Osvaldo Licini

Main Menu

  • Home
  • Painter
  • Italian
  • Abstract artist
  • Modern art
  • Investment

Osvaldo Licini

Header Banner

Osvaldo Licini

  • Home
  • Painter
  • Italian
  • Abstract artist
  • Modern art
  • Investment
Italian
Home›Italian›Updates on Italy’s implementation of EU rules on cross-border distribution of UCIs | Hogan Lovells

Updates on Italy’s implementation of EU rules on cross-border distribution of UCIs | Hogan Lovells

By Justin Joy
May 17, 2022
0
0

Italian secondary legislation to be adapted to EU standards

On July 15, 2021, the Italian Council of Ministers approved, in preliminary examination, a Legislative Decree introducing rules to adapt national legislation to EU rules – Directive (EU) 2019/1160 (CBFD Directive) and Regulation (EU) ) 2019/1156 (CBFD Regulation) – on the cross-border distribution of undertakings for collective investment (see our previous flash here).

As a follow-up, Legislative Decree no. 191 of November 5, 2021 amended Legislative Decree no. 58 of February 24, 1998 (the consolidated finance law) implementing, at the level of primary legislation, the CBFD directive and adapting the national rules to the CBFD regulation.

More specifically, among other things, Consob has been delegated the power to regulate:

  • local facilities for investors to be made available in Italy;

  • the procedure for stopping the marketing of UCITS and AIFs;

  • pre-marketing activities.

In order to exercise the aforementioned regulatory powers, Consob has published for consultation its amendments to the Consob Regulations on issuers concerning, among others:

  • the tasks of the local facilities for retail UCITS and certain categories of AIF, which may be carried out by the same UCITS/AIF or by third parties, serving as a point of contact for any communication with Consob and the Bank of Italy, as well as the information to be provided to investors in this regard;

  • notification to Consob either by the Italian fund manager or by the foreign regulatory authority, depending on the type of fund, for end the marketing of units/shares of UCITS and AIFs, the information which must be made public by the fund manager to investors, the offer to buy back units/shares of funds (other than closed-end AIFs or ELTIFs) of investors in the country when the marketing is terminated, as well as the obligation for the fund manager to terminate the agreements with third parties from the date on which the Consob receives the notification in order to avoid a new marketing of the funds;

  • the rules for pre-marketing of the reserved AIFs and the applicable procedure, the cases in which the subscription by professional investors of AIF units/shares is considered as the result of a marketing and the list of entities authorized to carry out pre-marketing activities;

  • the exclusion of UCIs from the rules on advertisement provided for by the Consob regulation on issuers, as they are directly subject to the ESMA guidelines on marketing communications under the regulation on cross-border distribution of funds (ESMA34-45-1244).

Also, the Consob took the opportunity to transfer the provisions of the SFDR and the Taxonomy Regulation relating to the pre-contractual information to be included in the offer documents of investment funds to the Issuer Regulations.

Next steps

The Consob consultation having ended on March 11, 2022, the final version of the Regulation on Issuers should be published soon. Click here to download the text of the regulation on issuers subject to consultation (available only in Italian).

[View source.]

Related posts:

  1. Comfort Food Italian Restaurant’s Sunday Sauce is a mainstay of Inglewood
  2. Sammie’s gives Austin the quintessential Italian-American fare she’s long dreamed of
  3. DeMONTIS: The treatment of Italian Canadians during the war is a nasty task
  4. Italian cable car crash suspects freed

Categories

  • Abstract artist
  • Investment
  • Italian
  • Modern art
  • Painter

Recent Posts

  • At Glenstone, Doris Salcedo endures the lingering pain of gun violence
  • Works by female Old Masters, including a rare rediscovered talent, will take center stage at TEFAF Maastricht this weekend
  • Analysis: Italy’s “drugged” construction boom hits a wall
  • Google doodle honors Copper Thunderbird on National Indigenous Peoples Day of Canada
  • How Paintings Lost in a Small Town Art Theft Were Recovered 50 Years Later

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • Privacy Policy
  • Terms and Conditions