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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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10/01/2022
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
01/12/2021
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...
01/12/2021
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...
01/12/2021
Private place­ment rules and law in Italy
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” is...
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
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
25/11/2020
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...
24/11/2020
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...
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...
07/05/2020
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...
22/07/2019
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...
19/07/2019
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...