Firms To Watch: Banking and finance: Bank regulatory

The financial regulatory practice in Cleary Gottlieb Steen & Hamilton‘s Rome office showcases Giuseppe Scassellati-Sforzolini, who has significant experience in financial services, and Laura Prosperetti, a European banking and financial law specialist, who advises Italian and foreign banks and financial institutions on an array of regulatory matters.
Led by Luca Lo PòDWF‘s financial services regulatory practice in Milan routinely advises on the financial and market regulation aspects of capital markets transactions, including authorisation procedures before European and Italian authorities; the team also assists with the structuring of deals for regulatory capital enhancement purposes.
Studio Legale Carbonetti‘s managing partner Fabrizio Carbonetti is an expert in the regulatory supervision of banks and non-bank financial intermediaries, as well as electronic monetary institutions, payment institutions and credit brokers.

Banking and finance: Bank regulatory in Italy

BonelliErede

BonelliErede’s financial regulatory practice has a strong market reputation for Italian banking sector M&A transactions, including authorisation procedures before the Italian authorities. The team also advises banks and investment firms on the rules governing investment services and banking; and it is increasingly mandated for asset management work. Giuseppe Rumi is a widely-respected banking and insurance regulation specialist; Anna Di Vilio focuses on asset management and investment funds; and Andrea Savigliano's practice encompasses corporate governance, compliance and anti-money laundering. Giulio Vece is another key banking and financial regulation practitioner.

Practice head(s):

Giuseppe Rumi


Other key lawyers:

Anna Di Vilio; Andrea Savigliano; Giulio Vece; Nicolò P Rinaldo


Testimonials

‘The team is constantly up to date – deep expertise and a strong reputation in the field of banking and financial regulatory, built over years of significant field experience.’

‘The team represents a recognised point of reference in the sector – able to ensure the best professional practices when managing complex transactions.’

‘The team stands out for its depth of analysis and timeliness of intervention to get the best possible result quickly.’

‘Excellent interaction and collaboration.’

‘High-level professionalism, trustworthiness and accessibility.’

‘The technical skills of the practice are deep and sophisticated. This allows clients to go beyond reading the law by seeking, in the correct interpretation, the real intentions of the Regulator. The team is always in tune with client needs.’

‘Invaluable and irreplaceable contributions from Giuseppe Rumi.’

‘Giuseppe Rumi – the experience he provides in dealing with uncertainty and his attitude towards clients are the elements that make the difference.’

Key clients

Banca AideXa


Banca Monte dei Paschi di Siena


BitGo Deutschland


Conad – Centro Nord Società Cooperativa


FNM


FNMPAY


Gruppo Banca Ifis


Younited


Work highlights


  • Advising Gruppo Banca Ifis on the regulatory aspects of extraordinary and day-to-day transactions.
  • Assisted BitGo Deutschland with the establishment of its Italian branch.
  • Assisted FNMPAY with various regulatory and corporate matters.

Chiomenti

According to one client, Chiomenti fields the ‘best financial regulatory practice in Italy’. The broad financial regulations practice ranges from prudential regulations and distribution arrangements, to organisational structures, extraordinary transactions, corporate governance and consumer matters. ‘Great with his advice’,  Alessandro Portolano‘s expertise covers the gamut of banking, financial, insurance, payment services and asset management regulations; Vincenzo Troiano‘s career includes working at the Bank of Italy; Felice Azzollini advises on banking, insurance and financial markets-related mandates; and Flavia Pagnanelli assists supervised entities from the banking, financial and insurance sectors.

Practice head(s):

Alessandro Portolano; Vincenzo Troiano


Other key lawyers:

Felice Azzollini; Flavia Pagnanelli; Jasmine Mazza


Testimonials

Chiomenti has one of the leading teams in Italy.

The Chiomenti team (led by Alessandro Portolano) is a standout practice.

The best financial regulatory practice in Italy. Inquisitive, thoughtful and pragmatic.

A very high level of commercial sophistication (including appreciation of global market dynamics and practices outside Italy), combined with a focus on cutting-edge legal matters.

Very responsive and with a good client-care philosophy’.

Alessandro Portolano leads the team and is reliable, practical and great with his advice.

Key clients

UBS Europe SE


UBS AG


ANIA – Associazione Nazionale tra le Imprese Assicuratrici


Blackstone Europe Fund Management


Unipol Gruppo


KKR Alternative Investment Management Unlimited Company


CDP Real Asset SGR


Prelios Group


Banca Generali


Allianz


Work highlights


  • Advising UBS Europe SE and UBS AG on regulatory matters.
  • Assisted ANIA – Associazione Nazionale frale Imprese Assicuratrici with the rescue operation of Eurovita (now in compulsory liquidation).
  • Advising Blackstone Europe Fund Management on its organisational set-up, with particular regard to the anti-money laundering framework to be applied to the Italian branch.

Legance - Avvocati Associati

Legance - Avvocati Associati‘s financial intermediaries regulations practice comprises specialists in the regulatory aspects of banking, finance and insurance. The team is co-led by Marco Penna, an expert in investment services, securities offerings and off-site offerings; and banking and insurance regulation specialist Federico Vezzani, a February 2024 recruit from BonelliErede, who ‘has deep knowledge of market practices’. The group also includes Giovanna Tassitano, an adviser to banks, insurance companies and financial institutions on regulatory issues; Giuseppe Alessandro, who focuses on banking, insurance and financial regulation; and corporate finance practitioner Armenia Riviezzo.

Practice head(s):

Marco Penna; Federico Vezzani


Other key lawyers:

Giovanna Tassitano; Giuseppe Alessandro; Armenia Riviezzo; Cristiana Ferrari


Testimonials

The team is unique in the Italian legal landscape because it can cover many regulatory matters, ranging from banking to asset management issues.

They are very well equipped to face complex matters, even within challenging timelines.

Meets clients’ expectations during complex negotiations – strong negotiation skills.

Federico Vezzani has deep knowledge of market practices and he is well recognised by most of the Italian players in this field.

Federico Vezzani has been able to build a strong team that is able to face a wide range of legal matters.

