•iLS Law Firm of the Year for NPLs•Project Peninsula•Project Garait II•Securitisation Watch•iLS Law Firm of the Year for NPLs•Norman and Fabrizio co-author legal article discussing controversial case-law on ability of special servicers to carry out judicial recovery•iLS with DBRS Morningstar in the rating of the first systemic NPL securitisation of the Republic of San Marino•iLS at the 9th International Funds Summit & EXPO in Cyprus•Norman and Fabrizio co-author legal article on latest trends of Italian case law about transfers of receivables in bulk•Norman Pepe’s article on BeBeez regarding the causes and consequences of the potential NPLs market reform•Project Mugello•iLS ranked in the TopLegal Capital Markets 2022 survey•Norman presents iLS at the 2022 South Europe NPL Management Summit in Athens•iLS with illimity in the real estate refinancing of Relais Borgo Santo Pietro•Norman and Fabrizio co-author legal article on new rules for risk retention requirement in NPE securitisations•iLS in the sixth NPL securitisation backed by “GACS” guarantee of BCC Banca Iccrea•iLS with illimity in a real estate refinancing transaction in the hotelerie sector•Real Estate Securitisation as a real estate financing tool in Italy•iLS ranked in the TopLegal Capital Markets 2022 survey•ICCREA GACS V•iLS opens its Milan office•Project Sandokan 2•Project Arya•iLS “Independent Italian Desk of the Year”•ICCREA GACS IV•Norman and Fabrizio co-author legal article on RE securitisation•Norman and Fabrizio interviewed by Capital Structure – 06/2020•Covid-19’s impact on the Italian Npl market•GACS and secondary market transactions•Two new tools for reperforming strategies
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19 February 2025
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STC #8 – Does the market need AIFMs to act as sponsors of EU securitisations?

Between October and December 2024, the European Commission conducted a consultation on the functioning of the EU securitisation framework. Following the passing of Regulation (EU)…
19 December 2022
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STC #7 – Securitisations Without Securities: Loans are not Notes for Tax Purposes

This is a follow-up to Square The Circle of April 2021 (Securitisation Without Securities: New Funding Structures Available to Italian Securitisations) and is written in…
20 January 2022
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STC #6 – M&A and Golden Power in Italy: The Pandemic Continues to Be the Reason for Protectionist Practices of the Government – a Short Guide Through the Process

The deep recession that hit Europe in 2020 spurred on by the global pandemic, concomitant uncertainty (which continues to date), and certain structural factors in…
13 September 2021
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STC #5 – Restucturing Update: A New Simple Tool Is Set to Reshape the UTP Market

Murphy’s law has struck again. The reform of the Italian insolvency law, which was approved just a couple of years ago after a decade-long process,…
9 April 2021
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STC #4 – Securitisation without Securities: New Funding Structures Available to Italian Securisations

At the end of 2020 we witnessed another milestone in the fast-evolving history of the Italian Securitisation Law, an innovation which is likely to have a…
14 January 2021
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STC #3 – The New “Golden Power” of the Italian Government on Strategic Assets: Implementing Regulation Finally Adopted and Implications for the NPL Market

The veto right of the Italian government in deals regarding strategic sectors is not something new. Since 2012,1 certain transactions have been subject to notification…
8 September 2020
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STC #2 – Emerging a New Dedicated EU Regulatory Regime for NPL Securitisation?

As a result of the eurozone economy plunging into historic recession due to the COVID-19 pandemic, a new wave of non-performing loans is expected to…
31 July 2020
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STC #1 – Bank of Italy Provides Opinion on Proposed Reform of Italian Npls

In September 2018, a group of senators belonging to the conservative area (today in opposition to the current government) submitted to the Italian Parliament a…

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