Consob and the Bank of Italy, following a public consultation which ended on 29 July 2020 [only in Italian language], adopted the Supervisory Guidelines on "Società di investimento semplice" (Simple investment Company) or SiS [only in Italian language].

The Decree Law 30 April 2019, n. 34 (the so-called Growth Decree, converted into Law with amendments by Article 1, of Law No. 58 of June 28, 2019) amended the Consolidated Law on Finance (Legislative Decree No. 58 of February 24, 1998) introducing the discipline of "Simple investment company "or SiS.

According to the provisions of the Consolidated Law on Finance, SiS is an Italian AIF (Alternative Investment Fund), established in the form of a fixed capital investment company (Sicaf), reserved for professional or non-reserved investors, which directly manages its assets and respects the following conditions: shareholders' equity does not exceed 25 million euros; the exclusive object of the company consists in the direct investment of the assets collected in SMEs not listed on regulated markets which are in the experimentation, establishment and start-up phase of the activity, notwithstanding article 35-bis, paragraph 1 letter f); does not use financial leverage; has a share capital at least equal to that provided for by article 2327 of the Civil Code, notwithstanding article 35-bis, paragraph 1, letter c), of the Consolidated Law on Finance.

The article 35-undecies, paragraphs 1-bis, 1-ter and 1-quater, of the Consolidated Law on Finance identifies a special discipline for these managers.

To favor the uniform and correct application of the new regulations, the joint document adopted by Consob and the Bank of Italy [only in Italian language] contains a survey of the main provisions applicable to the SiS, defines some supervisory guidelines, which represent the expectations of the Supervisory Authority on the procedures with which the SiS must comply with the new regulations and indicates the procedure applicable in the event of non-temporary exceeding of the net equity limit pursuant to article 1, paragraph 1, letter i-quater, of the Consolidated Law on Finance.

Consultation report table - only in Italian language - (6 July 2021)

Consob-Bank of Italy supervisory guidelines on simple investment companies (SiS) - only in Italian language - (6 July 2021)

Comments on the consultation document of 30 April 2020 - only in Italian language - (6 July 2021)