The Italian Securitization process is most often based around two separate structures: the Master Servicer and the Special Servicer.
Italian Master Servicer, unlike those in many other countries, need to comply to an extremely strict regulatory framework.
The new provisions of the bank of Italy, impose on the Master Servicer far stricter requirements concerning risk management, capitalization and compliance.
Master Servicers are monitored directly by the bank of Italy, the authorization process is very similar to that necessary for banks, according both to operational aspects and financial solidity guarantee.
The Special Servicer, on the other hand, simply requires a public security licence and does not need to comply to requirements such as minimum capitalization, compliance, internal audit and direct reporting to supervisory authority.