Annual Fees

The fee schedule for the 2021 financial year has been established in a single Resolutions 21659 of December 22, 2020 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 asset management companies, Sicavs, SICAFs and collective investment undertakings:

Contact the Financial Planning and Budget Office

 

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: 2nd August 2021)

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, EuSEF managers, EuVECA managers 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 2019on 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, 2021, 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) Fees and charges levied by Consob for the notification of documents are due by PRIIPs manufacturers, provided for by art. 4-decies of Italian Legislative Decree no. 58/1998, who have notified CONSOB the key information document (KID with class type "CIS" – "Collective Investment Schemes") in compliance with EU Regulation no. 1286/2014, in the time lapse between January 2, 2020 and December 31, 2020;

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 2021 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, 2021, 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 2021 financial year has been established in a single Resolutions n. 21659 of December 22, 2020 - Determination of contribution due for financial year 2021 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 January 11, 2021. The Resolution has been published in the Official Gazzette n. 16 of January 21, 2021.

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 n. 21659/2020

Amount of Contribution

The contribution payable is calculated in reference to the number of investment services/activities authorised as of January 2, 2021, as follows:

a)  one investment service/activity: € 4,200.00;

b)  two investment services/activities: € 15,325.00;

c)  three investment services/activities: €  27,765.00.

Periodicity

Ongoing fee on an annual basis

Terms of payment

April 15, 2021

 

Entity liable for paying the fee or charge

PRIIPs Manufacturers

Resolution reference

Art. 3, lett. i) of Resolution n. 21659/2020

Amount of Contribution

The contribution payable is equal to € 500.00 for each notified document containing the key information (KID with class type "CIS" – "Collective Investment Schemes"). Any subsequent modifications are excluded from such contribution. The maximum amount payable by each single manufacturer is equal to € 80,000.00.

Periodicity

Ongoing fee on an annual basis

Terms of payment

April 15, 2021

 

Entity liable for paying the fee or charge

Foreign Collective Investments Undertakings

Resolution reference

Art. 3, lett. g) subpar. g2) of Resolution n. 21659/2020

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) following the completion of the notification procedure pursuant to Article 42 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 2021 (retail funds), € 1,945.00 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 Article 42 of Legislative Decree no. 58/1998 (UCITS) was closed in previous years and which, as at 2 January 2021, have subscribers resident in Italy, € 1,375.00 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, € 900.00 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, € 900.00 for each fund or, where applicable, for each managed sub-fund.

Periodicity

Ongoing fee on an annual basis

Terms of payment

April 15, 2021

 

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 n. 21659/2020

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, € 1,775.00 for each fund or, where applicable, for each managed sub-fund.

Periodicity

One-off fee

Terms of payment

April 15, 2021

 

Entity liable for paying the fee or charge

Foreign (EU and extra-EU) issuers

esolution reference

Art. 3, lett. j), subpar j2) della Delibera n. 21659/2020

Amount of Contribution

The contribution payable is calculated with reference to the number of financial instruments listed or admitted to trading, as of January 2, 2021, regarding collective investment undertakings shares, Exchange traded funds (Etf), Active Exchange traded funds (Active Etf) and it is equal to a fixed amount of € 3,136.00, 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 € 675,000.00.

Periodicity

Ongoing fee on an annual basis

Terms of payment

April 15, 2021

 

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.


 

Collective investment schemes; requirements for oicr marketing in italy

(Last modified date: 2nd August 2021)

"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:

• artt. 15-bis-19 define the obligations to be complied by Italian UCITS;

• artt. 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 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 art. 19-bis IR shall be carried out, transmitting to CONSOB the relevant documentation through a dedicated e-mail address: Ucits-notification@consob.it;

• the offering documents (Prospectus, KIID, 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 (artt. 16 and 20 IR); the operational instructions of DEPROF are published on the CONSOB website.

The updated versions (art. 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.

In case of EU UCITS marketed to retail investors, the UCITS shall provide investors with the facilities envisaged in art. 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 art. 60 of IR.

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

• CONSOB Resolution n. 17297 (database Teleraccolta);

• CONSOB Communication n. 12094970 as of 5 december 2012 (Contributi database).

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 art. 19-bis IR, or in case of Italian ManCo, when the authorization process has been completed.

Pursuant to art. 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 art. 34-octies and art. 34-novies of IR, with CONSOB Communication n. DIN/1031371, of the 26th april 2001 (concerning open-ended funds) and with art. 4 of regulation (EU) 2019/1156.

When UCITS intends to cease marketing, such information shall be transmitted, as far as retail UCITS are concerned, through DEPROF database and as far as UCITS marketed to professional investors with an ad hoc message to be sent to ucits-update@consob.it .

 

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 art. 43 of Italian Financial Consolidated Act (TUF) in case of reserved AIFs (AIFs marketed to professional investors and other investors identified by art. 14 of DM n. 30/2015) and the art. 44 of TUF in case of AIFs marketed to retail investors; both provisions are further detailed in artt. 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 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 art. 28-bis (for reserved AIFs managed by an Italian AIFM) or art. 28-quarter (for reserved AIFs managed by an EU AIFM) or art. 28-quinquies (for Italian closed-end retail AIF) or art. 28-sexies (for Italian open-end retail AIF) or art. 28-septies (for Italian retail AIF managed by an EU AIFM) or art. 28-octies (for EU retail AIF managed by an Italian AIFM) or art. 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 art. 14 of DM n. 30/2015 à 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 a dedicated mail address (priips@pec.consob.it).

Pursuant to art. 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 art. 34-octies and 34-novies IR, with CONSOB Communication n. DIN/1031371 (concerning open-ended funds) with CONSOB Communication n. DIN/4014197 (concerning closed-ended funds) and with art. 4 of regulation (EU) 2019/1156.

Pursuant to art. 27 of IR, the facilities for retail investors envisaged in art. 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 art. 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:

·   CONSOB Resolution n. 17297 (db Teleraccolta);

·   CONSOB Communication n. 12094970 (db Contributi);

·   AIMFD reporting, pursuant to art. 3 and 24 of AIFMD.

When the AIF intends to cease marketing, such information shall be transmitted through DEPROF database, where relevant.

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 [name of the Member State] may trigger the application of other requirements.


 

Summary of the marketing requirements for UCITS

Summary of the marketing requirements for UCITS

In order to market in Italy EU UCITS, the notification procedure envisaged by art. 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 (art. 101 of Italian Financial Consolidated Act (TUF) and art. 34-octies of CONSOB Issuers' Regulation).

 

Summary of the marketing requirements for AIFs

The marketing of AIFs in Italy is regulated by the art. 43 of Italian Financial Consolidated Act (TUF) in case of reserved AIFs (AIFs marketed to professional investors and other investors identified by art. 14 of DM n. 30/2015) and the art. 44 of TUF in case of AIFs marketed to retail investors; both provisions are further detailed in artt. 27-28-novies 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 (art. 101 of Italian Financial Consolidated Act (TUF) and art. 34-octies of CONSOB Issuers' Regulation).