Fund Distribution Alert 2025-06

The CONSOB has approved the elimination of the obligation to produce and obtain CONSOB approval of the “Listing Document” (Documento per la Quotazione) for UCITS ETFs and reserved open-ended alternative investment funds (AIFs) managed by European companies in Italy as of 7 of October 2025.

This change facilitates the listing of investment funds with Borsa Italiana, making it easier for managers to target Italian investors.

The reform also aligns with the recent Euronext ETF Europe initiative, which aims to unify order books across Euronext Milan, Paris and Amsterdam, allowing  brokers and investors in these markets to trade interchangeably.

Furthermore, it potentially opens the door for ETFs listed on Xetra (Frankfurt) to access Italian investors without requiring a separate listing on Borsa Italiana or another Euronext venue.

However, the following requirements remain in place:

•       The ETF must be passported for professional marketing in Italy under article 93 of the UCITS Directive;

•       If marketed to retail investors, marketing materials must comply with ESMA and Italian rules and be submitted to CONSOB;

•       The relevant information on the ETF, the Prospectus and PRIIPs KID (in Italian) must be filed with CONSOB under the DEPROF retail procedure.

CONSOB is expected to clarify whether ETFs already listed on other EU exchanges that do not require a market maker can benefit from this simplified process.

CONSOB's official press release on the simplified process is available here and the full resolution can be found here (only in Italian).

Partner
+352 22 51 51 7271
stephanie.zedda@kpmg.lu

Senior Manager
+352 22 51 51 7417
henrik.olsson@kpmg.lu