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ARTICLE · 30 AUGUST 2017

New Rules On Financial Leases Provide Clarity

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The Italian Parliament has enacted new rules on financial leases.

ItalyFinance and Banking
Francesco Squerzoni
Francesco Squerzoni
Vinicio Trombetti
Vinicio Trombetti
Luca Ferrari
Luca Ferrari
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In Short

The Situation: The Italian Parliament has enacted new rules on financial leases.

The Result: A statutory definition of "financial lease" and rules in the case of breach by the lessee have been introduced.

Looking Ahead: The new rules provide more clarity, and the market for leasing portfolios acquisitions will benefit.

Law no. 124 of August 4, 2017 ("Law 124") provides important new rules on financial leases in Italy. It introduces a statutory definition of "financial lease" and deals with the event of serious breach (grave inadempimento) by the lessee.

Definition of "Financial Lease"

Italian law already had various provisions governing financial leases (for regulatory, accounting, tax, and bankruptcy purposes), but it did not contain a general definition of "financial lease." Law 124 defines "financial lease" as:

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