Amendments to the Italian Securitisation Law introduced by the “Destinazione Italia” decree

On 23 December 2013, law decree n. 145 or the so-called Destinazione Italia decree (“Decree n. 145”) was published in the Italian Official Gazette providing for certain changes to law n. 130 of 30 April 1999 (“Law 130” or the “Italian Securitisation Law”). Decree n. 145 must be converted into law by late February, being no later than 60 days from the date on which it was published in the Italian Official Gazette.

The changes include the following:

– extension of the segregation principle to funds held in a bank account for the Law 130 special purpose vehicle (the “SPV”)

– abolition of claw-back risk in relation to certain prepayments made by corporate debtors…

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