Cross-border marketing of AIFs and UCITS - SERVICES FOR SUPERVISED SUBJECTS
(Last modified date: 29 January 2025)
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, 2025, 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 2, 2024 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 2025 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 2025 financial year has been established in a single Resolution no. 23352 of 10 December 2024 - 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 2 January 2025. The Resolution has been published in the Official Gazzette n. 19 of 24 January 2025.
| 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. 23352 of 10 December 2024 |
|
Amount of Contribution |
The contribution payable is calculated in reference to the number of investment services/activities authorised as of 2 January 2025, as follows: a) one investment service/activity: € 4,800.00; b) two investment services/activities: € 17,530.00; c) three investment services/activities: € 31,760.00. |
|
Periodicity |
Ongoing fee on an annual basis |
|
Terms of payment |
April 15, 2025 (Resolution no. 23352 of 10 December 2024) |
| Entity liable for paying the fee or charge |
PRIIPs Manufacturers |
|---|---|
|
Resolution reference |
Art. 3, lett. i) of Resolution no. 23352 of 10 December 2024 |
|
Amount of Contribution |
The contribution payable is equal to € 270.00 for each acquired document containing the key information (KID with class type "CIS" – "Collective Investment Schemes"), acquired by Consob between January 1, 2024 and December 31, 20243. Any subsequent modifications are excluded from such contribution. The maximum amount payable by each single manufacturer is equal to € 102,000.00. |
|
Periodicity |
Ongoing fee on an annual basis |
|
Terms of payment |
April 15, 2025 (Resolution no. 23352 of 10 December 2024) |
| Entity liable for paying the fee or charge |
Foreign Collective Investments Undertakings |
|---|---|
|
Resolution reference |
Art. 3, lett. g) subpar. g2) of Resolution no. 23352 of 10 December 2024 |
|
Amount of Contribution |
In the case of an offering to the public, the contribution is:
where the investments undertaking markets UCIS to professional investors, the contribution is:
|
|
Periodicity |
Ongoing fee on an annual basis |
|
Terms of payment |
April 15, 2025 (Resolution no. 23352 of 10 December 2024) |
| 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. 23352 of 10 December 2024 |
|
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, € 2,180.00 for each fund or, where applicable, for each managed sub-fund. |
|
Periodicity |
One-off fee |
|
Terms of payment |
April 15, 2025 (Resolution no. 23352 of 10 December 2024) |
| 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. 23352 of 10 December 2024 |
|
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 2025, regarding collective investment undertakings shares, Exchange traded funds (Etf), Active Exchange traded funds (Active Etf) and it is equal to a fixed amount of € 3,555.00, 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 € 795,600.00. |
|
Periodicity |
Ongoing fee on an annual basis |
|
Terms of payment |
April 15, May 2025 (Resolution no. 23352 of 10 December 2024) |
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.
Contact the Accounting and Budget Office
Attention: since December 2021 login page has changed URL, therefore it's necessary to update any bookmarks (if present).
