From this page you can consult assignments of receivables transaction year by year.
What is an assignment of receivables?
An assignment of receivables is a transaction whereby the creditor (the "Assignor") transfers its credit right to a third party (the "Assignee"). As a result of the transaction, the Assignee becomes the owner of the receivable and has the right to collect the receivable from the assigned debtor.
The debtor's consent to the assignment is not required, but the debtor must be informed of the transfer. In the case of an assignment of receivables governed by Article 58 of the Consolidated Banking Act (TUB), the Assignee gives notice of the assignment by publishing a Notice of Assignment in the Official Gazette of the Republic of Italy (a notice listing the common characteristics of all the receivables subject to assignment).
Generally, the Assignee also sends a specific personalized communication to the customers involved in the assignment transaction, in order to make its takeover better known.
What is an assignment of legal relationships?
The assignment of legal relationships (or also "Contracts") is a transaction whereby one party to an contract (the "Assignor") transfers all the rights and obligations arising from the contract itself to a third party (the "Assignee"). As a result of the transaction, the Assignor loses the ownership of the relationship with the customer, which is acquired by the Assignee.
In the case of assignment of legal relationships governed by Article 58 of the Consolidated Banking Act (TUB), the Assignee gives notice of the assignment by publishing a Notice of Assignment of the Contracts in the Official Gazette of the Republic of Italy (a notice listing the common characteristics of all the legal relationships subject to assignment).
Generally, the Assignee also sends a specific personalized communication to the customers involved in the assignment operation, in order to make its takeover better known.
What is a receivables securitization transaction?
The receivables securitization transactions are regulated in Italy by Law No. 130 of April 30, 1999 (so-called Securitization Law).
Through a securitization transaction, the creditor ("Assignor") transfers its receivables to a Special Purpose Vehicle (Assignee, also indicated by the acronym "SPV" Special Purpose Vehicle), which, in order to pay the purchase price, issues so-called ABS (asset-backed securities), i.e., financial instruments supported by assets (specifically receivables) that are subscribed by professional investors.
In the context of securitization transactions, the SPV gives notice of the assignment by publishing a Notice of Assignment in the Official Gazette of the Republic of Italy (a notice listing the common characteristics of all the receivables subject to assignment).
Generally, the SPV sends a personalized communication to the debtor in order to make its takeover better known.
The law requires SPVs to appoint a bank or a financial intermediary to perform the collection activities of the receivables (so-called "Servicer"). The Servicer may also use one or more auxiliaries to manage the recovery of the receivables, properly communicated to the debtors.
What are the impacts on the debtor customer following the assignment of their relationship or receivables only?
Following the assignment of its receivables/legal relationship, the debtor becomes obliged towards the new creditor (Assignee) and therefore must pay the amount due to the latter, in accordance with the agreements made with the previous creditor (Assignor).
The assignment does not change the repayment/amortization plan of the receivable agreed upon with the Assignor. Similarly, the assignment of the receivable does not entail any management or operational changes for the debtor customer, and the conditions agreed upon with the Assignor remain unchanged.
Who is the Servicer in the context of securitization transactions?
The Servicer is the entity that must be appointed by the special purpose vehicles that purchase receivables (Assignees, also indicated by the acronym "SPV" Special Purpose Vehicles) in the context of securitization transactions to perform the collection activities in relation to the receivables.
Pursuant to Law No. 130 of April 30, 1999 (so-called Securitization Law), the Servicer must necessarily be a bank or a financial intermediary registered in the register provided for by Article 106 of the Consolidated Banking Act.
The Servicer may also use one or more auxiliaries to manage the recovery of the receivables.