PROVVEDIMENTO 12 dicembre 2023 : Disposizioni in materia di obblighi informativi e statistici delle societa‘ veicolo coinvolte in operazioni di cartolarizzazione. (23A06876)

The Bank of Italy issued Provision of 12 December 2023, published in the Official Gazette on 20 December 2023. It regulates informational and statistical obligations of special purpose vehicles (SPVs) involved in securitisation transactions, in accordance with ECB Regulation (EU) 1075/2013 and replaces the previous Provision of the Bank of Italy of 7 June 2017.
The provision establishes a list of securitisation special purpose vehicles at the Bank of Italy for statistical purposes. In its supervisory role, the Bank of Italy collects and verifies statistical information to provide the ECB with a statistical overview of special purpose vehicle activities, including financial statements, stock and flow data related to securitization transactions, and data on total/partial cancellations of securitized assets.
The data on securitization transactions include an assigned identification code. The Bank of Italy also maintains the list of securitisation special purpose vehicles for the ECB’s statistical purposes.
A securitization special purpose vehicle is defined as an entity based in Italy, formed as a legal fiduciary or similar entity under national or community law, using a servicer within the meaning of Article 2 of Law 30 April 1999, n. 130 on securitisation, who engages in securitization operations, is isolated from the risk of the transferor’s insolvency, and issues bonds, shares in securitization funds, or other corresponding financial instruments.
SPVs that are already included in the list at the time of publication of the provision must notify the Bank of Italy of the appointed servicer within thirty days. Failure to do so will result in the Bank of Italy ordering the removal of the entity from the list.
The new provision took effect on 20 December 2023.