Delibera n. 22833, adozione delle Disposizioni di attuazione dell’articolo 4-septies.2, del d.lgs. 24 febbraio 1998, n. 58 Data di pubblicazione: 16/10/2023 Data di adozione: 09/10/2023

With Resolution No. 22833 dated 9 October 2023 and published on 18 October 2023 in the Italian Official Gazette, Consob has enacted implementation provisions for Article 4-septies.2 of the Consolidated Finance Act (TUF) regarding securitizations. The resolution aims to ensure compliance with European regulations and enhance transparency and standardization in securitization operations.
These provisions apply to securitization operations falling within the scope of Regulation (EU) 2017/2402 on Simple, Transparent, and Standardized (STS) securitizations for which Consob has supervisory authority as specified in Article 4-septies.2, paragraph 6, letters b), c), and d) of TUF.
The implementation provisions cover the following aspects:
– Notification obligations for all securitization operations to Consob, which are mandatory for originators, original lenders, and special purpose vehicles
Entities are required to report significant events that may affect the characteristics of securitization operations and their compliance with STS requirements. These obligations apply to securitizations issued after the provisions‘ entry into force and those issued after 1 January 2019, that are still outstanding at the provisions‘ entry into force.
– Requirements for communicating the notification of STS securitizations to ESMA
For STS securitizations, originators and promoters must notify ESMA and Consob of compliance. If a securitization no longer meets the STS requirements defined in the relevant articles of the Securitization Regulation, originators and promoters must notify both ESMA and Consob.
– Timelines and methods for fulfilling information obligations
Securitization operations must be reported to Consob within specified timeframes, which vary depending on the date of issuance. Event-driven information must be promptly provided. Notifications regarding ESMA and loss of STS criteria must be submitted without delay.
– Organizational requirements that the originator, promoter, special purpose vehicle for securitization, and the original lender must comply with for securitizations subject to Consob’s supervision
Entities involved in securitizations under Consob’s supervision must evaluate and manage all risks associated with securitization, including reputational risks. They are required to establish, implement, and maintain appropriate policies and procedures to address these risks.
– Third-Party Conformity Assessment
The resolution also includes provisions related to the authorization of third-party entities to assess the conformity of securitizations with specific regulatory requirements.
The resolution, along with these provisions, was published in the Italian Official Gazette on 18 October 2023, and came into effect on 19 October 2023.