Italian Securitisation Resources

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On January 1st 2019 the new EU Securitisation Regulation (EU Reg. 2402/17) began to apply and is going to be completed within 2019

 

The Regulation sets out the rules for all securitization transactions and creates a framework for simple, transparent and standardized securitization

The Regulation is both complex and far-reaching, and contemplates serious consequences for failure to comply and applies to originators, sponsors, original lenders and issuers

 

The Regulation aims to two main targets:

• repeal the main securitisation provisions in sectoral legislation applicable to banks (the CRR), insurers (Solvency II) and fund managers (the AIFMD Regime) and recast those provisions in a new, harmonised securitisation regime applicable to all institutional investors

• introduce a concept of "simple, transparent and standardised" (STS) securitisation that receive more benign regulatory treatment than other securitisations

 

The disclosure requirements of the Regulation will also be reflected in the ECB eligibility requirements for the acceptance of ABSs as collateral in the Eurosystem’s liquidity-providing operations

 

In order to facilitate the understanding of the STS Framework Regulation a new website www.stsframework.com has been edited by 130 Finance

ASSET CLASS DEAL NAME ORIGINATOR ISSUER DATE
SME Lanterna Finance S.r.l. 2020 Banca Carige Italia Spa
Lanterna Finance S.r.l. 2020-06-30 
Lease Receivable Alba 11 SPV - 2020 Alba Leasing S.p.a.
Alba 11 SPV 2020-06-25 
Covered Bond Intesa Sanpaolo - Eur. 50 bn. ISP OBG Covered Bond Programme - 2020 - 43 Intesa Sanpaolo Spa Intesa Sanpaolo Spa 2020-06-24 
SME Fanes S.r.l. : 2020 Cassa di risparmio di Bolzano S.p.A.
Fanes Srl 2020-06-17 
Covered Bond Unicredit Spa - Eur. 35 bn OBG Programme - Series 2020-1 Unicredit S.p.A. Unicredit Spa 2020-05-27 

DATE TITLE AUTHOR
2020-07-13 Italian Securitisation Market - June 2020 130 Finance
2020-07-06 Italian Covered Bond - June 2020 130 Finance
2020-06-18 Italian SPV - May 2020 130 Finance
2020-06-10 Italian Covered Bond - May 2019
DATE TITLE REFERENCE
2020-02-25 ITALIAN SECURITISATION GUIDE - Regulatory Framework 130 Finance
2019-09-30 Single Rulebook Q&A - Question ID 2018_4368 “What are the obligations of an originator who purchases third party's exposures and subsequently securitises them, in order to meet the requirements set out in Article 9 of the Securitisation Regulation?” EBA - European Banking Authority
2019-08-16 Consultation Paper - Draft technical standards on the content and format of STS notifications FCA - Financial Conduct Authority
2019-08-09 Consultation Paper - Draft guidelines on the determination of the weighted average maturity (WAM) of the contractual payments due under the tranche in accordance with point (a) of article 257(1) of Regulation (EU) n° 575/2013” EBA - European Banking Authority
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