{"id":5416,"date":"2026-06-19T10:47:42","date_gmt":"2026-06-19T08:47:42","guid":{"rendered":"https:\/\/www.crccdlex.com\/?p=5416"},"modified":"2026-06-19T16:09:18","modified_gmt":"2026-06-19T14:09:18","slug":"newsletter-june-2026-pt-1-structured-finance-capital-markets-fintech","status":"publish","type":"post","link":"https:\/\/www.crccdlex.com\/en\/newsletter-june-2026-pt-1-structured-finance-capital-markets-fintech\/","title":{"rendered":"Newsletter June 2026 (pt. 1): Structured finance, Capital markets & Fintech"},"content":{"rendered":"

1) CJEU: on the retroactive application of the SMD<\/h4>\n

By judgment of 11 June 2026 (Case C-65\/25), the Court of Justice of the European Union held that neither Directive (EU) 2021\/2167 (the so-called Secondary Market Directive or \u201cSMD<\/strong>\u201d) on credit servicers and credit purchasers of non-performing loans, nor Directive (EU) 2015\/849 (the \u201cAnti-Money Laundering Directive<\/strong>\u201d) on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, apply to bulk transfers of non-performing loans concluded prior to the expiry of the deadline for transposing the SMD.<\/p>\n

In particular, the referring Italian court had requested the Court of Justice to rule on the compatibility with EU law of the national legislation on bulk assignment of non-performing loans in relation to transfer agreements dated before 29\u00a0December 2023, with reference to the absence of a formal writing requirement\u00a0 (notarial deed or authenticated private deed) and the absence for the assignees of an obligation to be enrolled in supervised registers.<\/p>\n

The Court clarified that the SMD is not applicable to transfers of loans occurred prior to 29 December 2023 (the deadline for transposing the SMD), the obligations thereof not being capable of retroactive application. Furthermore, the Court of Justice excluded the application of the Anti-Money Laundering Directive on the ground that the purchase or management of non-performing loans does not fall within the economic activities subject to the obligations provided for therein.<\/p>\n

In conclusion, in the period prior to 29 December 2023, European Union law imposed neither formal requirements on bulk assignment agreements nor the subjection of assignees to anti-money laundering prudential supervision.<\/p>\n

To access the decision, click here<\/a>.<\/p>\n

2) <\/a>Borsa Italiana: admission to listing requirements and applications updated in line with the Listing Act<\/h4>\n

On 3 June 2026, Borsa Italiana published Notice No. 28932<\/a>, in which \u2014 in the light of the amendments to the Rules of the Markets organized and managed by Borsa Italiana (the \u201cRules<\/strong>\u201d) and the related Instructions adopted by Consob \u2014 it updated the listing admission requirements and the documentation required to submit listing admission applications.<\/p>\n

In particular, by resolution No. 23959 of 22 April 2026, Consob amended the Rules and the Instructions to the Rules in order to align them with the amendments to Regulation (EU) 2017\/1129 introduced by the so-called Listing Act<\/em>. Those amendments entered into force on 5 June 2026.<\/p>\n

In the light of the foregoing, Borsa Italiana revised the documentation to be attached to the application for admission to listing of shares of issuers with other securities already listed, clarifying that issuers applying for:<\/p>\n