Founding Partner and Managing Partner of FIVERS, Francesco Di Carlo has for more than thirty years advised financial institutions, asset managers, institutional investors, other corporate clients and entrepreneurial families, in Italy and abroad, on corporate law and on banking, financial and insurance regulation. He combines in-depth knowledge of the regulatory framework and supervisory practice with a pragmatic approach focused on concrete, sustainable solutions for the client’s business, an approach also shaped by his experience serving on the boards of leading companies.
Career
He began practising in 1995, gaining experience at leading Italian firms. In 2000 he was one of the founding partners of Studio Annunziata e Associati, where he practised until the founding of FIVERS Studio Legale e Tributario in 2014. Since 2018, together with other Partners, he has led the management and development of FIVERS into the multidisciplinary firm it is today, with offices in Milan and Rome.
Practice areas
Financial, banking and insurance regulation. He advises financial, banking and insurance operators on incorporation and authorisation procedures, extraordinary transactions and reorganisations, the cross-border provision of reserved services and activities, and the structuring of financial and insurance products and services. He has extensive experience in fund formation and in setting up club deals. He assists banks, intermediaries and insurers in the administrative phase of sanctioning proceedings brought by the supervisory authorities.
Corporate and M&A. He handles M&A transactions and corporate reorganisations, both domestic and cross-border, with a particular focus on the financial sector, where corporate issues intersect with authorisation and supervisory requirements. He also advises clients on corporate governance matters.
Listed companies and institutional investors. He has significant experience in the regulation of listed issuers: public offerings, corporate governance, related-party transactions, disclosure obligations and market abuse. In addition to listed companies, he assists leading international institutional investors in managing their shareholdings in issuers, from the investment stage through to engagement in governance.
Private banking and family offices. He supports family offices and private bankers in meeting the legal and regulatory needs of private clients, a field he also knows from the inside through his seats on the boards of major family offices and his long-standing involvement in the Italian Private Banking Association (AIPB).
Anti-money laundering. He assists banks, intermediaries, insurance companies and other obliged entities in complying with anti-money laundering requirements, as well as in supervisory inspections and sanctioning proceedings.
Board positions and institutional roles
He has held and continues to hold positions in companies within his field of expertise. He currently serves as a Director of Pitagora S.p.A. and LAMSE S.p.A., Chairman of the Board of Statutory Auditors of UBS Fiduciaria S.p.A. and Standing Statutory Auditor of Italiaonline S.p.A. He is also a Director of Fondazione Oliver Twist. His previous roles include Chairman of the Board of Statutory Auditors and of the Supervisory Body (Legislative Decree 231/2001) of Mediobanca S.p.A. From 2007 to 2016 he chaired the Regulatory Committee of the Italian Private Banking Association.
Recognition
He has been ranked for many years in the leading international legal directories: Chambers Europe and Chambers Global for Banking & Finance: Financial Services Regulation, and The Legal 500 for Banking and Finance: Financial Services Regulation, Investment Funds, and Commercial, Corporate and M&A. He is also recognised as a leading practitioner by Lexology Index (formerly Who’s Who Legal), IFLR1000 and Leaders League, and features in several categories of the MF Italian Legal Ranking.
Awards include:
- Legalcommunity Finance Awards: Professional of the Year – Finance Regulatory (2018, 2019, 2020, 2021, 2023 and 2026) and Professional of the Year – Private Client / Family Office (2025)
- Legalcommunity: named in eight editions, most recently in 2025, among the “Best 50” Italian professionals who have made their mark in business law advisory
- TopLegal Industry Awards: Professional of the Year – Banks (2020) and Funds and Insurance (2022)
- Forbes Private Banking Awards 2020: Professional of the Year
What clients say
“Francesco Di Carlo's skills, experience and availability are unique in the Italian regulatory scene.”
“Francesco is an experienced lawyer, balanced in his analysis and pragmatic in his suggested solutions.”
Chambers Europe – Banking & Finance: Financial Services Regulation
