CreditWeek 2024 | Directive (EU) 2021/2167 (so-called Secondary Market Directive – SMD): New Market Opportunities for Servicers, Investors, and Originators in Light of the New Regulatory Framework


On the occasion of CreditWeek 2024, organized by the news outlet Credit News at Palazzo del Ghiaccio in Milan on June 5th, EthicalFin NPL promoted a panel, strongly advocated by the company’s CEO Alfredo Fineschi, on the pressing issue of the new Directive: Directive (EU) 2021/2167: New Market Opportunities for Servicers, Investors, and Originators in Light of the New Regulatory Framework.

Will we be able to continue our current activities under the new regulation as Servicers licensed under Article 115 TULPS?


The directive places particular emphasis on consumer protection. Do you think the measures provided are sufficient to safeguard consumer rights?


What additional legislative or regulatory measures do you think are necessary to comprehensively address the issue of non-performing loans? What do you hope for beyond the Directive?


What are the main challenges banks will face during the transition, in light of the new rules provided by the regulation?


According to the draft, what are the prerogatives of the future company in question, and what remains for Servicers licensed under Article 115 TULPS who do not comply with the new regulation?


Until now, the out-of-court collection activities carried out by Servicers licensed under Article 115 TULPS were not regulated or associated with oversight by the Bank of Italy, so law firms also operated out-of-court. If tomorrow we impose a constraint on out-of-court activities, will law firms also be precluded from acting out-of-court?

These are some of the issues addressed by the speakers. Among the speakers was our CEO, Alfredo Fineschi, who shared the perspective of Servicers potentially interested in registering for the new register, along with many other guests who also offered their viewpoints. The participants included:

  • Alfredo Fineschi | CEO – EthicalFin NPL
  • Carmelo Raimondo | Partner Head of Banking & Finance – WST Law & Tax
  • Andrea Laurenti | Head of NPL Disposals – doValue SpA
  • Massimo Famularo | Senior Advisor Finance and NPE Department – Luigi Luzzatti SCpA
  • Marco Marino, Senior Analyst – Italian Banking Association (ABI)

The panel was moderated by Alessandro Ruocco, journalist at CreditNews.

To listen to the panel and the speakers’ contributions, click here.

CreditWeek is the first exhibition in Italy that brings together the entire credit sector. This year’s theme was people, the true driving force behind every business – a theme that resonates deeply with us. At EthicalFin NPL, we strive to put people at the center, both in our external activities and within the company, where we aim to build and maintain a serene and collaborative work environment where everyone feels valued and heard. We are delighted to have joined CreditWeek again this year, actively participating as exhibitors and panel promoters, and we are grateful for the space and trust given to us: the panel registered over 100 attendees and generated a lot of interest.

To catch up on the panel and the speakers’ contributions, click here.