New framework applicable to Italian covered bonds: Comparing the main differences and similarities with other European jurisdictions (April 2023)
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Introduction
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On 30 March 2023, following a public consultation which began at the start of this year, the Bank of Italy has published the updated provisions applicable to covered bonds, included in Part Three, Chapter 3, of Bank of Italy Circular Letter No. 285 of 17 December 2013 ("Circular 285" and the "New BoI Regulation") which became effective on 31 March 2023 (the "Effective Date").
The New BoI Regulation enacts the provisions of Italian law 130/99 ("Italian Law 130") introduced in 2021 to implement in Italy both Directive (EU) 2019/2162 (the "Covered Bond Directive") and Regulation (EU) 2019/2160 (the "Covered Bond Regulation" and, together with the Covered Bond Directive, the "European CB Legislation").
Accordingly, the European CB Legislation is now fully implemented and effective in Italy as of the Effective Date.
We have prepared an overview of the main changes introduced by the European CB Legislation to the existing legislative framework governing Italian covered bonds and analysis on how the changes have been implemented in other EU jurisdictions.
