Clifford Chance

Italy supports credit opportunities for investors through recent amendments to the Italian Securitisation framework

9 May 2019

Two sets of amendments innovating the "Italian Securitisation Law"1 have been recently implemented by, respectively, the "Italian Budget Law"2 and the "Growth Decree" (Decreto Crescita) issued by the Italian Government3, having the effect of, among other things, introducing a new type of securitisation relating to real estate and registered movable assets and crystallising the structure and effects of securitisations of non-performing exposures, also to facilitate the disposal of credit claims qualified as unlikely-to-pay receivables. Finally, the Growth Decree introduced innovative tax provisions to streamline and clarify the existing securitisation regime to transactions on non-performing exposures.

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