Communication no. 12094970 of 5 December 2012

Re: data and information required for calculation of CONSOB annual fees to be paid by asset management firms, Sicav’s and undertakings for collective investment

Pursuant to art. 8, par. 1 and art. 42, parr. 4 and 8, of the Italian Consolidated Act on Finance (hereinafter, referred to as "TUF"), every issuer of undertakings for collective investment shall provide CONSOB with all data requested in the internet procedure known as "Fees due to CONSOB by SGR/OICR" (hereinafter, referred to as "the Procedure") available on our internet website (http://www.consob.it) through the following steps: Market participants/ For UCITS/ Fees due to CONSOB.

The arrangement of the abovementioned information flow is part of an overall reorganization of the information flows yearly acquired by CONSOB.

In particular, the new information flow allows operators to transmit the updated information on the income relevant for calculation of the fees due pursuant art. 40, par. 3, of Law 23 December 1994, n. 724, with a view to avoiding any uncertainty situations.

The above also takes into consideration the significant variability of said information, which in the past had determined occasional misalignments between the amount of payable fees and the available data on the effective operational situation of the regulated entities.

The duty to provide such information shall be in force starting from January 2nd, 2013.

Enclosed with the Procedure is the User Manual, which illustrates the operational instructions for filling out and transmitting the information relevant for the calculation of the annual fees to CONSOB.

Please note in this respect that:

• the entities held to provide the data and information required by the Procedure are all SGR’s and SICAV’s incorporated under the Italian law as well as all issuers of undertakings for collective investment instituted in a foreign country, both UCITS and not-harmonized undertakings, in accordance with the contribution criteria effective from time to time;
• access to the Procedure shall require the usage of the same access codes (username and password) provided by CONSOB with respect to the Teleraccolta System for intermediaries;
• the information flow must be transmitted not later than January 15th of each year (in case of information updated to December 31st of the previous year) and October 15th (in case of information updated to September 30th ).

Should you not already have the required access codes or need any clarifications with respect to such information flow, please contact the Intermediaries Division at this e-mail address: contributi.risparmiogestito@consob.it.

The obligations set forth in this Communication shall be valid and effective for an indeterminate period and may be modified only in case of changes to the methods  of transmitting the data relevant for calculation and assessment of the payable annual fees to CONSOB.

THE CHAIRMAN
Giuseppe Vegas