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ELTIFs - Italian transposition

  • United Kingdom
  • Financial services and markets regulation

12-12-2017

On 1st December 2017 the Legislative Decree transposing Regulation (EU) 2015/760 on European long-term investment funds (ELTIFs) has been approved.

The Decree amends and integrates the Italian Financial Act in order to align it with the Regulation, which introduces specific provisions relating to the authorisation procedure, investment policies, transparency obligations and marketing of this new type of fund, whose shares/units may be marketed vis-à-vis retail investors, also on a cross border basis (thus expanding the range of products offered by fund managers).

The Decree introduces the definitions of ‘ELTIF’ and ‘ELTIF manager’ and entrusts the Bank of Italy and CONSOB with supervising and sanctioning powers in accordance with their respective competences.

ELTIFs may only invest in certain categories of assets (‘eligible investments’). Equity or quasi-equity instruments, debt instruments issued by non-listed companies or listed SMEs, loans granted by ELTIFs to the aforementioned companies, units or shares of other ELTIFs and direct or indirect holdings via qualifying portfolio undertakings of individual real assets with a value of at least ten million (or its equivalent in the currency in which, and at the time when, the expenditure is incurred) qualify as eligible investments. Ancillary investments in UCITS eligible liquid assets are permitted as well.

ELTIFs offer to professional and retail investors long-term stable returns, while activating alternative sources of funding for financing the real economy.

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