Summa Service was founded on the initiative of Studio Maurizio Godoli – chartered accountants, auditors and lawyers - www.studiogodoli.it - providing your business with answers related to financial, tax-related administrative and corporate law on a national and international scale.
Summa Service is registered in the new “Albo Unico” of financial brokers (ex-art. 106 T.U.B.) and obtained the Servicer authorization by the Bank of Italy in February 2017.
Summa Service is an Independent Servicer not connected in any way to direct investors in the performing market. Its corporate structure guarantees the maximum level of transparency when handling tasks.
1. Vehicle Companies and
SUMMA SERVICE can assist newly-established vehicle companies (SPV) or provide support for the incorporation of vehicle companies. It is able to carry out any matter related to administration, bookkeeping, taxes and statutory audit.
2. Vehicle Companies Directors
Pursuant the Banking Act, Independent Directors are available to be appointed in Vehicle Companies’ Board of Directors.
3. Calculation Agent
Summa Service provides weekly, monthly, quarterly and semi-annual Payment Reports pursuant to the settlement of securities and other operational contracts and is responsible for determining how much is owed to investors and to other creditors of the issuer.
As appointee for the collection of receivables, cash services and payments, Summa Service is responsible for the verification of conformity with the Securitisation in accordance with Law 130/1999 and with its Prospectus.
5. Representative of the
As bondholders’ trustee, SUMMA SERVICE carefully looks after the bonds holder interests in the operation context.
6. Monitoring and reporting
Summa Service monitors and drafts the reporting relative to the portfolio and to the verification of the business plan or possible reviews of the operation models.
7. Regulatory activities
Summa Service lays out reports or communications to the Authorities that are related to securitisation vehicles, in accordance with the current regulations:
- Central Risks Database
- Unified Database
- Register of transactions and financial relation
SUMMA SERVICE operates as “Master Service” and is able to provide services in the field of securitisation operations (ex Law 130/1999)
Comma number 2 of the law on securitisation defines the Servicer as “entity authorised for the collection of receivables, cash services and payments”; this entity is also responsible to verify whether an operation is compliant with the Law 130/99 and with the Prospectus.
The primary legislation does not establish nor pinpoint master servicer, primary servicer and special servicer roles. However, daily routine has allowed identifying a term base acquired during the operational procedure.
when the servicing activity is handled by only one individual; in this case, a sub-servicer is not appointed. The primary servicer has, therefore, the duty to carry out operative functions and to serve as guarantor and controller as determined by the supervisory regulations.
In particular, the primary servicer:
- it is directly involved in the activity of managing portfolio loans, since they have a direct contact with the assigned debtors.
- It directly monitors the portfolio of receivables and loans and all planned deadlines: straightforwardly produces reports for the issuer and the investors.
the Master servicer is in charge of monitoring and guaranteeing/controlling the correct operational functioning since this activity cannot be delegated. However, compared to the Primary Servicer, a third party individual – the sub-servicer – is responsible for the collection of receivables.
In particular, the primary servicer: monitors the activities of the sub-servicer, who is in charge of collecting the receivables (receivables and deadlines) and the administration of receivables, and also for verifying the quality of the supplied information: is responsible for drafting reports for the issuer and the investors (Computation agent).
a special servicer is a servicer or sub-servicer carries out special operational tasks as well, such as credit collection activities. Therefore, with this meaning in master servicer structures, a sub-servicer can be qualified as a special servicer as well.
It is also possible to identify the following roles as connected to the servicing activities.
constituting and handling vehicle companies with reference to administrative, accounting, tax-related and regulatory aspects.
Summa Service’ Board of Directors has been charged with a strategic supervision role.
The Board of Directors, is made of 5 members: the President (Federica Godoli), the CEO (Luciano L. Godoli), who is also responsible for the business/development, human resources and commercial areas, one Director (Fabio Stupazzini), who is responsible for externalised activities and two non-executive Directors for 2nd and 3rd level control functions.