Key clients

First Capital


Banco BPM


Eurovita


Nexi


Scalapay


Banca CF+


Generalfinance


Nextalia SGR


Mediocredito Centrale – Banca del Mezzogiorno


Cassa Centrale Banca


Fortress Investment Group


BCC PAY


Illimity


Work highlights


Atrigna & Partners

Core areas for financial market regulation boutique Atrigna & Partners are investment, banking and insurance services, along with anti-money laundering (AML), financial instruments and derivatives. The practice also assists with the regulation of listed companies, collective investment schemes, as well as market abuse, IPOs, public offerings, tender offers, fintech and crowdfunding. Toni Atrigna is ‘Italy’s AML expert’; Alberto Manfroi is a financial markets law expert; and Gian Luca Greco routinely advises on banking and investment services regulations. The practice also features Dino Abate, who focuses on regulatory legislation involving supervised intermediaries.

Practice head(s):

Toni Atrigna; Alberto Manfroi; Dino Abate


Other key lawyers:

Gian Luca Greco; Debora Motta


Testimonials

Atrigna & Partners is a well-known practice in Italy. They are simply the best – unquestionable authority, competence, punctuality and availability.

Atrigna & Partners has a very strong (almost unique) knowledge of AML matters and of AML investigations, and it is always at the forefront of addressing new regulatory and governance issues that emerge in the Italian landscape.

Alberto Manfroi, Debora Motta and Dino Abate are incredible professionals, who have undisputed competence and professionalism.

Key clients

Saxo Bank


BG Saxo SIM


Azimut Direct Finance


Natissa SGR – Bain Capital


Nexi Payments


Mizuho Bank – Italian Branch


Obsidian Capital SGR


Etica SGR


Arcano Capital SGIIC


CNP Unicredit Vita


Work highlights


  • Advised Bank of America Europe DAC – Milan Branch on the regulatory side to an anti-money laundering on-site inspection conducted by the Italian Supervisory Authority in 2023.
  • Assisted Saxo Bank with redefining agreements with Banca Generali, which related to the BGSaxo Sim joint venture, an advanced online trading platform.
  • Advised Natissa SGR on the legal and regulatory set-up for the management of direct lending funds (ensuring compliance with the latest financial regulations).

Bird & Bird

Bird & Bird's banking and financial markets regulation practice covers investment services, compliance with capital requirements, investment fund-related marketing, financial products’ issuances, and market abuse. The group is also experienced in insurance and insurance distribution, fintech, sustainable finance regulation, anti-money laundering, derivatives, consumer credit, payment services, and e-money. Raimondo Maggiore is a highly-regarded financial regulation specialist; Stefano Febbi focuses on banking and financial services, including payments and insurance regulation; and Rossella Sansone advises on asset management and financial services. The team further includes Annapaola SchinoDiego Bobbo and Diego Cefaro.

Practice head(s):

Raimondo Maggiore; Stefano Febbi; Rossella Sansone


Other key lawyers:

Annapaola Schino; Diego Bobbo; Diego Cefaro


Testimonials

Great knowledge of the banking industry and stays in close contact with the major banking players.

Stefano Febbi is a star for his expertise, knowledge of the market, ability to advise in a very technical but practically-oriented way, and the trust he is able to create.

Annapaola Schino – deep knowledge of the market and the ability to provide great solutions.

Key clients

Allianz Group


Banca Agricola Popolare di Ragusa


Banca Passadore & C


Banca Popolare di Puglia e Basilicata


Banca Popolare Pugliese


Banca Valsabbina


BlackRock Group


BPER Banca


Ceresio SIM


CNP Assurances


Consultinvest Investimenti SIM


Columbia Threadneedle Group


Crédit Agricole Italia


Credem Group


InvestiRe SGR


IQ EQ Fund Management (Ireland)


DeA Capital SGR


Deka Group


Fideuram Asset Management SGR


Goldman Sachs Group


ICCREA Group


Illimity Group


Intesa Sanpaolo


Kairos Partners SGR


Kryalos SGR


M&G Group


Mediobanca Premier


Mediobanca


Mediolanum Group


Polis Fondi SGR


Prelios SGR


SACE


Stripe Group


Vorvel SIM


Wayflyer


Work highlights


  • Announcing, together with OXYGY and the European Commission, the opening of the applications for the second cohort of the European Blockchain Sandbox, which aims to provide a framework for regulators, supervising authorities and blockchain innovators.
  • Assisting Allianz Group in Italy with assessing and implementing the operations of its companies, in relation to the European legal framework on sustainable finance.
  • Advising some of the most important Italian retail commercial banks in relation to the interpretation and application of European and national rules, in relation to the provision of investment services and insurance distribution.

Clifford Chance

Clifford Chance's Italy practice is well known for advising domestic and international groups, arrangers and financing banks on investment grade, acquisition finance, export finance, syndicated loan, bond and debt restructuring transactions. Giuseppe De Palma is the firm’s head of global financial markets in Europe; Ferdinando Poscio is a leveraged finance and restructuring expert; and Lucio Bonavitacolahas a strong reputation’. The team further features Francesca Cuzzocrea, who advises on the gamut of real estate financings; export finance specialist Filippo Tassoni; and banking, finance and insurance regulation practitioner Riccardo Coassin.

Practice head(s):

Giuseppe De Palma


Other key lawyers:

Ferdinando Poscio; Lucio Bonavitacola; Francesca Cuzzocrea; Filippo Tassoni; Riccardo Coassin; Chiara Commis; Paolo Ballerini; Alberto Claretta-Assandri


Testimonials

The team is well structured and provides a good mix of seniorities and professionalism.

Lucio Bonavitacola has a strong reputation and a commercial approach that is very appreciated.

Riccardo Coassin specialises in fintech and related regulation.

Key clients

Allianz


Ambienta


Assimoco


Crédit Agricole CIB


Intesa Sanpaolo


JP Morgan


Natixis


SACE


Société Générale


UniCredit


Work highlights


  • Advised Natixis and Intesa Sanpaolo (as underwriters) on the financing for the acquisition by VTTI and IKAV of a majority ownership of Terminale GNL Adriatico.
  • Advised a pool of financing banks on the acquisition by Campari Group of Cognac Courvoisier.
  • Advised Ambienta on the acquisition of a majority stake in Officine Maccaferri.

