Regulatory Alerts2013-07-26
Communications - Communication by Bank of Italy and CONSOB on the regulatory framework for Alternative Investment Fund Managers
The Bank of Italy and CONSOB issued joint guidance to clarify the transitional regulatory framework for Alternative Investment Fund Managers (AIFMs) following the July 22, 2013 deadline for the transposition of the AIFMD into Italian law. The document establishes that existing Italian management companies may continue operations under national rules until new legislation is enacted, while EU-based managers must utilize notification procedures for cross-border activities. Additionally, it outlines immediate applicability rules for European Venture Capital and Social Entrepreneurship funds, detailing registration and notification requirements for both domestic and foreign managers.
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