IT systems and Legal/Business Affairs functions are externalised and managed internally by Mr. Fabio Stupazzini.
Commercial, Operations, Administration and Finance functions report directly to the CEO (Luciano L. Godoli) who is also responsible for the commercial function on an interim basis.
Federica Godoli – President of the Board of Directors
Federica Godoli has worked as chartered accountant and auditor since 1995 and she is registered in the Business Advisors register at Bologna Court. She has a consolidated experience in corporate consultancy, international taxation, Statutory auditor for manufacturing companies, and she is an expert designated by the Court for the assessment of companies in accordance with Italian civil code. In the past, she worked for ERNST & YOUNG (Milan Headquarters) where she dealt with international taxation and administration advice, mostly for International groups.
Luciano Leonello Godoli – CEO
Luciano Leonello Godoli has been working as chartered accountant and auditor since 1994 and he is registered in the Business Advisors register at Bologna Court. He has worked mainly in the fields of corporate consultancy, insolvency procedures as official receiver in bankruptcy procedures, statutory auditor for financial and manufacturing companies. He also acquired relevant experience during his activity at the Financial Engineering Office of CITIBANK N.A. Headquarters in Milan and at Coopers and Lybrand (London Headquarters).
Giovanni Grieco – Director
Giovanni Grieco is an independent internal member charged with the activities of Risk Management, Compliance and AML. He has a degree in Economics and Banking and is a Statutory Auditor.
He worked as CFO of listed companies and financial intermediaries registered ex art.106 T.U.B. He has also been CFO and Director of SPV companies operating in the securitisations field.
He worked as Internal Auditor and Corporate Consultant.
Francesco Lo Cascio – Director
Independent internal member in charge for the function of Internal Audit Public accountant and Statutory Auditor 30 years’ experience as Partner of an Audit and Certification Firm registered in the CONSOB Register. He also carried out duties as Consolidated Financial Statements Manager and Internal Audit of companies listed on the Milan Stock Exchange.
Fabio Stupazzini – Director
Fabio Stupazzini is a Public Accountant and a Certified Auditor. He has over 25 years’ experience in the investment banking and capital markets sector. He has also worked in Italian and international banks.
In the course of his activity, Fabio arranged and organized more than 70 securitisation operations for a total volume of over € 60 billion in various receivables and many transactions.
He received an award from ISR due to the best securitisation operation of mortgage loans in 2003 and for the developing countries in 2017.
Master Servicer registration number 135
Banca d’Italia register of Financial Intermediaries ex art 106 T.U.B.
Via Guido Reni, 2/2 (Bologna)
tel. +39 051 0013277 - fax +39 0510822978- P.IVA 03552151205
This document was drafted by SUMMA SERVICE Srl for internal use only and for the individuals to whom it was written for and distributed, with the only purpose of confidentially providing information on our Company and is only meant to its recipients.
The contents of this presentation are purely for publicity purposes and the information contained in this document may, therefore, be changed without notice. Some information may not have been included.
In accordance with the supervisory authority of financial intermediaries, Part III, Chapter 1, Section III, comma 1 (draft of July 2014), Summa Service is supported by an efficient internal controls system.
The Board of Directors ensures that the internal controls system functions correctly, wholly and adequately, the Statutory Auditors evaluates the efficiency of the internal controls system and the control of operating risks, while the CEO has management functions.
The Internal Audit has the responsibility to guarantee the functionality and efficacy of the entire internal controls system.
Second Level Control functions have the responsibility of presiding upon controls related to precise risk factors while ensuring independence from business functions.
Productive, commercial, administrative and support functions are responsible for performing line controls (1st level) that are meant to ensure the correct carrying out of the operations.
The representative of the note holders:
protection for credit claims of the bondholders, so as to avert the risk of individual uncoordinated actions that may cause problems for a positive operational outcome.