On 16 July 2015, the Bank of Italy published a Q&A on the Regulation on collective asset management, which included questions and answers on certain provisions which transposed the Alternative Investment Fund Managers’ Directive (AIFMD) into the Italian legal system, and on the Bank of Italy provisions concerning supervisory reporting by collective investment schemes.

The Q&A follows queries that have been raised with the Italian regulator by market participants and covers certain aspects of the collective asset management regime, including:

• capital adequacy;
• content of funds rules;
• investment activity;
• asset evaluation; and
• obligations of the depositary.

Measures adopted by depositaries to comply with the clarifications provided in the Q&A shall be notified to the Bank of Italy by 30 September 2015

View Nota di chiarimenti – Regolamento sulla Gestione Collettiva del Risparmio on the Bank of Italy website (in Italian).