[Newsflash n. 39]

On 22 December 2017, CONSOB published ad-hoc guidelines establishing the methods of reporting KIDs for PRIIPS marketed in Italy.

According to Article 5(2) of EU Regulation 1286/2014 “any Member State may require the ex-ante notification of the key information document by the PRIIP manufacturer or the person selling a PRIIP to the competent authority for PRIIPs marketed in that Member State.”.

Italy decided to opt in for this requirement and the new Article 4-decies of the Italian Financial Act (“TUF”) has introduced, from the 1^st of January 2018, the above obligation to notify ex-ante the KID with CONSOB.

In view of its entry into force, CONSOB has set up a dedicated e-mail inbox (priips@pec.consob.it) for sending the KID documentation. To this end, CONSOB clarifies that the interested parties may use their certified e-mail address (CEM) or, if not available, their institutional e-mail address.

The Guidelines set out the methods for transmitting KIDs to CONSOB, in particular the codes to be used to identify the securities documented in the relevant KID, and clarify that documents sent through methods other than those indicated in the Guidelines will not be accepted. KIDs shall be filed in Italian language only, therefore, in case of KIDs translated in several languages, it is not necessary to notify all translations (only the Italian version).

The Guidelines are available (in Italian only) at the following link of the CONSOB website: http://www.consob.it/web/area-operativa-interattiva/priips.

Contacts:

Vito Vittore
Partner

Elena Pagnoni
Of counsel

Luigi Bonifacio
Associate