PNP Law24 Jan 2023 09:49
Better detailed in last weeks update:
RNS extract:
‘..Furthermore, the Company believes the new PNP Regulation, which is expected to be published shortly in the Official Journal of the Italian Republic, will provide opportunities to commence its white-label business model. The PNP Regulation will, for the first time in Italy, introduce the concept of "security interest" (a concept widely adopted across Europe and the UK) into Italian law, and allow entrepreneurs to access the financing of their inventory more easily, without having to sell, transform or otherwise dispose of their business assets.
Moreover, the "non-possessory pledge" introduced by the Decree-law n. 59/2016, later converted into law, and regulated more specifically by Decree no. 114/2021 of the Italian Ministry of Economy and Finance, will soon be accessible to Italian businesses following the latest provision taken by the Italian Revenue Agency (Agenzia delle Entrate) with which the digital register for the registration and keeping of pledges becomes operational. As a result of that register, all the operations relating to such pledges will be capable of being carried out swiftly and electronically (including, but not limited to, registration, consultation by anyone, modification, renewal and cancellation).
For banks and investors, the PNP Regulation will facilitate the effective exercise of the rights of secured creditors, aligning the effectiveness of the enforceability of the movable pledge with the best practices already adopted in other countries.
Market operators consider the PNP Regulation to be a significant development for the Italian industrial and manufacturing sector. It is expected to help companies to attract investments aimed at divesting and/or financing their own inventory.
For SYME, it is expected that the PNP Regulation will create further opportunity for traditional Inventory Funders to invest in IM transactions in light of the proposed improvements to the legal enforceability of guarantees over the inventory, through the arrangement of self-funding and/or white-label agreements, which leverage the Platform..’
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