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Italy Further Facilitates Financing Transactions for Italian Issuers (Destinazione Italia Decree)

White & Case in the working group that provided advice in the preparation of the Decree

On December 13, 2013 the Italian Government approved Law Decree Destinazione Italia (the "Destinazione Italia Decree"), aimed at further facilitating financing transactions for Italian issuers.

The most significant changes introduced by the Destinazione Italia Decree consist of the following six points:

(1) the lower substitute tax (imposta sostitutiva) now extended to the security package for corporate bonds (previously available only for bank loans);

(2) the privilegio speciale (akin to a floating charge) now permitted to secure corporate bonds (previously available only for bank loans);

(3) banks now can issue new collateralized bonds (as opposed to covered bonds) with a broad range of assets as collateral;

(4) withholding tax exemption on interest payments of bonds issued by Non-Listed Companies now extended to bond funds invested in by Qualified Investors;

(5) investment in corporate bonds and shares of certain types of investment funds now facilitated for insurance companies and pension funds; and

(6) securitization regime now extended to corporate bonds acquired by SPVs and simplification of the securitization process.

These new provisions partially amend the Decreto Sviluppo.

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