Implementation of AIFMD2 in Italy

The Decree introduces a broad set of amendments to the Italian Consolidated Financial Act (“CFA”) including, among other things:

1. a revised regulatory framework for funds investing in loans, extending their ability to grant loans also to consumers (subject to limits and terms to be defined by the Bank of Italy) and the applicability of the consumer credit regime to such loans as well as the obligation to join the Bank of Italy alternative dispute resolution system (Arbitro Bancario Finanziario);

   The Decree also streamlines the prior notification regime for EU AIFs that intend to originate loans in Italy, removing reference to the Bank of Italy’s power to deny it within 60 days from the notification;

2. a broader scope of activities for asset management companies, including the possibility to carry out the reception and transmission of orders, benchmark administration, management of AIFs' receivables and NPLs, granting of loans on behalf of managed AIFs, services to securitization vehicles in respect of managed AIFs;
3. a notification obligation to the Bank of Italy and CONSOB by asset management companies, SICAVs and SICAFs authorized by the Bank of Italy in the event of material changes to the information provided at the time of authorization to be sent prior to their implementation;
4. the clarification that the marketing by distributors does not qualify as delegation, where carried out in compliance with Directive 2014/65/EU (MiFID II) and Directive (EU) 2016/97 (IDD) as implemented in the relevant national laws and regulations;
5. the possibility for depositaries to operate on a cross-border basis, subject to specific conditions.

Authored by Jeffrey Greenbaum, Elisabetta Zeppieri, and Domenica Esposito.