Annual Fees

Annual Fees

The fee schedule for the 2024 financial year has been established in a single Resolution no. 22915 of 6 December 2023 which also lays down the time limits and procedures for paying fees. 

In case of doubt or differences of interpretation the Italian text shall prevail over the English.

Fees to be paid by subjects that have applied for the approval of a prospectus/registration document/supplement concerning non-equity securities in the period between January 2, 2024 and December 31, 2024 (Article 3, letter m), point m4) of resolution no. 22915/2023

Fees to be paid by Managers of extra-EU financial instrument regulated market applying for recognition in Italy under Art. 70, para. 1 of Italian Legislative Decree no. 58/1998 (Article 3, letter u) of resolution no. 22915/2023

Fees to be paid by asset management companies, Sicavs, SICAFs and collective investment undertakings:

Publication of regulatory fees and charges according to Commission Implementing Regulation (EU) 2021/955 of 27 May 2021 (Annex III) with regard to cross-border marketing of AIFs and UCITS.

(Last modified date: 30 January 2024)

This page contains information on the fees and charges levied by Consob for carrying out its duties in relation to the cross-border activities of AIFMs and UCITS management companies referred to in Article 10(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.

Cross-border management fees and charges

a) No fees and charges are levied by Consob in relation to registration fees;

b) No fees and charges are levied by Consob in relation to fees levied for the notification of documents and for any subsequent update of prior notification;

c) No fees and charges are levied by Consob in relation to passporting fees;

d) No fees and charges are levied by Consob in relation to management fees;

e) Fees and charges levied by Consob are due by EU asset management companies with branches in Italy pursuant to art.1, letter o-bis) of Italian Legislative Decree no. 58/1998, EU alternative investment fund managers (EU AIF) with branches in Italy, pursuant to Art. 1, para. 1, letter p) of Italian Legislative Decree n. 58/1998, authorised, as of January 2, 2023, to provide investment services and activities pursuant to Art. 1, para. 5, letters d), e) and f), of Italian Legislative Decree no. 58/1998.

Cross-border marketing fees and charges

a) No fees and charges are levied by Consob in relation to pre-marketing fees;

b) No fees and charges are levied by Consob in relation to registration fees;

c) The fees and charges levied by Consob for the acquisition of the documents containing the key information (KID) are due by the PRIIPs manufacturers, who have sent to Consob the KID (with class type "OIC" - "UCITS"), drawn up in compliance with Regulation (EU) no. 1286/2014, in the time lapse between January 1, 2023 and December 31, 2024;

d) Fees and charges levied by Consob for passaporting fees are due by Foreign Collective Investments Undertakings (UCIS), for which the procedure set forth in Articles 42, 43 of Italian Legislative Decree n. 58/1998 was completed prior to 2 January 2024 and for which cancellation has not been received by the competent authority by that date;

e) No fees and charges are levied by Consob in relation to de-notification fees.

f) Fees and charges levied by Consob are due by:

  • subjects that market units or shares of non-reserved AIFs following the completion in the previous year of a marketing authorisation procedure pursuant to Article 44 of Italian Legislative Decree n. 58/1998.
  • foreign (EU and extra-EU) issuers that, as of January 2, 2024, had financial instruments admitted to trading on Italian regulated markets, regarding collective investment undertakings shares, exchange traded funds (Etf), active exchange traded funds (Active Etf).

All aforementioned fees and charges levied by Consob are determined in relation to the supervisory activity carried out by Consob on the operations in Italy of EU managers and EU AIFMs. This activity includes, among other things, the supervisory of:

  • the completeness of the documentation attached to the marketing notification;
  • the methods of marketing in Italy (including advertising);
  • compliance with the principles of behavioral correctness by the Italian branches.

Template for fees and charges

The Fees schedule for the 2024 financial year has been established in a single Resolution no. 22915 of 6 December 2023 - Determination of contribution due for financial year 2024 pursuant to art. 40 of law n. 724/1994 and entered into force with Decree of the Presidency of the Council of Ministers (DPCM) on 16 January 2024. The Resolution has been published in the Official Gazzette n. 18 of 23 January 2024.

Entity liable for paying
the fee or charge

EU Asset Management Companies and EU Alternative Fund Managers with branches in Italy

Resolution reference

Art. 3, lett. d), subpar. d2) of Resolution no. 22915/2023

Amount of Contribution

The contribution payable is calculated in reference to the number of investment services/activities authorised as of 2 January 2024, as follows:

a) one investment service/activity: € 4,710.00;

b) two investment services/activities: € 17,185.00;

c) three investment services/activities: €  31,135.00.

