Following the consultation procedure, Consob adopted the Resolution n. 22437 of 6 September 2022, by which it made some amendments to the Issuers' Regulation.
With regard to the adjustment to the CBDF Package, the main areas of focus were:
(i) the rules governing the so-called local facilities that shall be available to the retail investors that shall be put in place in Italy in the event of marketing of units/shares of European UCITS funds or European AIFs by Italian or European management companies or of Italian AIFs by European AIFs;
(ii) the rules relating to the cessation of marketing, in a European member states other than Italy, of units/shares by Italian management companies, and in Italy of:
- units/shares of European UCITS;
- reserved AIFs by European management companies;
- Italian and European AIFs to retail investors by European management companies;
(iii) the rules on pre-marketing of reserved AIFs, which, inter alia, discipline (a) the transmission obligation to CONSOB; (b) the treatment of subscriptions carried out within 18 months of the carrying out of the pre-marketing activities; (c) the entities that can do pre-marketing.
The resolution also provides that the aforementioned pre-contractual information obligations shall apply from the application dates for them set out in the European regulations.
Finally, a transitional provision is established to allow the updating of the offering documents in relation to pending Oicr offers.