ITALY: CONSOB issues Resolution no. 18671 : ETFs and UCITS

Thursday October 17 2013

The Commissione Nazionale per le Societa e la Borsa (CONSOB) has issued Resolution no. 18671 that amends the Issuers Regulation as a result of the ESMA Guidelines 2012/832 on issues related to ETFs and other UCITS and the ESMA Q & A 2012/592 on KIIDs that have been applicable as of 18 February 2013.

The amendments to the law have been made in order to ensure full consistency with the ESMA guidelines as well as with the contents of the Q & A ESMA/2012/592 and in particular with the Q & A no. 2d, where ESMA has made it clear that the obligation to deliver the KIID applies to all investors, even if qualified.

The amended law follows a Consultation held in April 2013. The outcomes of the Consultation and specific comments have been published alongside Resolution no. 18671.

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