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ARTICLE · 16 MARCH 2026

Italian SMEs Bill Expands Structuring Options For Inventory Financing Securitizations

Jones Day
Jones Day
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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.

ItalyFinance and Banking
Marco Frattini
Marco Frattini
Fabio Maria Guidi
Fabio Maria Guidi
Giuseppina Pagano
Giuseppina Pagano
Francesco Squerzoni
Francesco Squerzoni
Vinicio Trombetti
Vinicio Trombetti
Author LinkedIn connections

In Short

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.

The Result: On 4 March 2026, the Italian Senate approved the annual SMEs Bill (the "SMEs Bill"), introducing broad amendments to the Law 130 that provide additional options for inventory financing transactions by expanding segregation mechanisms within securitization structures.

Looking Ahead: The reform allows structures with foreign originators and multijurisdiction asset pools, broadening the use of Italian securitizations in international inventory financing, while reinforcing Italy's leading position in the international ABS market through additional structural options that enhance the Law 130's flexibility and its growing use as a lending tool.

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