FIVERS Studio Legale e Tributario

FIVERS Studio Legale e Tributario's finance, banking and insurance department acts for banks, financial advisory firms, management companies, investment firms, family offices, insurance intermediaries and trust companies on banking and financial regulatory matters. Francesco Di Carlo is an expert in collective asset management, and the provision of investment, insurance and private banking services; and Edoardo Guffanti advises on banking and investment sector-related compliance. The group further includes market abuse specialist Flavio Acerbi, along with Debora Gobbo and Camilla Fornasaro.

Practice head(s):

Francesco Di Carlo; Edoardo Guffanti


Other key lawyers:

Flavio Acerbi; Debora Gobbo; Camilla Fornasaro


Testimonials

Work always done thoroughly, professionally and on time.

Key clients

Assicurazioni Generali Group


Banca Generali Group


Cassa Lombarda


Clessidra Group


Credit Agricole Indosuez


EFG Bank Group


Grifo Insurance Brokers


Gruppo Vontobel


Gruppo Credem


LGT Bank Ltd.


Illimity bank S.p.A.


Julius Bear Group


Scottish Widows Europe – Italian branch


PKB Privatbank Group


Banco BPM


MiT SIM


Allianz Bank Financial Advisors


LifeStar Insurance


Work highlights


  • Assisted Clessidra Holding with the regulatory side to the acquisition of all the share capital of Value Italy by Clessidra Holding and the subsequent merger of the target into Clessidra Capital Credit SGR.
  • Assisted BG Suisse with the authorisation process for offering banking services on a cross-border basis to Italian clients (in compliance with Italian regulations).

Gianni & Origoni

Gianni & Origoni‘s team has significant experience in the regulation of banking, insurance, financial services, and pension and investment funds, as well as investment offerings on both primary and secondary markets. It also assists with listed issuers’ governance. The group is co-led by Emanuele Grippo, whose practice encompasses investment services, asset management, pension funds and securities regulation; corporate finance and financial and equity capital markets specialist Paolo Bordi; and London-based Marco Zaccagnini. Other key practitioners are Simone D’Avolio and Claudia Colomba. Former partner Raffaele Sansone departed the firm in June 2024.

Practice head(s):

Paolo Bordi; Emanuele Grippo; Marco Zaccagnini


Other key lawyers:

Simone D’Avolio; Claudia Colomba


Testimonials

A very proactive approach that is client driven.

By far the most reliable firm. The entire team is at a very high level’.

Very good understanding of the client’s needs – speedy results.

A highly specialised team that responds promptly to the client by finding the best way to resolve complex issues.

Very collaborative, market (and client) oriented – finds solutions and does not create problems.

Paolo Bordi is exceptional – he personally follows the most delicate phases of the entrusted activities.’

‘Paolo Bordi  is a calm but determined and confident lawyer, who has the skills of in-depth analysis and problem management.

Paolo Bordi – organisational ability of the highest level that guarantees the expected results.

Key clients

Advance SIM


Agos Ducato


Allianz Bank Financial Advisors


Arrow Global Group


Banca Generali


Banco Santander (Milan)


Banque J Safra Sarasin


Barclays Bank


Blackrock


Candriam Investors Group


Capital International


Cassa di Sovvenzioni e Risparmio fra il Personale della Banca d’Italia


Cerved Master Services


Cirdan Capital Management


Credit Suisse


DeA Capital


Deutsche Bank


Eurizon Capital Real Asset SGR


Euroclear


Euronext SA


Fideuram


FinecoBank


GAM (Italia) SGR


Goldman Sachs


Grosvenor Capital Management


Itas Mutua


Lombard Odier


Macquarie Bank


Neuberger Berman


Pirelli & C


Robeco


Santander Consumer Bank


Treezor (Société Générale Group)


UniCredit


UpsideTown


Wilmington Trust


Zetland Capital Partners


Zurich Italy Bank


Work highlights


Hogan Lovells International LLP

Hogan Lovells International LLP's Italy practice is routinely sought out to advise major e-commerce players on Payment Services Directive Two (PSD2). Its recent workload also covers the Virtual Asset Service Provider (VASP) regime, along with the Markets in Crypto Assets Regulation (MiCA). European and Italian financial regulation specialist Jeffrey Greenbaum heads the financial services regulatory practice in Italy; Silvia Lolli assists with a range of insurance regulatory issues; and Elisabetta Zeppieri is an expert in banking and payment services, financing, anti-money laundering, consumer credit, banking transparency requirements, and fintech.

Practice head(s):

Jeffrey Greenbaum


Other key lawyers:

Silvia Lolli; Elisabetta Zeppieri


Testimonials

A very professional service that is always on time and with very competent advice.

The firm always presents great seminars and workshops on recent issues. The speakers are fully competent, clear and ready to answer any question.

Jeffrey Greenbaum and his team are really the best clients can find in the international lawyers’ market.

Jeffrey Greenbaum is a quality lawyer – open to discussion and keen to offer focused opinions and pertinent suggestions.

Key clients

Paysafe Payment Solutions


Paysafe Prepaid Services


Work highlights


PedersoliGattai

The result of a January 2024 merger between Pedersoli Studio Legale and Gattai, Minoli, Partners, PedersoliGattai's financial regulations department acts for banks, other financial intermediaries and fintech entities, on the regulatory aspects of M&A, fund formation, payment services, investment services and anti-money laundering. Andrea Calvi advises on banking, payment, insurance and investment services; Giovanni Bandera's wide-ranging practice covers the regulation of financial intermediaries; and Giovanni Giuliani focuses predominantly on financial markets law, asset management and investment funds. Other names to note are Giulio SandrelliStefano Giavari and Alberto Prade.

Practice head(s):

Andrea Calvi; Giulio Sandrelli


Other key lawyers:

Giovanni Giuliani; Giulio Sandrelli; Stefano Giavari; Alberto Prade


Testimonials

Excellent firm with expertise in the field of investment funds. Maximum attention is paid to the client.

A competent and resilient team that is able to adapt its competences to cutting-edge payment technologies.

Shows the right attitude when clients face regulation and business issues. The right approach in terms of pricing, finding the right flexibility.

Availability, immediacy, promptness, competence and attention to detail are certainly the qualities that stand out at PedersoliGattai’s financial regulatory practice.

Andrea Calvi and Alberto Prade clearly understand clients’ necessities.

