulatory expert in banking, financial, investment services, insurance and asset management business; and London-based financial markets’ regulations specialist Marco Zaccagnini.

Other key lawyers:

Raffaele Sansone

Testimonials

Availability, ability to find innovative solutions, and proactivity.

Accuracy, clarity and availability.

Very effective collaboration.

The banking department of G&O is a multidisciplinary team that is able to advise on diverse subjects, covering the vast majority of banking transactions.

The team is well structured and delivers on time.

The capacity to adapt to clients’ needs and the availability to help.

Emanuele Grippo is a professional with unparalleled experience and quick to find the most appropriate solutions.

Emanuele Grippo is appreciated for his availability and analytical skills.

Key clients

Advance SIM

AIPB

Allianz Bank Financial Advisors

Arcadia SGR

Arrow Global Group

Banco Santander (Milan)

BlackRock

Candriam Investors Group

Capital Dynamics SGR

Capital International

Cerved Master Services

Cirdan Capital Management

Credit Suisse

DeA Capital

Eurizon Capital Real Asset SGR

Euroclear

Euronext

Fideuram

FinecoBank

GAM (Italia) SGR

Goldman Sachs

Grosvenor Capital Management

Itas Mutua

Lombard Odier

Neuberger Berman

Pirelli & C

Robeco

Santander Consumer Bank

UniCredit

Wilmington Trust

Work highlights

  • Assisted Euronext with the acquisition from London Exchange Group of LSEG Holding Italia, the holding company of Borsa Italiana Group.
  • Assisted Barclays Bank and Barclays Capital Securities with the authorisations granted to them to carry out banking and investment services in Italy.
  • Assisted AIPB – Italian Private Banking Association with its discussions with CONSOB, Bank of Italy and the Ministry of Economy and Finance on new legislative proposals for financial markets regulation.

Lener & Partners

Boutique corporate and financial services firm Studio Lener & Partners specialises in financial services regulation, including contentious and restructuring matters. The team is experienced in establishing banks, asset management companies, investment firms, insurance companies, and financial intermediaries providing regulated services. Experienced partner Raffaele Lener leads the team, which showcases Grazia Bonante, who advises banks and financial intermediaries on regulatory issues, and Sonia Locantore, a specialist in M&A-related regulatory issues.

Practice head(s):

Raffaele Lener

Other key lawyers:

Grazia Bonante; Sonia Locantore

Testimonials

Great availability, reactivity and competence, in relation to the development of solutions, including innovative ones that are proposed during discussions with the supervisory authorities.

Our company has an excellent impression of the efficiency of the firm, which has always shown great availability and a spirit of collaboration.

Every aspect of the work entrusted is carried out with accuracy and complete and updated information. Based on our experience this indicates an extremely professional team with excellent co-ordination.

The professional relationship with Raffaele Lener was extremely fruitful from a purely technical professional, as well as personal, perspective. His strengths include technical expertise in financial legal matters, high-quality legal advice, collaborative working tools, and information security and data governance.

Professionalism, impeccable preparation and availability of individual professionals are the characteristics that make this firm superior to all the others we have worked with.

Raffaele Lener is a point of reference for banking law issues and for discussions with the supervisory authorities, in particular with the Bank of Italy – always available, he is able to provide assistance on technological and financial innovation issues in the banking and payment services field, as well as on commercial law issues.

A special mention to Raffaele Lener and Grazia Bonante, who are really excellent at both professional and human levels.

A team of excellent professionals, such as Sonia Locantore.

Key clients

Cassa di Risparmio della Repubblica di San Marino

Banca del Fucino

illimity Bank

JP Morgan Chase & Co

London Stock Exchange Group

Borsa Italiana Group

Banca Carige

Intesa Sanpaolo

The Royal Bank of Canada

Credit Suisse Italy

Work highlights

  • Assisted Cassa di Risparmio della Repubblica di San Marino with the final stage of the execution of a debt restructuring agreement.
  • Provided illimity Bank with regulatory assistance for the establishment of a joint venture with Banca Sella, which relates to the development of an innovative 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.

