Practice

Banking, Finance & Capital Markets

We advise banks, financial institutions, funds, asset managers, regulated intermediaries, sponsors, corporates and issuers on financing transactions, structured finance, debt and equity capital markets and financial regulation, across domestic and cross-border matters.

What we do

Banking law and prudential regulation (CRR3/CRD6)
Corporate lending, acquisition and leveraged finance
Structured finance and securitisations
Debt and equity capital markets
Asset management, SGRs, AIFs, UCITS, ELTIF 2.0
Derivatives, ISDA documentation and structured products
CONSOB, Bank of Italy, IVASS and ECB/SSM oversight

Service pillars

Banking law and financial regulation

Advice to banks and banking groups on authorisation and supervisory matters under the Italian Banking Act and the CRR3/CRD6 package, governance and remuneration, prudential requirements, microprudential and macroprudential supervision, banking crisis management under the BRRD and SRMR framework.

Corporate lending, acquisition and leveraged finance

Structuring and negotiation of corporate lending, acquisition finance and leveraged buyouts, club deals and syndicated facilities, LMA documentation, security packages, intercreditor agreements, MAC clauses and covenant packages.

Structured finance and securitisation

Traditional and synthetic securitisations under Regulation (EU) 2017/2402, Italian GACS on non-performing loans, true sale and risk retention, SRT (significant risk transfer), STS qualification, accounting and supervisory profiles, complex trade receivable financing.

Debt and equity capital markets

Issuance of corporate bonds, hybrids, AT1 and Tier 2 instruments, EMTN programmes, Eurobonds, private placements, prospectus matters under Regulation (EU) 2017/1129 and the 2024 Listing Act review, share capital increases, accelerated bookbuilds and rights issues, coordination with sponsors and underwriters.

Asset management and alternative funds

Establishment of Italian SGRs and European managers, AIFs and UCITS, credit funds, private equity and venture capital funds, real estate funds, ELTIF 2.0 under Regulation (EU) 2023/606, regulatory profiles under AIFMD II (Dir. (EU) 2024/927), cross-border distribution and passporting.

Derivatives and complex financial instruments

ISDA documentation, CSAs and schedules, interest rate, currency, equity and commodity derivatives, EMIR clearing and reporting, hedge accounting, structured products and linked notes, documentation in acquisition and project finance transactions.

CONSOB, Bank of Italy and IVASS oversight

Liaison with supervisory authorities on authorisations, communications and measures, support to listed issuers on CONSOB and Borsa Italiana matters, prudential and transparency aspects, coordination with the ECB under SSM where applicable, overlap between banking and insurance supervision.

Regulatory framework

Regulatory framework. Italian Banking Act (Legislative Decree 385/1993), Italian Financial Act (Legislative Decree 58/1998), Regulation (EU) 575/2013 (CRR) and Directive 2013/36/EU (CRD) as supplemented by the CRR3/CRD6 package (Regulation (EU) 2024/1623 and Directive (EU) 2024/1619), Regulation (EU) 2017/2402 (Securitisation Regulation), Regulation (EU) 2017/1129 (Prospectus) as amended by the 2024 Listing Act, Regulation (EU) 596/2014 (MAR), Directive 2014/65/EU (MiFID II) and Regulation (EU) 600/2014 (MiFIR), Regulation (EU) 648/2012 (EMIR), Directive 2014/91/EU (UCITS V), Directive 2011/61/EU (AIFMD) as amended by Directive (EU) 2024/927 (AIFMD II), Regulation (EU) 2023/606 (ELTIF 2.0), Directive 2014/59/EU (BRRD) and Regulation (EU) 806/2014 (SRMR).