Country Manuals EAM –
We would like to inform you that BRP has updated its COUNTRY MANUAL INDEPENDENT PORTFOLIO MANAGER/ADVISOR (EAM) for the following jurisdictions:
ITALY
| SOURCE OF CHANGES | ANSWERS |
| Law/Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | Yes |
Definitions & Concepts, Regulatory Overview and Behaviour Template
Regulatory changes
From 1 January 2023 following the end of the “UCITS exemption” period provided for in art. 32(1) of the PRIIPs Regulation, any person advising on, or selling, a PRIIP (including UCITS investment funds) in the EU/EEA has to provide a PRIIPs KID to Retail Investors and either a UCITS KIID or a PRIIPs KID to Professional Investors.
Material changes
In line with the regulatory changes outlined above, the Country Manual has been reviewed to ensure that the content of all the documents remains accurate and up to date.
The changes/modifications are as follows:
- Presenting the Company in general terms and performing generic activities such as brand advertising, providing macrooeconomic analysis and/or financial research (without specific information on strategies, products or services) as well as providing business cards are activities which are generally not subject to licensing requirements in Italy. Therefore, the CM AM Behaviour Template (CM AM BT) now answers the relevant onshore and cross-border scenarios for the provision of business cards with “YES” only.
- Brand advertising (without specific information on strategies, products or services) should only take place on a (limited) occasional basis onshore in Italy. The CM AM BT therefore now provides the answer “Grey zone/YES – On an occasional basis” in the relevant onshore scenario, both directly and indirectly performed (via/with locally licensed intermediaries/distributors).
- Presenting the Company in general terms and providing macroeconomic analysis and/or financial research is now permitted if performed indirectly (via/with locally licensed intermediaries/distributors) onshore in Italy. The CM AM BT now hence provides the answer “YES”.
- Marketing of investment strategies is permitted within the framework of the “Pre-Marketing Directive”. Thus, the CM AM BT answers the relevant onshore and cross-border scenarios with “Grey zone/YES” provided that the relevant AIF is not yet established and notified for marketing under the Pre-Marketing Directive by the (duly licensed) ManCo”.
- Finally, the CM AM BT now answers the question which mandatory product documentation must be provided for funds with: “PRIIPs KID” for registered/not registered UCITS to Retail Investors and with: “UCITS KIID or PRIIPs KID” for registered/not registered UCITS to Professional Investors (and with: “PRIIPs KID” for AIFs to Retail Investors).
For more information, please contact us: info@brpsa.com
Best regards,