Avvio della consultazione pubblica sul Regolamento cartolarizzazioni in attuazione dell’articolo 4-septies.2, del d.lgs. 24 febbraio 1998, n. 58 (17 marzo 2023)

The Consob has launched a public consultation to define the implementation provisions of article 4-septies.2 of the TUF on securitizations.
Regulation (EU) 2017/2402 (Securitisation Regulation), subsequently amended by Regulation (EU) 2021/557, introduced uniform rules at European level for securitisations and a specific framework for simple, transparent, and standardized securitisations (STS), applicable since January 1, 2019.
The Securitisation Regulation provides specific rules for the sale of securitisations to retail costumers and due diligence obligations for institutional investors, enhancing investor protection.
All securitisations-whether traditional or synthetic, public or private, are subject to the rules of the Securitization Regulation on risk retention, transparency, prohibition of re-securitization and criteria for granting loans. Furthermore, additional requirements must be met to qualify as an STS securitization.
The supervising power is covered by Consob, the Bank of Italy, Ivass and Covip. The document defines that Consob has the power to supervise compliance with these rules according to Securitisation Regulation, and the consultation defines the applicable provisions for entities involved in securitisation transactions and also details the organizational requirements for parties involved in securitizations to ensure the proper evaluation and management of risks.
The reporting requirements to Consob apply to securitisations issued after the entry into force of the provisions and to those issued after 1 January 2019 that are still outstanding at the regulation’s entry into force. The event-driven disclosure and loss of STS notification requirements only apply to securitisations issued after 1 January 2019.
Comments to the consultation paper must be received by Consob by 16 May 2023 through the Sipe (Integrated External System).