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Funds for Special Categories of Investors in Italy

Updated on Wednesday 16th November 2016

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Funds-for-special-categories-of-investors-in-ItalyAt the beginning of 2015, Italy completed the implementation of the EU Directive 2011/61 on Alternative Investment Fund Managers (AIFM) which opened the path to establishing investment funds for special categories of investors. These types of funds are usually known as reserved funds in Italy. Under this directive collective investment funds in Italy can now be marketed in all other EU countries based on the passporting rights granted by it. AIFMs of investment funds registered in other countries are also welcome to offer their services in Italy now.

Our company registration agents in Italy can offer more information on the laws related to opening funds for special categories of investors in this country.

Categories of investors who can set up reserved funds in Italy

The Italian National Bank disposed the alteration of the investment funds legislation in order to accommodate the directive related to AIFMs.  This way, Italian investment funds can now be marketed to retail and non-retail investors. The terms “qualified investors” were replaced by the terms “professional investors” who must make a minimum investment of 500,000 euros when setting up reserved funds in Italy.

Establishing a reserved fund in Italy

In order to set up a reserved fund in Italy, the qualified investor must register a joint stock company which will have a minimum share capital of 1 million euros with the Companies Registrar. The share capital must be paid in full upon incorporation. The company will be a SICAF (investment company with fixed capital) and it must fulfill the following conditions in the case of special categories of investors:

  • -          the assets managed by the administrator do not exceed 100 million euros;
  • -          the assets managed are limited at 500 million euros if unleveraged and the investors do not claim their investments for a period of 5 years.

An Italian reserved fund must be approved by the National Bank and by the National Commission for Stock Exchange and Companies (CONSOB) based on its prospectus and the integrity test to be passed by the manager.

For information about the taxation of funds for special categories of investors, please contact our Italian company formation consultants. We can also assist if you want to open a company in Italy.

 

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