Andrea Calvi and his team have a deep knowledge and understanding of the regulatory and compliance environment that characterises the Italian investment industry. This allows them, undoubtedly, to add value.

Giovanni Giuliani is a very competent, reliable professional with a profound solutions-based approach.

Key clients

Unicredit


Hellman & Friedman


Bper Banca


ABC Company – Società Benefit


Ardian France


Banca di Credito Popolare


Cassa di Risparmio di Asti


Cassa di Risparmio di Bolzano


Endeka SGR


Clessidra Capital Credit SGR


Work highlights


  • Assisted a global law practice with advising private equity firm Hellman & Friedman (H&F) on the Italian financial regulatory aspects of H&F’s sale of a minority stake in TeamSystem Group.
  • Assisted the board of directors and corporate governance and nominations committee of UniCredit with the transition to a one-tier system of governance, and all the regulatory and corporate procedures that resulted in the approval of new bylaws.
  • Assisted both ABC Company and Giotto Cellino Sim with regulatory filings before Bank of Italy, in relation to the launch of a strategic partnership.

Simmons & Simmons

An ‘invaluable partner for navigating complex regulatory challenges’, Simmons & Simmons' Italy practice acts for brokerage houses, investment exchanges, investment banks, commodity traders, asset management companies, and general insurance and life assurance companies on financial services and market regulatory matters. Financial services regulation group head Romeo Battigaglia has extensive knowledge of derivatives, structured products, financial instruments, asset management, investment funds, and market regulation; Andrea Tonon is the Italy alternative funds head; and Maria Giusy Naccarato regularly advises on cross-border regulatory projects. Other experienced figures are Enrico Leone and Mirella Di Carlo.

Practice head(s):

Romeo Battigaglia


Other key lawyers:

Andrea Tonon; Maria Giusy Naccarato; Enrico Leone; Mirella Di Carlo


Testimonials

Capable of understanding business needs, which allows them to provide solid advice. Great attention to the client and good communication skills.

Capable of providing good and professional advisory services and solutions in a timely manner.

Stands out for its deep expertise in UK and EU financial regulations, making the firm an invaluable partner for navigating complex regulatory challenges. The team is highly responsive, and provides tailored, commercially-pragmatic advice that clients can implement with confidence.

Their cross-jurisdictional capabilities and proactive approach to compliance set them apart from other firms. Additionally, their use of legal tech for regulatory tracking and commitment to diversity further enhance their ability to offer innovative and comprehensive solutions.

Romeo Battigaglia is an outstanding professional – highly skilled in banking and finance law, with a particular expertise in regulatory matters.

Romeo Battigaglia’s in-depth knowledge of complex regulations, both in the UK and across Europe, makes him a trusted adviser to clients navigating challenging financial landscapes.

Romeo Battigaglia’s approach is both pragmatic and forward-thinking, offering clients tailored solutions that address immediate concerns while mitigating future risks.’

‘Romeo Battigaglia’s ability to simplify complex legal frameworks and deliver clear, actionable advice sets him apart. Additionally, his collaborative nature and commitment to client success make him a valuable asset to any team or organisation.

Key clients

Rede & Partners


First Sentier


HarbourVest


Generali Global Infrastructure


BlueBay Asset Management


Blackstone


BNP Paribas


Deutsche Bank


Arcmont


Jupiter


Schroders


UniCredit


Vanguard Asset Management


HitecVision


CoinBase


BlockChain


Crypto.com


StepStone


BB Trade


Work highlights


  • Assisted HitecVision with opening its regulated branch in Milan.
  • Successfully assisted MoonPay, CoinBase, Crypto, BitMex, Blockchain and BB Trade with obtaining registration to provide crypto-related services in Italy.
  • Assisting HarbourVest with the establishment of its Italian branch, including drafting all relevant MiFID policies.

Alma LED

Alma LED advises on the regulatory aspects of banking law, investment services and structured finance. It is particularly focused on fintech, payment services and e-money. The banking and financial regulation team is led by Marco Zechini, an expert in banking, financial and payment services regulation, anti-money laundering and corporate governance. Luca Benvenuto focuses on CONSOB and Banca d’Italia-related regulatory issues; and Sergio Visalli  and Rachel Benvenuto are also experienced practitioners.

Practice head(s):

Marco Zechini; Luca Benvenuto


Other key lawyers:

Sergio Visalli; Rachel Benvenuto


Key clients

AdmiralPay Istituto di Pagamento


Banca Valsabbina


Istituto per il Credito Sportivo


Oktopay


Satispay


Teamsystem


Telepass


Sunday Marketplace OÜ


Lemonway


Ephelia Capital


Iconto


Demetra Capital


PostePay


Unipolpay


Bancomat


Tinaba


Work highlights


  • Assisted AdmiralPay with its activities and management of relations with the national authorities.
  • Assisted Oktopay (a Cyprus-based e-money card and wallet distributor) with the structuring and drafting of agreements for the launch of Oktopay payment solutions in Italy.
  • Advised Satispay, an Italian free app for digital payment and online money transfers, on the launch of restaurant voucher services in Italy through the app.

Cappelli Riolo Calderaro Crisostomo Del Din & Partners

Cappelli Riolo Calderaro Crisostomo Del Din & Partners acts for domestic and international financial institutions on banking, insurance and financial regulation, as well as related compliance issues. Michele Crisostomo is an expert in both banks’ regulatory capital and the optimisation of capital structures for banks; Silvio Riolo advises financial institutions on banking, insurance and financial regulatory matters; and Gabriele Buratti specialises in banking, finance, investment, insurance, and collective asset management regulation.

Practice head(s):

Michele Crisostomo; Silvio Riolo; Gabriele Buratti


Other key lawyers:

Alessandra Davoli


Testimonials

The team has a unique reputation in the market for its bank regulatory practice, presenting a mix of technical skills and commercial knowledge.

They are able to listen and clearly understand clients’ needs, assessing topics from multiple perspectives.

Provides good and smart solutions.

They are able to support clients successfully during negotiations and find a good balance between parties when acting as deal counsel.’

They identify hidden opportunities and different perspectives when looking at contracts or deals.

Gabriele Buratti is always available and highly appreciated.

