Intelligence

Italy's implementation of AIFMD II fundamentally reshapes the regulatory landscape for private credit funds lending into Italian markets. The reform introduces harmonized EU-wide rules for loan-originating AIFs while expanding Italy's domestic definition of credit funds, creating both streamlined cross-border access and new structural constraints. How will the 20% concentration limit on financial-sector borrowers affect real estate lending transactions, and what does this mean for fund design, leverage stra

Italy's Bank of Italy has introduced a mandatory notification requirement for the appointment of AML responsible officers, effective July 2026. Obliged entities under the Bank of Italy's supervision must now communicate appointments and changes within specific timeframes through designated procedures. This analysis provides a comprehensive Q&A format breakdown of the new requirements, communication modalities, and critical compliance deadlines that financial intermediaries must meet.

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What am I talking about? I am referring to the basic bank accounts that people use in Italy — those accounts that were probably set up when you first moved here, perhaps because the person you were buying a house from suggested opening an account at the same branch to make life easier, or because you were referred to the local bank simply because “everyone uses it”, or because someone knew someone who could open an account for you even before you were officially resident.

On March 27, 2026, the legislative decree (the Decree) transposing Directive (EU) 2024/927 (the so-called AIFMD2) was published in the Official Gazette, introducing significant amendments...

The Situation: The Italian legal framework—including the Italian securitization law No. 130 of 30 April 1999 (the "Law 130")—already permits inventory financing transactions, but few deals have been executed so far due to limited structuring options and the restriction to Italian originators.