provides a wide set of investment vehicles
, which are also available for foreign investors who are seeking to expand their business activities on the Italian market
. The local investment legislation presents various types of funds
, which are also applicable under the European Union’s (EU) directives. Our team of Italian lawyers
can offer assistance on the registration of an investment fund in Italy
in accordance with the investors’ business plans.
Retail funds in Italy
Those who want to set up an investment fund in Italy
can register it as a retail fund
, which is a type of vehicle
in which the risks taken by the investors are limited. Retail funds
can be set up as closed-ended funds
or as open-ended funds
Further on, the open-ended funds can be registered as:
• undertakings for collective investment in transferable securities (UCITS);
• alternative investment funds (AIF), following the EU’s directive for alternative investment fund managers (AIFM).
The main regulatory bodies for this category of funds
are the Bank of Italy
and the Italian Securities and Exchange Commission (CONSOB)
. They have different responsibilities in regulating the financial market
. For example, the CONSOB
will supervise transparency and fairness
issues, while the Bank of Italy
will verify aspects referring to financial stability
or risk matters; our attorneys in Italy
can offer further details.
Hedge funds in Italy
The Italian market
also provides hedge funds
, which are sub-categories of the reserved alternative investment funds
. As a general rule, they are addressed to professional investors
who have no restrictions in implementing their investment policies
. Another important aspect is that such funds
can carry out different investment policies
at the same time, providing more opportunities to obtain a high return.
They are also regulated by the CONSOB and the Bank of Italy
and they have to follow the same transparency rules available for retail funds
When registering a fund in Italy, the investor should establish the fund’s regulations, which will further be analysed by the Bank of Italy. The businessman should provide a set of information, such as the fund’s name, its duration, the management company, the custodian bank and terms referring to the participation in the fund.