Fund Distribution Alert 2025-07

Henrik Olsson
Director
+352  621877417

henrik.olsson@kpmg.lu

The Italian securities regulator Consob has introduced a new online platform, DePub: https://www.sai.consob.it/msgpubbwebfe/ , for the transmission of all marketing materials for retail funds and retail investment products, whether Italian or foreign. 

The transitional phase currently in effect, running from 1 September 2025 to 31 December 2025, provides that:

• The use of DePub is recommended
• In case of access or transmission issues not resolved by Consob’s helpdesk, supervised entities may exceptionally send documentation via: consob@pec.consob.it or protocollo@consob.it.

From 1 January 2026, DePub becomes the exclusive method for submitting marketing material to Consob. All previous procedures, including paper filings, will be discontinued. Any supervised entity, Italian and/or foreign, and any authorized delegate may use DePub as long as they are accredited by CONSOB with the “marketing material distributor” profile.

While DePub centralizes the transmission of marketing documents, CONSOB does not perform an automatic validation of materials upon upload. Instead, the authority applies an ex-post supervisory approach, intervening only if the published materials are found to be non-compliant with applicable laws and regulations. In such cases, amendments may be required. In the absence of any communication from CONSOB, the submitted documents shall be deemed accepted.

CONSOB recommends using the transitional period to complete the migration. To support this process, the authority has simplified access for entities already using the current Teleraccolta system (CONSOB’s current system). Such entities may follow a simplified migration via the following link https://www.sai.consob.it/sireg-porting/. Once the migration process is complete, users will receive immediate access to DePub.

Entities without Teleraccolta must register through the general process available at the following link: sai.consob.it/sireg-porting/ 

For credential assistance, contact sistemacredenziali@consob.it.

For further information, please refer to the following link.

Feel free to contact us should you require any additional information.

• Begin using DePub during the transitional period to ensure a smooth migration
• Applies to marketing materials intended for retail investors
• DePub becomes mandatory from 1 January 2026
• Ensure your organisation is registered and onboarded in advance