Italy

Implementation of Article 9(2) of the EU Settlement Finality Directive

Marco Zaccagnini, Linklaters & Alliance, London

After a long debate, the Italian Government has finally approved the draft of a Law implementing the EU Settlement Finality Directive of 1998. This Law is expected to enter into force in the near future, subject to its publication in the Gazetta Ufficiale . In theory, until such publication, the relevant text may still be amended. Once in force, this Law may have a deep impact on the activity of financial intermediaries dealing in OTC derivatives with counterparties in Italy.