Silvio Riolo is an authority, especially in relation to financial services regulations and derivatives.

Key clients

UniCredit


UniCredit Bank


Banco BPM


Mediobanca


Illimity Bank


Mediocredito Centrale


ViViBanca


Banca del Fucino


BdM Banca


Work highlights


  • Assisting both Unicredit and Azimut Holding with the structuring of a commercial partnership, aimed at strengthening and developing UniCredit’s asset management strategy.
  • Assisted Mediobanca with an independent legal review of the initial margin arrangements entered into with counterparties, in order to verify that they complied with the segregation requirements for non-cash collateral under the EU margin rules.
  • Aadvised illimity Bank on the restructuring of two securitisation transactions.

CMS

CMS' regulatory expertise covers investment services, asset management, insurance, fintech and payment services. The Italy team also assists with crypto asset-related matters. Paolo Bonolis is the contact partner for several domestic and international banks and financial institutions; Domenico Gaudiello is a public finance sector specialist; and Andrea Arcangeli heads up the firm’s alternative investment team in Italy. Other names to note are Maria Giovanna Pisani, Eva Selvaggiuolo  and Domenico Musso.

Practice head(s):

Paolo Bonolis


Other key lawyers:

Domenico Gaudiello; Andrea Arcangeli; Maria Giovanna Pisani; Eva Selvaggiuolo; Domenico Musso, Massimo Trentino


Testimonials

Good and timely responses, along with expertise, and flexibility.

Very good collaboration on bank regulatory topics with Maria Giovanna Pisani.

Key clients

Worldline Group


Unicredit


TF Bank


Aareal Bank


Klarna Bank


Keyless Technology


CMC MARKETS


Modex Gibraltar


Paypal


VISA


BPCE (Natixis Group)


SCM


Eurazeo Global Investors


Commerzbank


Work highlights


  • Advising Klarna, an e-commerce payment solutions platform for merchants and shoppers, on the regulatory side to the provision of buy-now-pay-later services in Italy,
  • Advising VISA on various regulatory and contractual issues associated with the use of the VISA network, including fintech-related matters.
  • Advising Worldline Group on various regulatory and contractual issues.

Dentons

The broad offering at Dentons encompasses M&A-related regulatory filings; the establishment of regulated entities; structuring internal control systems; and banking and investment services contracts. It is also experienced in capital requirements regulations; derivatives and stock lending regulations; and anti-money laundering and anti-terrorism regulations. Alessandro Engst is a highly-rated financial services regulatory specialist; Valerio Lemma focuses on banking, financial and insurance regulation and asset management; and Lorenzo Toppini is ‘very talented’.

Practice head(s):

Alessandro Engst


Other key lawyers:

Valerio Lemma; Lorenzo Toppini


Testimonials

The team is very well known and has a great reputation in derivatives and other structured products.

Alessandro Engst leads the practice with competence.

Lorenzo Toppini is very talented and is always available.

Key clients

Intesa Sanpaolo


CaixaBank


UniCredit


Fidelity


IBL Banca


Banco BPM


IOR (Istituto per le Opere di Religione)


Banca Monte dei Paschi di Siena


Prelios SGR


Work highlights


  • Assisting Intesa Sanpaolo with regulatory matters.
  • Assisting UniCredit with regulatory matters, including in relation to strategic projects.
  • Assisting IBL Banca with regulatory matters, including the revision of its master services agreement for operations with retail and professional clients.

DLA Piper

DLA Piper's Rome-based financial services practice is routinely mandated to advise on domestic and cross-border banking and financial regulations. The team’s expertise covers anti-money laundering, derivatives, usury law, payment services, e-money, and other banking, payment and financial services-related technology matters (including crypto assets). Financial and banking regulation expert Agostino Papa leads the group, which includes derivatives and financial regulation specialist Vincenzo La MalfaNicoletta Alfano is another key contact.

Practice head(s):

Agostino Papa


Other key lawyers:

Vincenzo La Malfa; Nicoletta Alfano


Testimonials

‘The team offers a high-quality service and supports its clients in all circumstances.’

‘It is capable of handling highly complex situations, resolving them through effective solutions.’

‘Very professional and they have very deep knowledge of the real estate market.’

‘Availability and a client-oriented approach are the key qualities of the team.’

‘Agostino Papa is extremely proactive in his assistance to clients and brings matters to a successful conclusion.’

‘Agostino Papa is highly experienced, and is always available and fast when responding to clients.’

‘Agostino Papa is capable of finding the most efficient and safe solution for clients.’

Key clients

Asset Management Company – AMCO


Zurich Group – Zurich Italy Bank


CDP Venture Capital SGR


Commerzbank (Milan Branch)


BlueBay Funds Management Company (Italian Branch)


Natwest Markets (Italian Branch)


ZPay Istituto di Pagamento


Mooney


CNPADC


Fondazione Roma


Banca Agricola Commerciale


Fondazione ENASARCO


SUSI Partners


Work highlights


  • Assisted AMCO with drafting and reviewing regulatory-related documentation, in relation to its lending activities.
  • Assisted Zurich Group in relation to the potential acquisition by Zurich Italy Bank of all the equity in Kairos Partners SGR from Kairos Investment Management.
  • Assisted CDP Venture Capital SGR with a set of activities, including the analysis and update of its remuneration policy and associated resolutions of its corporate bodies.

LCA Studio Legale

In addition to advising Italian and international banks and financial intermediaries, LCA Studio Legale assists electronic money institutions, payment services providers, equity and debt crowdfunding platforms, and alternative investment trusts and funds with structuring and establishing operations in Italy. It also advises on Bank of Italy and CONSOB authorisations. Financial services regulation expert Umberto Piattelli is particularly focused on fintech, while Giancarlo Ranucci's practice includes insurance and reinsurance regulations.

Practice head(s):

Umberto Piattelli


Other key lawyers:

Andrea Marani; Giancarlo Ranucci; Sofia Caruso


Testimonials

LCA Studio Legale stands out for its knowledge of clients’ business, and its provision of innovative, tailored advice.’

LCA adapts to clients’ needs by proposing billing structures that meet their requirements.

Umberto Piattelli is dedicated and always available.

Umberto Piattelli has extensive knowledge of clients’ business and provides tailor-made advice.

