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Funds

Whether you are launching, operating, lending to or investing in a fund or an alternative indirect investment vehicle, you may need to overcome legal and tax issues which could arise from an Italian and/or a cross-border perspective. Our national team assists in all tax and legal aspects of fund structuring as well as day-to-day fund operations.

Our pan-European funds group advises across your key asset classes including private equity, real estate, energy & infrastructure, hedge, venture capital, debt and exchange traded funds. Our experience and varied client base enables us to advise on the commercial as well as the legal and tax aspects. The Italian team has a reputation for efficiency and providing commercial and pragmatic advice to reach successful deal conclusions quickly and on sensible budgets.

We recognize the fast-moving regulatory climate and aim to simplify the legal minefield with our expert funds know how. These developments -such as those affecting passporting and private placement regimes- allow you to keep pace with key market changes. Not only do you need tailored counseling for your business; an advisor must understand the funds working environment and our team can do this for you.


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04/03/2024
Popular investment vehicles in Italy
Updated on May 2022 Investment vehicle Real estate investment fund (REIF)Società di investimento a capitale fisso (SICAF) 1. Form Real estate investment fund (REIF) Contractual Società di investimento...
Comparable
05/01/2024
Private placement rules and law in Italy
1. Summary of private placement provisions for fund interests (if applicable) Italian laws and regulations do not provide for a definition of “private placement”. The term “private placement”...
05/01/2024
AIFM passporting in Italy
1. EEA AIFMs Asset management companies authorised in their EEA home State as AIFMs under the AIFMD may carry out asset management activities in Italy, for which they are authorised to do in their home...
29/12/2023
UCITS passporting in Italy
1. EEA UCITS Schemes  EEA Management Companies can carry on in Italy the activities which they are authorised to carry on in their home country in accordance with the relevant EU provisions, either...
11/07/2022
CMS wins in a landmark Court of Cassation case for the refund of Italian...
01/06/2022
CMS Next
What’s next? In a world of ever-ac­cel­er­at­ing change, staying ahead of the curve and knowing what’s next for your business or sector is essential. At CMS, we see ourselves not only as your legal advisers but also as your business partners. We work together with you to not only resolve current issues but to anticipate future challenges and innovate to meet them. With our latest publication, CMS Next, our experts will regularly offer you insights into and fresh perspectives on a range of issues that businesses have to deal with – from ESG agendas to restructuring after the pandemic or facing the digital transformation. We will also share with you more about the work that we are doing for our clients, helping them innovate, grow and mitigate risk. To be able to provide you with the best support, we immerse ourselves in your world to understand your legal needs and challenges. However, it is equally important that you know who we are and how we can work with you. So, we invite you to meet our experts and catch a glimpse of what is happening inside CMS. Enjoy reading this publication, which we will update regularly with new content. CMS Executive Team
18/02/2021
Limits to the operation in Italy of UK banks and investment companies after...
Starting from 1st January 2021, the provision of banking, financial investment services in Italy by British banks, electronic money institutions, and investment firms shall be deemed to be abusive, unless...
25/11/2020
Tax regime of foreign investment funds equated to Italian funds
The current Italian domestic rules provide for the exemption from corporate income tax only for dividends and capital gains received by investment funds established in Italy, while those received by investment...
24/11/2020
Tax regime of foreign investment funds equated to Italian funds
The current Italian domestic rules provide for the exemption from corporate income tax only for dividends and capital gains received by investment funds established in Italy, while those received by investment...
18/05/2020
Bank of Italy and Consob, Supervisory Guidelines for Simple Investment...
contains a survey of the main provisions applicable to SiS; defines some supervisory guidelines, which represent the expectations of Consob and the Bank of Italy on how the SiS will have to comply with...
07/05/2020
CMS ADVISES CITIZENM, OPERATOR OF THE SMART LUXURY HOTEL, FOR ITS DEBUT...
CMS - among the top ten international law firms - assisted CitizenM, a Dutch operator specialized in the smart luxury hotel sector, in the structuring of an alternative closed-end real estate fund dedicated...
13/11/2019
Update to CMS Passporting Guides
CMS Guide to Passporting: Rules on Marketing Alternative Investment Funds in Europe The EU Commission promoted passporting rights as one of the key benefits for hedge, private equity, real estate and...