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Funds

Italy

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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18 February 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...
01 December 2020
CMS Ex­pert Guide to UCITS pass­port­ing
In­form­a­tion provided as of Decem­ber 2020.The UCITS Dir­ect­ive was es­tab­lished to har­mon­ise re­tail col­lect­ive in­vest­ment schemes in the EU through the in­tro­duc­tion of a com­mon in­vest­ment vehicle known as...
01 December 2020
CMS Ex­pert Guide to AIFM pass­port­ing
In­form­a­tion provided as of 2020.The EU Com­mis­sion pro­moted pass­port­ing rights as one of the key be­ne­fits for hedge, private equity, real es­tate and oth­er al­tern­at­ive in­vest­ment fund man­agers au­thor­ised...
01 December 2020
CMS Ex­pert Guide to private place­ment of funds rules and law
In­form­a­tion provided as of Septem­ber 2020.When im­ple­ment­ing the Al­tern­at­ive In­vest­ment Fund Man­agers Dir­ect­ive (“AIFMD”), some EU States have tightened or severely re­stric­ted their private place­ment...
25 November 2020
CMS Ex­pert Guide to pop­u­lar in­vest­ment vehicles
This guide gives a quick re­view of some of the most pop­u­lar fund vehicles for in­sti­tu­tion­al in­vest­ment in real as­sets.The se­lec­tion of a vehicle has a num­ber of com­mon themes in­clud­ing the loc­a­tion of...
Comparable
25 November 2020
Tax re­gime of for­eign in­vest­ment funds equated to Itali­an funds
Ac­cord­ing to the 2021 Draft Fin­ance Law, with re­gard to the tax­a­tion of di­vidends and cap­it­al gains de­riv­ing from share­hold­ings of com­pan­ies with tax res­id­ence in Italy, the cur­rent dis­crim­in­a­tion between...
24 November 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 May 2020
Bank of Italy and Con­sob, Su­per­vis­ory Guidelines for Simple In­vest­ment...
On 30 April 2020, Con­sob and the Bank of Italy sub­mit­ted draft Su­per­vis­ory Guidelines for Simple In­vest­ment Com­pan­ies (So­ci­età di In­ves­t­i­mento Sem­plice or Simple In­vest­ment Com­pany ("SiS")) for pub­lic...
07 May 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...
22 July 2019
Brexit news for fin­an­cial ser­vices firms - from 6 Ju­ly 2019 to 19 Ju­ly...
1.  HMT: LAUNCH FIN­AN­CIAL SER­VICES FU­TURE REG­U­LAT­ORY FRAME­WORK RE­VIEW HM Treas­ury has launched the first phase of the Fin­an­cial Ser­vices Fu­ture Reg­u­lat­ory Frame­work re­view. This phase will look at...
19 July 2019
Crowd­fund­ing: Not only equity but also debt in­stru­ments. Pro­pos­als for...
The 2019 budget law in­tro­duced cer­tain amend­ments to the spe­cif­ic Itali­an law on crowd­fund­ing (Crowd­fund­ing Reg­u­la­tion no. 18592/2013), in or­der to ex­tend the pro­vi­sions on crowd­fund­ing, bonds and debt...
29 March 2019
Brexit (Italy) Bank­ing activ­it­ies & in­vest­ment ser­vices car­ried out by...
On 25 March 2019, the Law De­cree no. 22 (the “De­cree”) on ur­gent meas­ures to guar­an­tee the con­tinu­ity of the mar­kets in case of no-deal Brexit ap­plic­able was pub­lished in the Itali­an Of­fi­cial Journ­al...