Umberto Piattelli has a great team that is a pleasure to work with.

Key clients

Advantia Bank


Apple


Blender


Brick Up


Buildlenders


Diaman Partners


Ener2Crowd


Folkfunding


Framont & Partners


Leone Investments


October


Olinda


Prepay


Qomodo


Rent 2 Cash


Roots Funding


SFIRS


UBS


Urban Deal


Volkswagen Financial Services


Work highlights


  • Assisted Leone Investments with successfully obtaining a licence from CONSOB and the Bank of Italy to operate as a lending crowdfunding service provider under EU Regulations.
  • Advising Qomodo on the necessary amendments to its business model, governance and organisational structure, in relation to its application for authorisation as a payment institution.
  • Assisting France-based Olinda SAS with the management of the legal issues arising from the provision of payment services in Italy.

Lener & Partners

Lener & Partners is a boutique corporate and financial services firm that assists with setting up banks, asset management companies, investment firms, insurance companies, and financial intermediaries that provide regulated services. The team also assists with contentious and restructuring issues. Name partner Raffaele Lener heads up the group; Grazia Bonante specialises in banking, financial services, insurance and international finance law; and Sonia Locantore is a financial services and corporate law practitioner.

Practice head(s):

Raffaele Lener


Other key lawyers:

Grazia Bonante; Sonia Locantore


Key clients

Cassa di Risparmio della Repubblica di San Marino


illimity Bank


Rothschild


Lufthansa


ACEA


Intesa Sanpaolo


Monte Titoli


Work highlights


  • Assisted Cassa di Risparmio della Repubblica di San Marino during the execution of a debt restructuring agreement (entered into by financial undertakings controlled by Cassa di Risparmio della Repubblica di San Marino).
  • Advised illimity Bank on the regulatory side to the set-up of a joint venture between illimity Bank and Banca Sella for the development of a digital banking services platform.
  • Assisted Intesa Sanpaolo with court proceedings initiated by the Comune di Perugia to have four interest rate swaps executed between the bank and the municipality declared invalid.

LEXIA

Lexia‘s financial services regulatory and fintech team covers banking and investment services regulation, payment services, e-money, investment funds, alternative trading platforms, blockchain regulation, anti-money laundering, and compliance. Advising Italian and foreign financial institutions on the regulation of banking, financial, insurance, investment and payment services, Angelo Messore is ‘a key player in the market’, and Francesco Dagnino specialises in financial services regulation, along with capital markets, corporate and M&A.

Practice head(s):

Angelo Messore; Francesco Dagnino


Other key lawyers:

Massimo Paolo Gentili; Federico Bonardi


Testimonials

Specialised expertise and niche focus, and a client-centric approach.

Technology-driven legal services – great collaboration and teamwork.

Commitment to professional development and pro bono and social impact initiatives. Innovative in its billing practices, and a strong focus on diversity and collaboration.

A partner that aligns with clients’ values, offers transparency, and leverages modern tools and strategies to deliver superior results.

The individuals within this firm stand out, not only because of their legal expertise but also their dedication to client service, innovation and collaboration.

Unique strengths in mentorship, problem solving and ethical practices that create an environment where excellence is the norm. These qualities, along with a strong focus on diversity, responsiveness and integrity, make them exceptional when compared to competitors.

Very well-connected team and true full-service law firm. Team’s strengths are in combining financial market knowledge from banking, payments and issuances. Very active in fintech and has good sector knowledge. Good value for money.

Angelo Messore is a key player in the market – not afraid to keep looking for better solutions for his clients. Very commercial and his work is in depth.

Key clients

TPPay


Sienna Investment Management


PKB Bank


EFG Bank


Vivid Money


Vivid Invest


Look Lateral


LL DEXX


Piece Finance


Sekurest


Mondial Bony Service


Cludbdeal


XConnect Trading


Calamatta Cuschieri Investment Services


Swan


Persia International Bank


Novacapital


Scalapay IP


H1 Finance


Pie Systems


One Trading Markets


Twikey


H1 Finance


Amundi SGR


Amundi Asset Management


Abalone Asset Management


Alkemia SGR


Amber Capital SGR


Ersel Banca Privata


Quaestio Capital SGR


Work highlights


  • Assisted Scalapay IP with the execution of a partnership agreement with Deutsche Bank Italy, in relation to the offer and distribution of consumer credit products.
  • Assisted Swan, a French e-money institution, with the establishment of its Italian operations.
  • Assisted H1 Finance, an Italian fintech company operating under the WhitLess brand, with setting up its Italian platform.

White & Case (Europe) LLP

White & Case (Europe) LLP covers a range of cross-jurisdictional matters, including corporate governance issues, shareholding structures, organisational models, capital requirements, and other regulatory-driven deals. The financial services regulatory practice in Italy is led by Alessandro Zappasodi, who advises Italian and foreign financial institutions and investors on banking, financial, payment services and asset management regulations. Andrea Lamonica also has notable financial services regulatory experience. Licia Mongiello departed the firm in June 2024.

Practice head(s):

Alessandro Zappasodi


Other key lawyers:

Andrea Lamonica


Testimonials

The firm shows great teamwork – strong leadership at partner level.

Alessandro Zappasodi always aims to obtain the best results, as well as complete client satisfaction.

Alessandro Zappasodi – outstanding professionalism, and above all concrete solutions to all matters reported by the client, avoiding any unnecessary complications. Stands out from other lawyers.

Key clients

Banca Progetto


BFF Bank


BPCE


CDP Venture Capital SGR (CDP Group)


Crédit Agricole Corporate & Investment Bank


Equiter


Intesa Sanpaolo


Klarna


Macquarie


Mediobanca


SG Equipment Finance (Société Générale Group)


Trade Republic


UniCredit


Work highlights


ADVANT Nctm

In July 2024, ADVANT Nctm launched a new regulatory department, following its integration with banking, financial services and insurance regulation boutique Zitiello Associati. The practice, which assists Italian and international financial institutions with banking, insurance and financial market law, is led by Rome-based banking, investment and payment services specialist Danilo Quattrocchi.

Practice head(s):

Danilo Quattrocchi


Testimonials

The team has very important experience and skills in the regulatory area.

Provides comprehensive advice and services, as well as high-level professionalism.