Osborne Clarke

Osborne Clarke‘s Italy team is well known for financial services regulatory work in the expanding areas of fintech, crowdfunding and other novel financial products. Representative work covers the regulatory licences required for establishing crowdfunding platforms, consumer credit advice, applications for MiFID2 and AIFMD licences, and liaising with CONSOB. Heading the Italian financial services regulatory team, Umberto Piattelli is a highly regarded specialist in financial regulation and alternative financing instruments.

Practice head(s):

Umberto Piattelli

Key clients

October SA

WEX Europe Services

Smartika

EML Payments (EU)

Bluefield Partners

BrickUp

Framont & Partners Management

BLender Italia

Diaman Partners

Health Italia

Treatwell IT

Work highlights

  • Advising Maltese asset management company Framont & Partners on the regulatory issues involved in the creation of the Italian Hubble Capital Fund, a closed-end, multi-compartment alternative investment fund.
  • Advising BrickUp, a new equity crowdfunding platform that allows investors access to prestige real estate projects, on various regulatory issues, including successfully obtaining authorisations from CONSOB.
  • Advising Smartika on financial services compliance regulations involving sales of goods.

White & Case LLP Italy

White & Case LLP Italy‘s financial services regulatory practice recruited both partner Alessandro Zappasodi and experienced associate Licia Mongiello from Pedersoli Studio Legale in August 2021. Particularly focused on the banking, financial and insurance sectors, Zappasodi predominantly assists Italian and foreign banks (and other financial intermediaries and investors) with their day-to-day operations and extraordinary transactions. His experience also includes complex domestic and EU regulatory matters. Mongiello regularly assists with authorisation procedures.

Practice head(s):

Alessandro Zappasodi

Other key lawyers:

Licia Mongiello

Key clients

Intesa Sanpaolo Group

Fideuram – Intesa Sanpaolo Private Banking

EnVent Capital Markets

LoanXchain

BFF Bank

Alma STA

Alma STS’s banking and financial regulation team is particularly experienced in the payment services and fintech spaces. Founding partner Marco Zechini, who worked at Orrick, Herrington & Sutcliffe until 2019, is experienced in banking, financial and payment services regulation; Rome team co-ordinator Luca Benvenuto was made partner in January 2020.

Practice head(s):

Marco Zechini; Luca Benvenuto

Key clients

AcomeA SGR

AdmiralPay

American Express Italia

Axepta

Axerve

Banca Profilo

Gruppo Banca Sella

Banca Valsabbina

Borsa del Credito

Centrico

Cityposte Payment

CONAD

Edenred Italia

Fairfield

Fabrick

Flowe

FX12

Helbiz

Hype

Iconto

Iren Mercato

MyCicero

Paytipper

Postepay

Prestiamoci

Primaton

Quid Ecosystem Group

Santander Sicav

Satispay

Sia Advisor

Mooney SisalPay

TeamSystem CAW SGR

Telepass Pay

Tinaba

Ventuno

Vertis SGR

Atrigna & Partners

Boutique firm Atrigna & Partners specialises in financial markets regulation. Toni Atrigna advises on the rules governing markets, investment services and collective asset management activities, as well as intermediaries’ relationships; fellow founding partner Alberto Manfroi is a financial markets expert; and Dino Abate focuses on the regulatory legislation for supervised intermediaries.

Practice head(s):

Toni Atrigna; Alberto Manfroi

Other key lawyers:

Dino Abate

Testimonials

The team offers important support during analysis stages.

Extreme competence, flexibility, availability, punctuality, reliability and the ability to work as a team.

Ability to support very sophisticated clients, identifying their needs and suggesting the best solutions.

Reliable in its delivery, with solid professionals who are able to work on complex and delicate issues, and always with kindness and grace.

Full knowledge of the sector regulations, experience, speed of feedback, courtesy and helpfulness.

Toni Atrigna is authoritative, especially in terms of anti-money laundering.

Alberto Manfroi has always proved to be extremely competent from a technical point of view and is always very helpful.

Alberto Manfroi is always reachable and collaborative.

