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.
The change facilitates the listing of investment funds to with Borsa Italiana and targeting Italian investors.
Additionally, this change aligns with the recent Euronext ETF Europe initiative that intends to unify the order books for Euronext Milan, Paris and Amsterdam, enabling brokers and clients in Italy, France and the Netherlands to execute on any of these venues interchangeably.
It also opens the door for ETFs listed on Xetra (Frankfurt) to access Italian investors without a separate listing on Borsa Italiana or another Euronext venue.
Nonetheless, the following requirements still apply:
• 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 deposited with CONSOB with the DEPROF retail procedure.
The CONSOB is expected to provide clarity whether ETFs already listed on other EU exchanges that do not require a Market Maker can benefit from this simplified process.
The CONSOB has published the press release on the simplified process here. The full resolution is available here (only in Italian).
