Published in Official Gazette no. 105 of 8 May 2015 is Ministry of Economy and Finance decree no. 53 of 2 April 2015, which issued the Regulation containing rules on financial intermediaries implementing Articles 106(3), 112(3) and 114 of Legislative Decree no. 385 of 1 September 1993, as well as Article 7-ter(1-bis) of Law no. 130 of 30 April 1999.
Article 2 provides as follows: “The following do not constitute lending activity, in addition to the cases of exclusion provided for by law:
a) the purchase of value added tax credits relating to supplies of goods and services in the cases provided for by the legislation in force;
b) the purchase, on an outright basis, of receivables by companies holding the licence for the out-of-court debt collection business under Article 115 of the Consolidated Act on Public Security Laws (TULPS) where the following conditions are met:
1) the receivables are purchased for recovery purposes and are assigned by:
i. banks or other financial intermediaries supervised by the Bank of Italy, which have classified them as bad loans, or
ii. persons other than those referred to in point i), provided that the receivables are claimed from debtors who are insolvent, even if not judicially established, or in substantially equivalent situations, as ascertained by the competent corporate bodies; for this purpose, the existence of real or personal guarantees is irrelevant;
2) the financing received from third parties by the acquiring company does not exceed the total amount of net equity;
3) the recovery of the purchased receivables takes place without entering into new financing agreements with the assigned debtors, novating existing ones, or modifying the contractual conditions; early repayment and postponement of payment terms are not relevant for this purpose”.
The decree will enter into force on 23 May 2015.
As of that date, the following provisions are simultaneously repealed: Article 3 and Article 2, first paragraph and second paragraph, second sentence, of the ministerial decree of 9 November 2007, laying down the criteria for the registration of confidi (loan guarantee consortia) in the special register provided for by Article 107(1) of Legislative Decree no. 385 of 1 September 1993; and ministerial decree no. 29 of 17 February 2009, containing provisions on financial intermediaries referred to in Articles 106, 107, 113 and 155(4) and (5) of Legislative Decree no. 385 of 1 September 1993.
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