Fund Distribution Alert 2022-021

EU Directive 2019-1160 Transposition Update – Italy

EU Directive 2019-1160 Transposition Update – Italy

On 6 September 2022 CONSOB published Resolution No. 22437, modifying Regulation No. 11971 of 14 May 1999 (the “Issuer’s Regulation”), which sets out the transposition of Directive (EU) 2019/1160 in Italy.  

The resolution was prompted by the initial transposition in November 2021, which granted CONSOB powers to update its regulation in accordance with the Directive.

Below are the main changes to consider:


Following the transposition, article 19-quater of the Issuers Regulation is fully replaced with the dispositions on facilities available to investors from the Directive. The article thus no longer obliges EU-UCITS to appoint an entity in Italy in charge of investor relations (e.g. Italian bank or Italian distributor). In terms of language thereof, it is specified that the facilities are to be provided in Italian. Moreover, it is confirmed that these dispositions do not apply in case of a distribution to professional investors only.

The Italian subscription form to be used for retail distribution by EU-UCITS should include information regarding the fulfilment of the facilities, as long as this information is not already available to investors in the manner prescribed by the regulations or by the articles of association of the fund. 


For AIFs distributed to retail investors in Italy, the language is to be Italian (like for UCITS funds).

Furthermore, CONSOB outlines a specific termination of marketing procedure for EU-AIFs managed by EU-AIFMS distributed to retail investors in Italy (AIFMD art. 43) which is akin to the denotification procedure provided by the Directive.

The Resolution will be published in the Official Gazette of the Italian Republic shortly and will enter into force on the 20th day following the date of publication.

Resolution No. 22437 of 6 September 2022 is available here (only in Italian).

Please feel free to contact us should you require any additional information.


Said Fihri

+352 22 51 51 7892

Stephanie Zedda

+352 22 51 51 7271

Related Content