New Trends For The Italian Securitization Market

The end of 2018 and the start of 2019 have been crucial times for the legal framework of securitization transactions in Italy

On 30 December 2018 the Italian Parliament approved the Law No. 145 of 30 December 2018, setting out the provisions relating to the prospective budget of the State for financial year 2019 and multiannual budget for the three year period 2019 – 2021 (the Budget Law).

The Budget Law introduced, inter alia, certain new provisions (Provisions) in relation to the Law No. 130 of 30 April 1999 (Italian Securitization Law) which have envisaged the following main innovations:

• the introduction of specific provisions relating to so called "sub-participation securitization" (i.e. securitization transactions without the sale of the receivables to a special purpose vehicle (SPV));