Country Manual Retail Banking Update
Italy
BRP has updated its Country Manuals Retail Banking for
Italy
out of Bank’s Country of establishment (DEF, RS, BT & RT)
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | No |
| New Position of the Authorities | Yes |
| Evolution of Expert’s interpretation | Yes |
Definitions & Concepts, Regulatory Summary and Behaviour Template
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.
Two elements relating to credits should be highlighted:
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 or mortgage credit — 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 modified 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.
Non-material changes
Some comments and content have been slightly reworded (without introducing material changes), and additional references to applicable law/regulation have been made in order to provide more clarity and to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
Implications for business relations with third parties
Clarification has been added regarding finders and business introducers. Specifically, with respect to banking services, finders or business introducers acting on behalf of banks to offer loans to clients are considered credit brokers (‘mediatori creditizi’), with all the implications that this entails, particularly with regard to licensing requirements and the impact of cooperating with such intermediaries for a foreign bank.
Regulatory Summary
This document has now a more user-friendly layout and reflects the changes contained in the RT.
For more information, please contact us: info@brpsa.com
Geneva, December 19th 2025