Country Writer: Mr. Marco Pessi
McDermott Will & Emery Carnelutti
mpessi@europe.mwe.com
Tel: + 39 06 46 20 241
www.mwe.com
SECURITIZATION LAWYERS AT THIS FIRM
FIRM PROFILE
McDermott, Will & Emery/Carnelutti is the combination of the
practices of McDermott, Will & Emery, founded in 1934, and Carnelutti
Studio Legale Associato, founded in the late 19th century.
The firm, one of Italy's largest, has vast international experience
as well as excellent knowledge of Italian legislation and market
conditions. It has maintained its leading position in Italy over
the years by responding well to the fast-changing needs of a dynamic
client base.
McDermott, Will & Emery/Carnelutti’s 14 offices worldwide
represent a wide range of commercial, industrial and financial enterprises,
both publicly and privately held. Lawyers work in the following
departments: corporate, employee benefits, health law, intellectual
property, private clients, regulation and government affairs, tax
and trial. Within the firm's eight legal departments are numerous
working practice and industry groups, from 40 to more than 175 lawyers,
which are interdisciplinary and cross geographical borders. Among
the Italian partners are tax advisors, allowing the firm to provide
top-quality advice from both a legal and a tax perspective.
The firm has represented clients in over 60 countries, and current
clients include more than 75% of the Fortune 100 and more than 50%
of the Fortune 500 companies.
MARKET STATEMENT
Since
the Italian Government promulgated the securitization law (n. 310/1999),
marketÍs analysts have considered Italy the second securitization
market in the world after United Kingdom, because they estimated
that in Italy there were a lot of opportunities for the application
of this kind of financial operation.
As a matter of fact, various different subjects are now making use
of securitization, such as banks, the Italian Government and private
corporations.
Banks began their securitizations, at first, in order to turn non
performing loans into cash. Afterwards, they started securitizing
performing loans as well.
As for the Italian Government - after the approval of law n. 410/2001
¿ securitization has been utilized in connection to the sale of
public real estate portfolios. In fact, the securitization law only
carried general provisions on credits without making any specific
reference to the sale of real estate assets.
Currently, important private corporations - e.g. Cremonini
(alimentary market) and Telit (mobile phones market) ¿ make use
of securitization since its mechanism lets them finance themselves
without issuing bonds and releasing the related mandatory guaranties
provided for by the Italian Civil Code.
In summary, analystsÍ estimation on the fertility of the Italian
securitization market may as well be confirmed.
|
