National marketing rules and other specific national regulations
(Annex III of CESR’s Guidelines to simplify the notification procedure of UCITS - Ref: CESR/06-120b)

I. Member State: Italy

II. Date of last update: November 2007

III. Supporting documents or information to the notification letter:

Pursuant to Consob Regulation no. 11971 of 1999 (Article 24) and the Bank of Italy Regulation of 22 June 2007 (footnote 3), a subscription form must be submitted to Consob. It must be drawn up in accordance with the models in Annex 1H of Consob Regulation no. 11971/1999. The information included in the subscription form shall be consistent with the information note on the organizational framework submitted to the Bank of Italy in accordance with the Bank of Italy Regulation of 22 June 2007. UCITS shall identify the person appointed to prepare the subscription form and send it to Consob; they are responsible for its updating and distribution to placers.

IV. Additional information

1. electronic submission of documents for example via fax or e-mail:

Yes. Fax is accepted. Electronic filing system is under construction.

2. two-month period may be shortened:

Yes. According to the Bank of Italy Regulation of 22 June 2007 the relevant period is one month. In case of notifications of new sub-funds of umbrella funds already marketed in Italy, a 20-day term applies.

3. date of receipt of the complete notification is confirmed within one month:

Yes

4. maximum submission period for missing documents and information, if the notification is incomplete:

Six months

V. Required languages for translation:

Italian (except for the notification letter and the attestation by the competent authority of the home MS, which may be submitted in English). Sworn translations are not necessary.

VI. Transitional provisions with respect to the General reservation under point 3:

No

VII. Documented evidence of fee payment:

No

VIII. Conditions for ending marketing/ registration:

No