Country Manual Credits
Italy – Update 2025
out of Credit Institution’s Country of Establishment (Def, BT & Def)
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
Regulatory Template, Behaviour Template and Definitions and Concepts
Material changes
The Country Manual has been reviewed to ensure that the content of all documents remains accurate and in line with the evolving interpretation of the current legal and regulatory framework.
Update on Disbursement in Italy for Credit Types Structured as Mutui
Following a detailed review of Italian civil law, recent case law (Corte di Cassazione, decision no. 19047 of 11 July 2025), and the distinction between mutui and apertura di credito, we have updated the guidance on the possibility of disbursing certain credit types in Italy.
For credit types legally structured as mutui — including consumer credit, portfolio-backed lending (non-Lombard), mortgage credit, corporate lending, and transactional financing — disbursement in Italy could, in principle, trigger the application of Italian law and local licensing requirements for the foreign Credit Institution. Based on this clarification, the answer in the Manual regarding the permissibility of disbursement in Italy has been updated from YES (for portfolio-backed lending (non-Lombard), corporate lending, and transactional financing) respectively from Grey zone (for consumer credits and mortgage credits) to GREY zone/NO, reflecting that such disbursement is not generally permitted without considering potential licensing obligations.
Increased accuracy in highlighting the risk of consumer protection rules being applied
For mortgage credits secured by immovable property located in Italy, the answers in case both RM and the non-qualified prospect (i.e. consumer) are in Credit Institution’s country were modified from YES to Grey zone/YES to highlight the risk of local consumer protection rules being applied.
This potential risk was also added to remote interactions on prospect’s initiative when related to consumer credits and mortgage consumer credits.
The specific explanations were modified accordingly.
Non-material changes
There have been certain, non-material changes to the wording in the RT to improve clarity and comprehension.
In particular, the Tax section of the document has been updated to include clarifications on the scope of obligations, withholding tax, joint liability, filing deadlines, and interpretation of Italian resident debtors, while no material changes to the underlying principles have been made.
For more information, please contact us: info@brpsa.com
Geneva, November 21st 2025