Periodicity

Ongoing fee on an annual basis

Terms of payment

April 15, 2024 (Resolution no. 22915 of 6 December 2023)

 

Entity liable for paying
the fee or charge

PRIIPs Manufacturers

Resolution reference

Art. 3, lett. i) of Resolution no. 22915/2023

Amount of Contribution

The contribution payable is equal to € 265.00 for each acquired document containing the key information (KID with class type "CIS" – "Collective Investment Schemes"), acquired by Consob between January 1, 2023 and December 31, 2023. Any subsequent modifications are excluded from such contribution. The maximum amount payable by each single manufacturer is equal to € 100,000.00.

Periodicity

Ongoing fee on an annual basis

Terms of payment

April 15, 2024 (Resolution no. 22915 of 6 December 2023)

 

Entity liable for paying
the fee or charge

Foreign Collective Investments Undertakings

Resolution reference

Art. 3, lett. g) subpar. g2) of Resolution no. 22915 of 6 December 2023

Amount of Contribution

In the case of an offering to the public, the contribution is:

  • for subjects offering to the public their units or shares (UCITS and ELTIF) following the completion of the notification procedure pursuant to Articles 42 and 43 of Italian Legislative Decree no. 58/1998 and the filing of a prospectus, and for which the offering to the public is in progress as at 2 January 2024 (retail funds), € 2,345.00 for each fund or, where applicable, for each sub-fund. Listed funds/sub-funds, or funds with one or more listed classes, are excluded from the calculation;
  • for subjects for which the offering made following the notification procedure pursuant to Articles 42 and 43 of Legislative Decree no. 58/1998 (UCITS and ELTIF) was closed in previous years and which, as at 2 January 2024, have subscribers resident in Italy, € 1,655.00 for each fund or, where applicable, for each sub-fund;

where the investments undertaking markets UCIS to professional investors, the contribution is:

  • for subjects that market units or shares of reserved AIFs following the completion of a marketing procedure pursuant to Article 43 of Italian Legislative Decree no. 58/1998, € 1,085.00 for each fund or, where applicable, for each managed sub-fund;
  • for subjects that market units or shares of UCITS to professional investors following the completion of a notification procedure pursuant to Article 42 of Italian Legislative Decree no. 58/1998, € 1,085.00 for each fund or, where applicable, for each managed sub-fund.

Periodicity

Ongoing fee on an annual basis

Terms of payment

April15, 2024 (Resolution no. 22915 of 6 December 2023)

 

Entity liable for paying
the fee or charge

Foreign Collective Investments Undertakings that market units or shares of non-reserved AIFs

Resolution reference

Art. 3, lett. g) subpar. g2) of Resolution no. 22915/2023

Amount of Contribution

In the case of an offering to the public, the contribution is, for subjects that market units or shares of non-reserved AIFs, following the completion in the previous year of a marketing authorisation procedure pursuant to Article 44 of Italian Legislative Decree no. 58/1998, € 2,140.00 for each fund or, where applicable, for each managed sub-fund.

Periodicity

One-off fee

Terms of payment

April15, 2024 (Resolution no. 22915 of 6 December 2023)

 

Entity liable for paying
the fee or charge

Foreign (EU and extra-EU) issuers

Resolution reference

Art. 3, lett. j), subpar. j2) of Resolution no. 22915 of 6 December 2023

Amount of Contribution

The contribution payable is calculated with reference to the number of financial instruments listed or admitted to trading, as of 2 January 2024, regarding collective investment undertakings shares, Exchange traded funds (Etf), Active Exchange traded funds (Active Etf) and it is equal to a fixed amount of € 3,485.00, for each fund class quoted; for issuers offering shares of funds or sub-funds, two quoted fund classes are excluded from the calculation of contribution.

The maximum amount payable for each issuer is equal to € 788,000.00.

Periodicity

Ongoing fee on an annual basis

Terms of payment

April 15, May 2024 (Resolution no. 22915 of 6 December 2023)

Disclaimer: The fees or charges listed above are those that are levied by Consob. However, marketing UCITS or AIFs in Italy may incur other costs relating to administrative obligations, third-party advice or commercial development. Consob not responsible for maintaining external websites and is not liable for any error or omission on any external website to which hyperlinks are provided on this webpage.


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AFIS and UCITS EN

Collective investment schemes; requirements for CIS marketing in Italy

(Last modified date: 15 March 2023)

"This page contains information on the national laws, regulations and administrative provisions governing the marketing requirements referred to in Article 5(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings."

