Starting on 10 February 2020, the new umbrella agency bringing together Italy's small-loan guarantee corsortiums (Organismo Confidi Minori – OCM) began to manage the list of small-loan consortiums provided for in Article 112 of Legislative Decree 385/1993. Information on how to submit applications for enrolment in the new list is available on the OCM's website at www.organismocm.it.
The small-loan consortiums registered in the section of the general list pursuant to former Article 155, paragraph 4, of the Consolidated Law on Banking may continue to operate for a period of 12 months from the launch of the OCM (the transitional period will end on 10 February 2021). The application for registration in the new list must be submitted to the OCM at least three months before the expiry of the transitional period (i.e. by 10 November 2020).
In the event that no application for registration with the OCM is made within the aforementioned deadline or of rejection of the application, the small-loans consortiums shall deliberate the liquidation of the company or change their corporate purpose, eliminating any reference to the activity of issuing mutual guarantees.
The Bank of Italy has ceased to receive new applications for registration but will maintain the list of small-loan consortiums pursuant to Article 155, paragraph 4 of the Consolidated Law on Banking until the end of the transitional period.
