Italy

1. EEA UCITS Schemes

EEA Management Companies can carry on the activities which they are authorised to carry on in Italy in accordance with the relevant EU provisions, either through a branch or on a cross border basis.

According to Article 41-bis of the Italian Consolidated Law on Finance (Testo Unico della Finanza) (“TUF”), as implemented by the Italian securities market supervisory authority’s (Commissione Nazionale per le Societa e la Borsa) (“Consob”) Regulation no.11971 of May 14, 1999 (the “Regulation”), EEA Management Companies can carry out authorised activities in Italy on a services basis provided that Consob and the Bank of Italy receive a notification by the HMSA and can start carrying out the authorised activities upon receipt by the above authorities of such notification.

Under Article 42 of TUF, as implemented by Article 19-bis of the Regulation, the marketing of EEA UCITS Schemes in Italy must be preceded by a notification by the HMSA to Consob. The letter must indicate whether the marketing of the EEA UCITS Scheme is addressed to the public or only to qualified investors. The notification must be accompanied by the EEA UCITS Scheme’s rules or instrument of incorporation, the prospectus, any annual reports or biannual reports, where applicable, and the KIID translated into Italian. The HMSA shall send, in addition to the notification, a certificate confirming compliance of the EEA UCITS Scheme with the UCITS Directive.

One the HMSA has informed the EEA Management Company of the transmission of the above notification to Consob, the EEA Management Company can start marketing the EEA UCITS Scheme in Italy.

2. Fees

Each year Consob issues specific resolutions determining the fees payable for the following year by supervised entities, including EEA Management Companies operating in Italy, either on a branch or on a services basis.

The fees due to Consob for the 2019 fiscal year are determined by the Consob Resolution no. 20767 of 28 December 2018, which sets out that for UCITS marketed in Italy the payable fee is a fixed amount of EUR 3,895.00 plus:

• in case of entities offering their units and shares to the public following the filing of a prospectus (with the exclusion of listed funds / sub-funds or funds / sub-funds having one or more listed classes: an amount of EUR 1,945.00 for each fund or for each sub-fund (if any), for which, as of 2nd January 2019, a public offering is pending, with the exclusion of the first two funds / sub-funds which are listed (or have listed unit classes) and two funds / sub-funds, which shall be exempt from the calculation of such additional fee;
• in case of units or shares subscribed by Italian residents as of 2nd January 2019 (in respect of public offering that closed in the previous year/s): an amount of EUR 1,375.00 for each fund or for each sub-fund;
• in case of asset managers enrolled as of 2nd January 2019 in the relevant Asset Managers’ Registry held by the Bank of Italy and offering (their own or third parties’) funds to retail clients in Italy, where the marketed volume exceed EUR 100,000.00:
  • for volumes up to EUR 1,000.000.00: EUR 4,000.00;
  • for volumes up to EUR 10,000.000.00: EUR 12,000.00;
  • for volumes up to EUR 100,000.000.00: EUR 20,000.00;
  • for volumes up to EUR 1,000,000,000.00: EUR 28,000.00; 
  • for volumes up to EUR 3,000,000,000.00: EUR 36,000.00;
  • for volumes exceeding EUR 3,000,000,000.00: EUR 42,000.00.