List of Financial Vehicle Corporations (FVCs) engaged in securitization transactions

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The Bank of Italy's administrative measure of December 12, 2023, regulates the statistical and master data disclosure requirements of securitization companies, pursuant to Regulation (EU) No. 1075/2013 of the ECB concerning statistics on the assets and liabilities of financial vehicle corporations (FVCs) engaged in securitization transactions.

The Bank of Italy establishes and maintains the national list of FVCs exclusively for statistical purposes under Article 3 of Regulation (EU) No. 1075/2013.

The list of FVCs is in no way comparable to the "Supervisory registers and lists" that the Bank of Italy publishes in compliance with its public disclosure obligations under the consolidated laws on banking (TUB) and finance (TUF).

More specifically, the Bank of Italy defines the registration and cancellation methods from the list, in order to ensure the functional connection between the list and the information to be sent to the ECB on a regular basis. The list of FVCs:

  • cannot be equated to a public register, which is intended to publicly disclose data relating to natural and legal persons, assets, facts and qualifications and to confer certainty as to the rights of the parties involved;
  • it is not meant as a register of deeds, it does not contain information that produces legal effects between the parties to a contract or that is enforceable against third parties, nor does it serve as a public register of companies.

Registering an FVC in the list has the only legal effect of obligating the FVC itself to transmit the statistical reports and promptly disclose the occurrence of circumstances that require its cancellation from the list.

FVCs are registered in the list at the request of the securitization company in the following circumstances.

Notice of commencement of securitization activity

Newly-established FVCs must communicate the commencement of securitization activities within the terms specified in the Bank of Italy's FVC Measure using the relevant message template on the FEAT application of the Infostat portal. To access FEAT, FVCs must first register with the dedicated service "ISIN code service, Reporting per Art. 129 of the Consolidated Banking Law and Securitizations". Following the 'Communication of the start of activities', the Bank of Italy assigns a unique identifier for the securitization transaction. Updates to the information provided, including the communication of the servicer, when not made at the same time as the notice of commencement of securitization activities, or the appointment of a new servicer, must be disclosed by sending the 'Communication of update'.

Publication in the list occurs as soon as the FVC sends all the information requested for the first securitization transaction, including the name of the company that acts as servicer.

Further information on reporting requirements is available in the 'Manuale applicativo per le segnalazioni delle società veicolo' (Instructions Manual for reporting by FVCs; only in Italian).

Notice of securitization closure

When a securitization transaction is closed, the FVC must send a 'Communication of securitization closure' via the FEAT application. If the conditions set out in Article 7 of the Bank of Italy's FVC measure are met, the Bank of Italy will remove the FVC from the list.


FVC list - Access

The Bank of Italy's administrative measure of December 12, 2023 contains the disclosure requirements and statistical reporting obligations of Italian securitization vehicles pursuant to Regulation (EU) No 1075/2013 of the European Central Bank. It provides for the establishment of a list of these special purpose vehicles.

Secondary legislation - Financial Vehicle Corporations

Related Topics

Credito alla clientela Central Credit Register

The Central Credit Register is an information system on the debt of the customers of the banks and financial companies supervised by the Bank of Italy.

Supervisory registers and lists

By publishing the “Supervisory registers and lists” the Bank of Italy meets its public disclosure obligations under the Consolidated Laws on banking and finance. These statutory obligations are linked to the Bank of Italy’s role as supervisor of banks and financial intermediaries.