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30 June 2014

Consob and Banca d’Italia: Consultation on hedge-fund directive


Consob and Banca d’Italia have submitted for public consultation a document on changes to their regulations to enact AIFMD.

The AIFMD Directive has harmonised regulations regarding authorisation, operation and transparency of the operators ("GEFIA") of alternative investment funds ("FIAs") managed and/or marketed in the European Union.

The FIAs category includes all the investment funds (UCI, Undertakings in Collective Investment) which do not fall under the application perimeter of the European directive regarding funds (UCITs) that is the hedge or speculative funds, open or closed-end equity and real estate funds and open-end funds not harmonised with the UCITs directive.

The consultation document is divided into three parts. The first part describes the principal changes which will be made to the secondary regulations of Consob and Banca d’Italia. The second part, divided into three sections, includes the proposals of modification to the regulations that fall within the jurisdiction of the two authorities. The third part lists the preliminary reports on the impact analysis activity of the Banca d'Italia and Consob regulations.

All market participants are invited to make their contributions, which, as usual, will be made public, unless there is an explicit request to not divulge them. The consultation document has been published on the website www.consob.it in the section "Consultations in progress".

The consultation will remain open for 60 days and close on 25 August 2014                  

Full press release



© Consob - Commissione Nazionale per le Società e la Borsa


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