+41 91 9702718 (LVGA) / +39 02 3056 8348 (MI) info@crocenzilex.com

Italian Regulatory Update[1]                                     Issue 2021 03

Date:            February 22, 2021

I         Summary

CONSOB have updated the Procedure Manual for the retail deposits (“DEPROF”) of sales documents such as KIIDs, prospectuses and Italian application forms with Annex of collective investment schemes marketed to retail investors and now require to flag if the relevant sub-fund is within the scope of some provisions of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability‐related disclosures in the financial services sector (“SFDR”).

The new disclosure requirements apply to both the new sub-funds and to those for which the annual deposit of the KIIDs is carried out.


II        The 2021 edition of the DEPROF Manual

The 2021 edition of the DEPROF Manual provides for additional disclosures in connection with the sustainability characteristics of the funds, based on the taxonomy provided for by the SFDR.

In particular, it is now necessary to flag, for each sub-fund, one of the three points in a new section of the DEPROF called “Prodotti sostenibili” (Sustainable Products), which are:

Legend in DEPROF Meaning
□     No The sub-fund does not fall within the scope of articles 8 nor 9 of the SFDR
□    Oicr art. 8 Reg UE 2019/2088 The sub-fund promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics (article 8(1) of the SFDR).
□    Oicr art. 9 Reg UE 2019/2088 The sub-fund has sustainable investment as its objective (with or without an index), or a reduction of carbon emissions (article 9(1), (2) and (3) of the SFDR).

Note: the Italian acronym “Oicr” means collective investment schemes, including UCITS



III       Entering into force

The new edition of the DEPROF Manual entered into force on January 1, 2021. As already pointed out, the additional disclosure requirements also apply to existing sub-funds when filing the updated KIIDs.

Therefore, in the next forthcoming annual deposit of the KIIDs it will be necessary to categorize each sub-fund presently marketed in Italy according to one of the three above categories.



Best regards


Francesco P Crocenzi

[1] IMPORTANT INFORMATION This memorandum is not given in performance of a professional engagement during an attorney-client relationship and is only given for a general information to the reader regarding the matters discussed herein.  Therefore, this document should not be relied upon as a legal opinion and no action should be taken on the basis of the information herein contained.  © 2021 Francesco Paolo Crocenzi