Disposizioni della Banca d’Italia relative a banche, intermediari finanziari, SIM, SGR, SICAV e SICAF

The Bank of Italy is proposing changes to its regulations concerning securitization operations for banks, financial intermediaries, investment firms, asset management companies, investment funds, and real estate investment funds.
These changes aim to align with the requirements of the EU Regulation (EU) 2017/2402 on securitization and specific rules for simple, transparent, and standardized (STS) transactions.
The proposed modifications extend the prudential regulations for securitization exposures, as outlined in EU Regulation (EU) No. 575/2013 (CRR), to financial intermediaries mentioned in Article 106 of the Consolidated Law on Banking (TUB).
Key updates in the consultation include integrating the Bank of Italy’s communication from 21 December 2022 into the operational guidelines for notifying securitization operations, considering the developments in the application of practices.
Additionally, it addresses the supervisory powers concerning compliance with securitization regulations for originators, original lenders, and sponsors, especially in cases where they are unregulated entities (Article 4-septies.2 of the TUF). Furthermore, it extends the prudential treatment for securitization exposures to the mentioned financial intermediaries under Article 106 of the TUB, as prescribed by the CRR for banks.
An impact analysis shows that aligning intermediaries with banks‘ regulations would have minimal impact on their capital requirements.
The consultation period lasts for 60 days, and respondents can provide feedback via email or postal mail, consequently it will be open until 25 September 2023.