Innovative Securitisation Structures in Italy: A Legal Analysis of Articles 7.1 and 7.2 under Law 130/1999 in the EU Context

This paper provides a comprehensive examination of securitisation frameworks in Europe and Italy, with particular attention to recent legal and market developments. Following an overview of the regulatory foundation established by the Securitisation Regulation (EU) 2017/2402 and its implementation in the Italian context, the analysis turns to two increasingly utilised alternative structures governed by Articles 7.1 and 7.2 of Law No. 130 of 30 April 1999. These provisions, while rooted in the traditional legal framework for receivables securitisation, have introduced innovative mechanisms that enable securitisation of assets beyond conventional credit portfolios, including real estate assets and non-performing exposures. The study explores the legal mechanics and growing relevance of these tools, particularly in light of their role in the Italian market. The paper concludes that securitisations structured under Articles 7.1 and 7.2 are poised to play an increasingly strategic role in the Italian market, with the potential to generate positive spillover effects for the broader real economy, including small and medium-sized enterprises.