Summary of the key features of the non-possessory pledge

The following table looks at the key features of the non-possessory pledge (pegno mobiliare non possessorio), a security interest introduced in Italy by Law Decree no. 59 of 3 May 2016. Its regulation has long remained unfinished, pending the adoption of implementing legislation. The table analyses the non-possessory pledge in the context of the approval of the technical specifications for the submission of applications for registration with the Register of Non-Possessory Pledges approved by the latest measure of the Italian Tax Authority of 12 January 2023. The non-possessory pledge is undoubtedly one of the most significant innovations of recent years when thinking of security interests and may significantly affect the structuring of 'security packages' in the future.

Although the Italian Tax Authority’s measure has finalised the implementation of this security in the Italian legal system, full operation of the Register remains subject to the publication of a specific press release on the Italian Tax Authority’s website. However, such press release is not yet available on the Italian Tax Authority’s website.

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