 

Marketing requirements for UCITS

A UCITS fund, in order to market in Italy its units or shares, shall comply with the provisions laid down in the CONSOB Issuers' Regulation n. 11971 (henceforth IR). Specifically:

  • articles 15-bis-19 define the obligations to be complied by Italian UCITS;
  • articles 19-bis–22 define the obligations to be complied by an EU UCITS (domiciled in a MS other than Italy) intending to market its units or shares in Italy.

The English version of the Issuer Regulation (IR) is published on the CONSOB website, to the following link: https://www.consob.it//web/consob-and-its-activities/laws-and-regulations.

Before starting the marketing:

  • speaking about EU UCITS, the notification procedure laid down in the articles 19-bis-22 Issuer Regulation shall be carried out, transmitting to CONSOB the relevant documentation through the home authority of the UCITS;
  • the offering documents (Prospectus, KIID/KID, subscription form) of Italian and EU UCITS, marketing their units/shares in Italy to retail investors, shall be published filing them through a dedicated system called DEPROF (articles 16 and 20 IR); the operational instructions of DEPROF are published on the CONSOB website.

The updated versions (article 18 and 19-ter IR) of the documentation initially transmitted shall be always filed with CONSOB. Updates regarding UCITS marketed to retail investors shall be sent using the above mentioned DEPROF system, whereas for EU funds targeted to professional investors updates shall be sent to CONSOB to the following e-mail: ucits-update@consob.it. Updates filed into the DEPROF system (i.e. Prospectus, KIID or KID) shall NOT be filed to UCITS-UPDATE@CONSOB.IT.

In case of EU UCITS marketed to retail investors, the UCITS shall provide investors with the facilities envisaged in article 19-quarter IR.

In view of the listing on a secondary market, the EU UCITS shall provide a listing document pursuant to the procedure laid down in the article 60 of IR.

UCITS marketing in Italy their units/share to retail investors, shall transmit to CONSOB the periodic reporting envisaged by:

All UCITS marketing their units to retail or professional investor shall provide twice a year (in October and January) the FEE REPORT envisaged by:

Login and access password for both systems are assigned and communicated by CONSOB immediately after it has received and successfully processed the notification pursuant to article 19-bis IR, or in case of Italian ManCo, when the authorization process has been completed.

Pursuant to article 101 of Italian Financial Consolidated Act (TUF), UCITS carrying out in Italy advertisement campaign targeted to retail investors shall transmit to CONSOB the documentation relating such campaign at the time of advertising (advertisement activity prior to the prospectus publication is forbidden). The advertisement communication shall comply with ESMA Guidelines on marketing communications under the Regulation on cross-border distribution of funds (ESMA34-45-1272 of 2 August 2021) and with article 4 of Regulation (EU) 2019/1156.

When an UCITS intends to cease marketing in Italy, the de-notification procedure should be carried out on accordin to article 22-bis of IR, such information shall be transmitted, as far as retail UCITS are concerned, through DEPROF.

In case the UCITS is marked to retail, structures for investors should be provided, according to article 19-quarter of IR. 

In case the UCITS intends to access the listing procedure in the secondary market, it should follow the procedure set out by the article 60 of I.R. 

Disclaimer. CONSOB has taken reasonable care to ensure that the information on the national provisions governing the marketing requirements for UCITS in Italy included on this webpage is up-to-date and complete. CONSOB is not responsible for maintaining external websites and is not liable for any error or omission on any external website to which hyperlinks are provided on this webpage. 

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Marketing requirements for AIFs

The marketing of AIFs in Italy is regulated by the article 43 of Italian Financial Consolidated Act (TUF) in case of reserved AIFs (AIFs marketed to professional investors and other investors identified by article 14 of Minister of Economy and Finance Decree no. 30/2015) and the article 44 of TUF in case of AIFs marketed to retail investors; both provisions are further detailed in articles 27-28-novies of CONSOB Issuers Regulation (IR).

Please find below, the link to the CONSOB website where Italian Financial Consolidated Act (TUF) and Issuer Regulation (IR) are published https://www.consob.it//web/consob-and-its-activities/laws-and-regulations.

Specifically, before starting the marketing, the notification procedure laid down in the article 28-bis (for reserved AIFs managed by an Italian AIFM) or article 28-quarter (for reserved AIFs managed by an EU AIFM) or article 28-quinquies (for Italian closed-end retail AIF) or article 28-sexies (for Italian open-end retail AIF) or article 28-septies (for Italian retail AIF managed by an EU AIFM) or article 28-octies (for EU retail AIF managed by an Italian AIFM) or article 28-novies (for EU retail AIF managed by an EU AIFM) shall be carried out.

