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The amended rules are a national implementation of EU guidelines from the European Securities and Markets Authority (ESMA) on matters relating to ETFs and other mutual funds, according to Assogestioni, the Italian association of asset managers.
They introduce a series of modifications, mainly regarding the risk management of open-ended, harmonised OICRs (Organismi d'Investimento Collettivo del Risparmio), covering the funds' investment activities, limits and risk management systems.
The guidelines also cover counterparty risk and collateral management in the case of transactions with OTC derivative instruments, as well as techniques for efficient portfolio management, it said. While the amended regulations took effect at the end of last week, the association said ESMA has indicated there are transitional arrangements at a European level
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