Under current tax legislation, the anti-abuse provision included in Article 37-bis of Presidential Decree no 600/73 may be deemed applicable to securitization. Article 37-bis states that the Italian tax authorities may disregard any single-step or multi-step acts, facts and transactions without valid business purposes purporting to avoid fiscal obligations or prohibitions set forth by the Italian tax legislation and to achieve tax reduction or refunds otherwise undue.

The tax authorities disclaim the tax benefits achieved through the above-mentioned acts, facts and transactions, by applying taxes determined by the avoided provisions, net of taxes due on account of the tax avoidance behavior, which is disregarded by the tax authorities.