On September 6, 2022, Italy has eventually completed the transposition of the cross-border distribution of funds Directive (EU) 2019/1160 (“CBDF”) by enacting some changes to the sections of CONSOB Regulation on Issuers (no. 11971 of 1999, as amended, hereinafter,...
Changes to the CONSOB Regulation on Financial Intermediaries in order to implement some EU Directives within the CMRP (Capital Markets Recovery Package) framework and in relation to sustainability, third countries, knowledge and competence, Italian investment firms.
I The changes introduced by the CONSOB Resolution no. 22430 of July 28, 2022 (the “Resolution”) to the CONSOB Regulation on Intermediaries – Overview By means of the Resolution, CONSOB amended and/or integrated its Regulation on Intermediaries no. 20307 of 15...
Simplification of the approval procedure for the prospectuses of securities under the “Prospectus Regulation” ((EU) 2017/1129) and possibility to submit to CONSOB prospectuses of securities in English I The CONSOB Resolution no. 22423 of 28 July 2022 (the...
he MEF Decree no 19/2022, entered into force on March 30, 2022, has introduced an additional class of Non Professional Investors in Reserved AIF, by adding two new sub-paragraph to the above-mentioned article 14, para 2, of the MEF Decree no 30/2015.
It is important to note that the MEF Decree no 19/2022 didn’t lower the Euro 500K threshold for being treated as professional investors for the purpose of the marketing of AIFs, but introduced a new class of Non Professional Investors in Reserved AIF that can invest Euro 100K provided that this is done within the scope of an investment service that imply a prior assessment of suitability – i.e., non-discretionary investment advice or management of investment portfolios on a discretionary basis – and that the 10% threshold is complied with in case of investments within the scope of investment advisory services.
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