Danilo Quattrocchi always demonstrates the required levels of competence.

Danilo Quattrocchi has proven experience and strong personal qualities, such as empathy and reliability, which make him an important point of reference.

Danilo Quattorocchi has excellent know-how and competence in the banking and insurance fields – professionalism, full availability and pays attention to the client.

Danilo Quattorocchi – timely responses and very effective problem-solving capabilities.

Key clients

Allianz Global Life DAC


Banca Popolare dell’Alto Adige


Banco di Desio e della Brianza


Bank of China (Milan Branch)


Numia


Pariter Equity


Recrowd


SACE Fct


Sinloc Investimenti SGR


Wind 3


Younited


Work highlights


  • Assisting Numia with the regulatory aspects of the acquisition from Banco BPM Group of a business unit dedicated to acquiring and issuing services (debt, credit and prepaid cards).
  • Assisted Banco di Desio e della Brianza with the regulatory side to the acquisition from Banca Popolare di Puglia e Basilicata of 14 banking branches.
  • Assisting Sinloc with the incorporation and authorisation of a new asset management company.

Civale Associati

Civale Associati's 18-strong team acts for banks, financial intermediaries, insurance companies, payment services providers, and e-money issuers on regulatory matters. Fabio Civale advises on the regulatory aspects of financial, banking and insurance services and products. The team is completed by Alberto Debernardi, Angela Morabito, Federico Cattaneo and Sebastiano Zanco.

Practice head(s):

Fabio Civale; Alberto Debernardi; Federico Cattaneo; Angela Morabito; Sebastiano Zanco


Testimonials

The law firm is highly skilled in banking and financial regulatory matters – focused on clients’ needs with a practical approach and attention to clients’ peculiarities.

All the individuals have a goal-oriented attitude, and they are always very open to dialogue and discussions on legal topics/issues, with the aim of defending their clients as best as possible.

Deep knowledge of supervisory practices and always available.’

The constant involvement of Fabio Civale is synonymous with the attention and professionalism provided by the team, which aims to understand clients’ needs.

The long period of collaboration with clients is a manifestation of mutual esteem and recognition of the desire for constant discussion and professional growth.

The size of the firm is a plus for the client, given the possibility of interacting quickly and continuously with the firm’s professionals.

Reaction times to clients’ needs are a strategic element in the dynamic context in which the company operates.

Key clients

Agos


Cassa Rurale Renon


Banca Valsabbina


Banca Aidexa


Banca Cantonale Grigione


Fondo Pensione Gruppo Credit Agricole


Cassa di Ravenna


Prexta


Banca Intesa


Banca Mediolanum


Volksbank


Illimity Bank


BNP Paribas Lease Group


Arval


Ak Nordic


Raffaisen


Cassa di Sovvenzione e Risparmio dei dipendenti della Banca d’Italia


Finaosta


Banca Sistema


Credem


Credit Agricole


Cassa Centrale


Barclays


Banca di Piacenza


Banca Sella


Banco Desio


Banca Popolare Pugliese


Banca Popolare Sant’Angelo


Banca UBAE


AFI – ESCA


Claris


Che Banca


IBL


Tecnocasa


Kiron


Scania Finance


Hera


Work highlights


  • Assisted Voksbank with a class action brought by over 700 shareholders.
  • Advised Mediolanum on its corporate governance.
  • Assisted Scania with its new corporate governance structure.

Deloitte Legal Italy -Società tra Avvocati a r.l.

Deloitte Legal Italy -Società tra Avvocati a r.l. has significant experience in relation to fintech and insurtech entities, as well as digital finance, crypto assets, payment services, e-money, and payment schemes companies. ‘Outstanding in his knowledge of the regulatory sector’, Guerino Cipriano leads the financial services regulatory practice in Milan.

Practice head(s):

Guerino Cipriano


Other key lawyers:

Francesca Zaffina; Federica Coscia; Giuseppe Lacatena


Testimonials

Deloitte’s team has deep knowledge of the best practices in this sector, with a specific focus on regulatory matters.

They have a strong procedural framework that makes them really suited to compliance matters.

Guerino Cipriano is outstanding in his knowledge of the regulatory sector and he is able to support clients’ specific needs.

EY TAX & LAW ITALY

EY TAX & LAW ITALY is experienced in the regulatory aspects of banking, financial, investment, payment, and insurance services. The team also assists with M&A transactions involving regulated entities, and anti-money laundering, fintech and market abuse regulation. Michele Odello advises on compliance with national and EU banking and financial regulatory frameworks.

Practice head(s):

Michele Odello


Other key lawyers:

Orsola Zane; Francesco Paolo Sasso


Testimonials

EY is very knowledgeable on the Italian funds regime.

Provides operational assistance that is very punctual and useful to clients.

The law firm’s partners and associates have a remarkable ability to interpret clients’ needs precisely.

Michele Odello – very helpful and always available.

Key clients

Navy Federal Credit Unión – NFCU


Banco BPM


Self Business Group Sicaf


Banca Sistema


Adelaide


Fondo Pensione della Banca Monte dei Paschi di Siena


Bridgy


Work highlights


  • Assisted Navy Federal Credit Union in relation to the replacement of the banking institution that manages military banking facilities in Italy.
  • Assisted Banco BPM with reporting obligations to the operators of certain regulated markets and trading venues in non-EU countries.
  • Assisted with the constitution of an Italian fixed capital investment company that is reserved for professional investors.

GIM Legal

GIM Legal is home to financial services, investment funds, corporate finance, and equity and debt capital markets experts. Working across the firm’s Rome, Milan and London offices, former CONSOB regulator Luigi Rizzi is a highly-regarded financial regulation expert; and Sergio Beretta's experience includes compliance, risk management and internal auditing.

Practice head(s):

Luigi Rizzi


Other key lawyers:

Sergio Beretta; Emanuele D’Auria


Key clients

AMU Investments SIM


GWM Group


IAM Capital


Illiquidx


Banca Valsabbina


P&G SGR


Migliora


Leonardo Capital SIM


Work highlights


Linklaters Studio Legale Associato

Linklaters Studio Legale Associato's ‘highly-skilled’ Milan-based regulatory practice is co-led by Dario Longo , who also heads up the structured finance group; and Anna Ferraresso, who has significant experience in advising private equity funds on transaction structuring, changes in control, compliance, and the authorisation and setting up of regulated entities.

