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Implementation of the AIFMD in Italy First Ground-Breaking Steps

September 03, 2013

By UGO GIORDANO & SOFIA DE CRISTOFARO

The Alternative Investment Funds Managers Directive (“AIFMD”) and the level 2 delegated Regulation No. 231/2013/EU have entered into force on 22 July 2013, but the national measures for the transposition of the AIFMD in Italy have not yet been adopted. Yet, on 26 July 2013 CONSOB and the Bank of Italy, in line with the action taken at the time of the entry into force of the UCITS IV Directive in summer 2011, issued a resolution (the “Joint Resolution”), allowing for an initial and partial implementation of the AIFMD, particularly as regards marketing in Italy of European alternative investment funds (“EU AIFs”).