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 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 2023 fiscal year by, inter alios, EEA Management Companies, are determined by the Consob Resolution no. 22554 of 22 December 2022 as follows: 

  1. in case of entities offering their (UCITS) units and shares to the public following the completion of the marketing procedure under Article 42 of the TUF and the filing of a prospectus, and for which, as of 2 January 2023, a public offering is pending: an amount of EUR 2,290.00 for each fund or for each sub-fund (if any), with the exclusion of the first two funds / sub-funds which are listed (or have listed unit classes) which shall be exempt from the calculation of such additional fee; 
  2. in case of units or shares subscribed by Italian residents (following the completion of the marketing procedure under Articles 42 of the TUF) as of 2 January 2023 (in respect of public offering that closed in the previous year/s): an amount of EUR 1,620.00 for each fund or for each sub-fund, if any; 
  3. in case of entities offering (UCITS) units or shares to professional clients following the completion of the marketing procedure under Articles 42 of the TUF: an amount of EUR 1.060.00 for each fund or for each sub-fund, if any; 
  4. in case of asset managers enrolled as of 2 January 2023 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 exceeds EUR 100,000.00: 
    1. for volumes up to EUR 1,000.000.00: EUR 4,710.00; 
    2. for volumes up to EUR 10,000.000.00: EUR 14,130.00; 
    3. for volumes up to EUR 100,000.000.00: EUR 23,550.00; 
    4. for volumes up to EUR 1,000,000,000.00: EUR 32,970.00;  
    5. for volumes up to EUR 3,000,000,000.00: EUR 42,390.00; and 
    6. for volumes exceeding EUR 3,000,000,000.00: EUR 49,455.00.