1) Consob: proposed amendments to reduce the impact of reporting obligations on securitisations open for consultation

On 7 April 2026, the National Commission for Companies and the Stock Exchange (“Consob”) launched a public consultation relating to certain proposed amendments to its provisions on securitisations (the “Consob Provisions”), issued pursuant to Article 4-septies.2 of Legislative Decree 58/ 1998 (the “TUF”).

The amendments proposed by the authority are aimed essentially at reducing the burdens on operators, in particular in cases where they are required to provide disclosure on securitisation transactions not only to Consob, but also to the prudential authorities.

Among the most significant interventions, the following ones are noteworthy:

• the extension of the deadline for notification of securitisation transactions to one month from the date of issuance, as compared with current 5 days (for simple, transparent and standardized (“STS”) securitisations) and 15 days (for non-standardized ones), in order to align it with that established by the prudential authorities, facilitating a unified management of the notification obligations due by banks involved in STS securitisation transactions;
• the introduction, for significant institutions, of the possibility of transmitting attestations of compliance with Regulation (EU) 2017/2402 signed by persons delegated by the management body;
• the introduction of the possibility of delegating to the servicer of the securitisation transaction the activity of transmitting information to Consob.

The consultation will remain open until 27 April 2026.

2) EBA: RTS on the assessment of the materiality of changes to IRB models published

On 30 March 2026, the European Banking Authority (“EBA”) published the regulatory technical standards (“RTS”) on material changes to internal ratings based (“IRB”) models, by means of which the EBA aims to significantly reduce the number of changes classified as material, enabling supervisory authorities to apply a more risk-based approach in the supervision of IRB models and reducing the administrative burden on both banks and supervisory authorities.

In particular, the EBA opted to recalibrate the materiality criteria for model changes, with a view to reducing the overall number of those subject to prior approval and thereby also reducing the response times of the competent authorities.

As a result, the revised RTS rely more heavily on quantitative thresholds, reducing the number of changes classified as material, while maintaining adequate supervisory visibility. The qualitative criteria are limited to changes involving model redevelopment and re-estimation of risk parameters, or significant changes in the definitions of default adopted by banks. Changes relating to routine model maintenance will generally be subject to notification, unless they exceed the quantitative thresholds.

Second, the RTS have been aligned with the amendments introduced by Regulation (EU) 2024/1623. In particular, references to approaches that are no longer part of the prudential framework have been removed, such as the IRB approach for equity exposures and the “Advanced Measurement Approach” ( or “AMA”).