Key clients

Banca Etica

Cassa di Risparmio di Volterra

Sella SGR

Utego

Saxo Bank

Nexi Payments

Sorgente SGR

Banca Etruria

Synergo SGR

Rothschild SIM

Algebris (Milan Branch)

Fenera & Partners SGR

Eurovita

Work highlights

  • Advised IMPACT SIM on the licensing process with Bank of Italy.
  • Advised Cassa di Risparmio di Volterra on the selling of a basket of UTP credits to three Italian alternative investment funds.
  • Advised Sella SGR on the implementation of ESG European and Italian rules.

GIM Legal

Specialising in the financial services industry and real estate investments, GIM Legal is sought out by investment banks, financial firms, fund managers, and insurance and listed companies. Luigi Rizzi is a former CONSOB regulator, and Sergio Beretta is a fellow founding partner. In January 2021, the firm opened a London office.

Practice head(s):

Luigi Rizzi

Key clients

AMU Investments SIM

Banca Popolare del Cassinate

Banca Promos

Dea Capital SGR

Groupama SGR

IAM Capital

Illiquidx

Invesco Group

Invicta Securities

Main Capital SGR

Mikro Kapital Sarl

Pairstech Capital Management

UBS Europe SE Succursale Italia

Wood Financial Services

Lexia Avvocati

Lexia Avvocati‘s financial services regulation department focuses on fintech, open banking, decentralised finance, blockchain, cryptoassets and alternative investments. In April 2021, Angelo Messore (previously at White & Case LLP Italy) joined as partner and financial services practice head, as well as fintech and blockchain group co-head (alongside founding partner Francesco Dagnino).

Testimonials

Offers great value for money, always goes the extra mile, and has a genuine, detailed knowledge and understanding of the law and banking and financial services practice.

A network that adapts to clients’ needs with distinctive experience in the client’s business perimeter.

The professionals with whom the client came into contact have demonstrated excellent relationship skills and proactivity.

Business/solutions oriented, with strong legal analysis capacities and very good knowledge of the local regulatory authorities and ability to anticipate their questions and build strong cases to support clients’ businesses.

Lexia understands scale-ups, and all the challenges that come with being a scale up. This is unique for lawyers.

Francesco Dagnino and Angelo Messore are especially strong financial services practitioners.

Angelo Messore is very pleasant to work with. He is proactive, has deep sector knowledge, can easily separate the key points from minor points, and provides very practical advice.

We have been working with Angelo Messore for several years now. We greatly appreciate his knowledge of the Italian market and insight, on top of his professional skills as a lawyer. He was able to help us reach our goals, always finding solutions in our best interests.

Work highlights

  • Assisted Persia International Bank with its authorisation procedure with the Bank of Italy to establish a branch as a non-EU bank (following Brexit).
  • Advised Bitpanda, a fintech unicorn, on the setting up of its Italian business.
  • Advised Vivid Money, a German fintech company, on the launch of its business in Italy.

Molinari Agostinelli

Molinari Agostinelli‘s team advises financial services companies on joint ventures, distribution partnerships, asset management and banking regulation, product launches, and organisational models and policies. Nicolò Juvara is an insurance and financial services specialist, Paolo Barbanti Silva is a regulatory expert, and Daniela Runggaldier is an experienced of counsel.

Practice head(s):

Nicolò Juvara

Testimonials

In addition to their professionalism and competence, and specialisations in banking and insurance law, the firm is characterised by its sensitivity towards the client relationship, trust as the basis of the professional relationship, and the personal qualities of the team’s members.

Our collaboration with Nicolò Juvara has been going on for several years, and is characterised by simplicity of communication, an understanding of clients’ needs, the search for compliant and commercially sustainable solutions, and the accuracy of his analysis and feedback.

Key clients

UniCredit

Compass Banca

Banco di Desio e della Brianza

Agos Ducato

Sace

Société Générale Securities Services

BPER

Banca Valsabbina

HSBC

ING Bank NV, Milan Branch

Work highlights

  • Revision of Banco di Desio e della Brianza’s long-term partnership arrangements with Helvetia Group for the distribution of life and non-life insurance products to the bank’s clientele.
  • Assisted Compass Banca with PSD2 regulation, IDD regulation, banking regulation and the application of various legislative measures relating to Covid-19 emergency legislation.
  • Assisted Compass Banca with structuring and implementing an investment into a Malta-based fintech company.