New rules for Italian asset management kick in
Italian asset management association Assogestioni has announced changes for asset management Italian firms, following the 8 May agreement that set new rules for the industry.
The agreement aims at harmonising the Italian asset management industry to the European Security and Markets Authority (Esma)’s parameters, particularly on ETFs and other tools of collective investment in securities.
The new rules also set standards on risk management for harmonised open-ended funds.
As Assogestioni highlighted, more changes will also affect OICRs (tools for collective investment in assets).
Although the new regime kicked off on 14 June, Assogestioni said that they expect to have a transitional period, according to Esma’s rules, where OICRs created before the date of the agreement will have 12 months to meet the European standards.