The following documents are required:

a) reserved AIFs --> an offering document compliant with scheme n. 1D of the IR;

b) open-end retail AIFs --> a prospectus (where compliant with scheme n. 1 of Annex 1 of IR;

c) closed-end retail AIFs --> a prospectus compliant with schemes laid in the Delegated Regulation (EU) 2019/980;

d) close-end retail AIF or reserved AIF marketed to investors other than professional investors, identified by the article 14 of DM no. 30/2015 a KID PRIIP.

In case sub b) and c) - where exemptions for prospectus are not applicable - the documents shall be filed with CONSOB through the DEPROF. In case sub d), the KID PRIIP shall be transmitted to CONSOB through the DEPROF system.

In Italy, the marketing of reserved AIFs to retail investors is allowed under specific conditions, and to the investors' categories envisaged by the article 14 IT DM no. 30/2015. If a reserved AIF intends to market its units/share in Italy to the mentioned investors’ categories, such intention has to be clearly identified inside the offering documents. The target and the activity the AIFM intends to carry out in Italy with regards to such investors shall also be described into the notification package.

Pursuant to article 101 of TUF, an AIFM carrying out in Italy advertisement campaign targeted to retail investors shall transmit to CONSOB the documentation relating such campaign at the time of advertising. The advertisement communication shall comply with ESMA Guidelines on marketing communications under the Regulation on cross-border distribution of funds (ESMA34-45-1272 of 2 August 2021) and with article 4 of Regulation (EU) 2019/1156.

Pursuant to article 27 of IR, the facilities for retail investors envisaged in article 19-quarter IR shall be provided.

In view of the listing of an open-ended AIF on a secondary market, the AIFM shall carry out the procedure laid in the article 59 and 60 of IR, providing a listing document where relevant.

AIFs marketing in Italy their units/share shall transmit to CONSOB the periodic reporting envisaged by:

When the AIF intends to cease marketing, the de-notification procedure should be trough the home authority of the AIFM, according to article 28-ter.1 and 28-novies.1 of IR, such information shall be transmitted through DEPROF database, where relevant.

In case an AIF intend to access the listing procedure in the secondary market, it should follow the procedure set out by the articles 59 and 60 of I.R.

The Italian legal framework does not envisage a NPPR for the marketing in Italy of non-EU AIF or EU AIF managed by non-EU AIFM.

Disclaimer. CONSOB has taken reasonable care to ensure that the information on the national provisions governing the marketing requirements for UCITS in Italy included on this webpage is up-to-date and complete. CONSOB is not responsible for maintaining external websites and is not liable for any error or omission on any external website to which hyperlinks are provided on this webpage. 

Other requirements*

In addition to the provisions referred to above, which are set out specifically for the marketing of UCITS and AIFs, there may be other legal provisions that may apply at the occasion of marketing in Italy, although they are not specifically designed for the marketing of UCITS and AIFs, depending on the individual situation of the persons involved in the marketing of shares or units or UCITS or AIFs. Marketing in Italy may trigger the application of other requirements.


 

Summary of the marketing requirements for CIS

Summary of the marketing requirements for UCITS

In order to market in Italy EU UCITS, the notification procedure envisaged by article 19-bis of CONSOB Issuer Regulation shall be carried out. Furthermore in case of both Italian and EU UCITS marketed in Italy to retail investors, before starting marketing activity, the offering documents (prospectus and KIID) shall be filed with CONSOB through DEPROF system.

In case of advertisement campaign targeted to retail investors the documentation relating such campaign shall be transmitted to CONSOB at the time of advertising (article 101 of Italian Financial Consolidated Act (TUF) and article 34-octies of CONSOB Issuers' Regulation).

 

Summary of the marketing requirements for AIFs

The marketing of AIFs in Italy is regulated by the article 43 of Italian Financial Consolidated Act (TUF) in case of reserved AIFs (AIFs marketed to professional investors and other investors identified by article 14 of DM no. 30/2015) and the article 44 of TUF in case of AIFs marketed to retail investors; both provisions are further detailed in articles 27-28-novies and article 34-bis.2 of CONSOB Issuers Regulation (IR).

In case of advertisement campaign targeted to retail investors the documentation relating such campaign shall be transmitted to CONSOB at the time of advertising (article 101 of Italian Financial Consolidated Act (TUF) and article 34-octies of CONSOB Issuers' Regulation).


See Also

SEE ALSO

Communication no. 12094970 of 5 December 2012, data and information required for calculation of CONSOB annual fees to be paid by asset management firms, Sicav's and undertakings for collective investment