What You Need to Know about UCITS Marketing in Italy
With assets under management easily exceeding a trillion Euros, nearly half of which accounted for by the fund industry, Italy remains one of the most attractive markets for EU fund distribution. However, not an easy one especially for foreign asset managers. A very conservative local marketing regime, coupled with a bias for the local language and the lack of a private placement regime, has made Italy more difficult than other Southern European domiciles when it comes at distributing foreign funds cross border.
Designed with a unique two-tier marketing authorisation regime, UCITS marketing in Italy is more or less a cumbersome exercise depending on the type of investors targeted. Managers intending to approach qualified/professional investors will be able to do so via the marketing passport application provided for by the UCITS directive. More stringent – and costly – requirements are imposed on those managers who want to target local retail investors in Italy. The regulation governing UCITS marketing in Italy is heavily gold-plated when it comes to retail investors, with additional requirements spanning from appointment of a local paying agent to publication of fund documentation and other ad-hoc reporting to be carried out on a portal held by the local regulator Consob.