Culminating a legislative process that began in 2016, the Italian registry for non-possessory pledges over corporate assets came into effect on 15 June 2023.
From this date, it became operative under Italian law a new type of pledge, which differs significantly from the traditional pledge envisaged by the Italian Civil Code.
Against this backdrop, this contribution aims to assess the newly introduced pledge by comparatively examining the Italian, English and Dutch legal frameworks, primarily through the lens of a law-and-economics approach. To ensure a more balanced analysis, the protection of the interests of unsecured creditors and security providers is also considered.
The inquiry is structured in two parts, each addressing a core feature of the new Italian regime:
(1) the non-possessory nature of the pledge and its associated public registration mechanism;
and (2) the scope of the non-possessory pledge, namely the types of eligible collateral, its floating nature, and the range of obligations it may secure.
The paper argues that such a reform brings the Italian system closer to the English and Dutch models, although relevant differences remain among the three jurisdictions.
Furthermore, it is contended that the expanded scope of the new non-possessory pledge necessitates the introduction of additional safeguards to more effectively protect the position of unsecured creditors and security providers.
Without prejudice to the foregoing, the overall assessment of the Italian reform is positive, since it modernizes the Italian system of security rights and contributes to its greater efficiency.
Download the abstract of the article written by Alberto Buffa for European Review of Private Law 34, 2026