Practice head(s):

Dario Longo; Anna Ferraresso


Other key lawyers:

Emanuele Umberto Aurilia; Samuele Manfredo Pio; Giulio Farolfi


Testimonials

Highly-skilled team – very calm and able to work under stress.

Key clients

Assicurazioni Generali


Davidson Kempner


Moneyfarm (MFM Investment)


Legal & General Investment Management


Cetif Advisory


Mediobanca SGR


CheBanca!


Cetif Advisory


Banca Mediolanum


Mediolanum Gestione Fondi SGR


Mopso


ICE Futures Europe (Intercontinental Exchange)


Pionew Ireland


Work highlights


  • Advised Generali on the acquisition of Conning Holdings, a global asset manager for insurance and institutional clients, from Cathay Life.
  • Advised Davidson Kempner on the regulatory aspects of the sale of Prelios group to X3 MergeCo.
  • Advised Moneyfarm on its authorisation procedure with Consob and the Bank of Italy.

Molinari

Molinari covers the key segments of the financial services industry, namely banks, asset managers, insurers, brokers, dealers, investment firms and financial intermediaries. Nicolò Juvara advises on regulatory matters involving insurers, banks and financial institutions; while Daniela Runggaldier routinely acts for insurance carriers, banks, financial intermediaries and private equity funds.

Practice head(s):

Nicolò Juvara


Other key lawyers:

Daniela Runggaldier


Testimonials

Exceptionally proactive, going beyond mere legal advice. Business savvy.

The team is really cutting-edge, especially in relation to banking and finance matters.

Key clients

Compass Banca – Mediobanca Group


Banco di Desio e della Brianza


Société Générale Securities Services


BPER


Banca Valsabbina


HSBC


ING Bank (Milan Branch)


Crédit Agricole Group


Admiral Financial Services Italia


Noosa


Rabobank


JC Flowers


Banca Profilo


Compre Group


Kryalos SGR


Agos Ducato


Illimity Bank


Eurizon Capital SGR


Credito Emiliano


Work highlights


  • Advising Banco di Desio e della Brianza on a bidding process for the selection of a new life insurance partner for the distribution by the bank’s network of life insurance policies and insurance-based investment products.
  • Advising Credito Emiliano on the sale of its merchant acquiring business.
  • Advising Compass Banca on the feasibility and implementation of a project entailing a partnership with a Chinese group.

Orsingher Ortu – Avvocati Associati

Orsingher Ortu – Avvocati Associati's fiinancial services regulation practice is headed up by banking and finance law specialist Luigi Baglivo, whose expertise covers the structuring of new products and services. Baglivo is supported by Massimo Ritrovato, who assists with the launch of new services and their adaptation to industry regulations.

Practice head(s):

Luigi Baglivo


Other key lawyers:

Massimo Ritrovato; Giacomo Chieregato


Testimonials

‘The team led by Luigi Baglivo is deeply committed to delivering high-quality work.’

‘They take the time to pause and focus carefully on the finer details, ensuring that every regulatory aspect is thoroughly addressed.’

‘Their work reflects a true craftsmanship approach.’

‘Potential clients will appreciate the team’s dedication and ability to think beyond the scope of a single project, offering strategic insights with a long-term perspective.’

‘Highly recommended for clients seeking a trusted, long-term partnership.’

‘Luigi Baglivo is an expert in banking and financial law. With over 20 years of in-depth knowledge and expertise in financial regulation, Luigi is highly regarded for his hands-on approach and unwavering availability to his clients.’

‘Luigi Baglivo’s deep understanding of financial markets allows him to stay ahead of industry trends and offer strategic advice tailored to the evolving needs of his clients.’

‘Luigi Baglivo’s strong presence in the Milan financial market and his ability to navigate complex regulatory environments make him a trusted adviser in the sector.’

Key clients

Intesa Sanpaolo


Prometeia Advisor SIM


Panattoni Italy Holding


Banca AideXa


Banca Monte dei Paschi di Siena


Banca Widiba


Progress Technology Trasfer


MITO Technology


Eurizon Capital Real Asset SGR


Cube Labs


Eurizon Capital SGR


Work highlights


  • Advised Banca Intesa Sanpaolo on the regulatory side to the provision of investment services.
  • Advised investment fund Progress Tech Transfer on the set-up of the fund structure and ongoing investment activities.
  • Advising Banca AideXa on regulatory matters.

Osborne Clarke

Osborne Clarke's team in Milan comprises experts in financial services-related regulatory compliance, and market entry and growth matters. The Italian banking and finance regulatory department is led by Nunzia Melaccio, who has longstanding experience in advising on the regulatory compliance side to fund formations, asset management and investment services.

Practice head(s):

Nunzia Melaccio


Testimonials

‘Deep knowledge of the business sector. ’

‘Really reliable and professional.’

Key clients

ALLX


Alti Tiederman – Italian Branch


Capitalsuite SIM


Decalia SIM


Oppenheimer Europe


Paymentsense


Riverfield Partners


Satispay


Ulixes SGR


VC Partners SGR


Work highlights


  • Advised Decalia SIM on expanding its investment services in Italy, including regulatory compliance assistance.
  • Assisted Capitalsuite SIM with obtaining authorisation from CONSOB and the Bank of Italy to operate as an Italian investment adviser under the MIFID framework.
  • Assisted VC Partners SGR with obtaining authorisation from the Bank of Italy, and establishing its first fund within the EUVECA regulatory framework.

Studio Professionale Associato a Baker & McKenzie

Studio Professionale Associato a Baker & McKenzie advises on fintech and payment services sector-related financial and insurance regulatory aspects. Its expertise covers authorisation procedures before the Italian authorities, along with reviewing internal policies and procedures. Eugenio Muschio is a ‘great lawyer’, while Alberto Fornari focuses on general, trade and structured finance.

Practice head(s):

Eugenio Muschio; Alberto Fornari


Testimonials

Good stakeholder management. Very responsive, structured and clear questions and instructions on how to proceed.

All the lawyers are very human and focus on making the client feel comfortable.

Eugenio Muschio and his team are very precise, effective, and with a proactive and problem-solving attitude.

Work highlights