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The privacy-related issues in securitizations have always been a relevant issue. Indeed, Italian law provided that also the data of companies fell under the scope of data protection regulations with the consequential need to comply with privacy policy notifications towards thousands of creditors whose contract has been assigned as part of the secrutizations for instance. But things have now changed!
The Italian Data Protection Authority allowed companies to notify the transfer of agreements to assigned creditors through the publication of the privacy policy on the Italian Official Gazette, but this is not necessary anymore. Indeed, as part of the Law Decree 6 December 2011 No. 201, the data of legal persons (i.e. companies and associations) are not deemed to be anymore personal data and therefore are not subject anymore to Italian data protection obligations.
The Italian Data Protection Authority allowed companies to notify the transfer of agreements to assigned creditors through the publication of the privacy policy on the Italian Official Gazette, but this is not necessary anymore. Indeed, as part of the Law Decree 6 December 2011 No. 201, the data of legal persons (i.e. companies and associations) are not deemed to be anymore personal data and therefore are not subject anymore to Italian data protection obligations.
Therefore in case of securitizations where the assigned creditors are only companies, it will not be necessary anymore to comply with privacy-related obligations as to the processing of their data and therefore the obligation to notify the privacy policy to such entities will not be a problem anymore.
However, in case of processing of data relating to individuals, privacy law obligations still require the delivery to the individuals of a privacy policy compliant with the Italian Privacy Code. Therefore the matter shall be reviewed on a case by case basis and you will still need your favourite privacy lawyer, Giulio Coraggio.
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