BRP Country Manual Asset Management – Italy
BRP has published its latest Country Manuals Asset Management for Italy
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | Yes |
Definitions & Concepts, Regulatory Overview and Behaviour Template
Material changes
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:
- Brand advertising (without specific information on strategies, products or services) is theoretically still permitted in all scenarios but is generally no longer recommended as it could prevent the possibility of relying on reverse solicitation. The CM AM Behaviour Template (CM AM BT) therefore now provides the answer “Grey zone/NO” in all scenarios.
- The provision of macroeconomic analysis and financial research (without specific information on strategies, products or services) is now permitted based on an ongoing advisory agreement in compliance with cross-border rules if directly performed by the Company on a cross-border basis into Italy (e.g. via remote means of communication) or if provided indirectly (via/with locally licensed intermediaries/distributors) onshore in Italy. Therefore, the CM AM BT now answers the relevant onshore and cross-border scenarios with “Grey zone/YES”.
- Finally, as neither CONSOB nor the Bank of Italy has taken a formal position on onshore activities based on “reverse solicitation”, it is recommended to refrain from offering investment services and/or financial products at the request of a client/prospect during on-site meetings in Italy. The CM AM BT therefore now provides the answer “Grey zone/NO”.
Non-material changes
The CM AM Regulatory Overview (CM AM RO) now includes information on National Private Placement Regimes (“NPPRs”) pursuant to art. 42 AIFMD which may permit the marketing of AIFs by non-EEA AIFMs to Professional Clients on a private placement basis.
For more information, please contact us: info@brpsa.com
Geneva, April 4th, 2024