Consob amends the Issuers’ Regulation

Consob modifica il Regolamento Emittenti

<strong>As of January 1, 2023, the rules on the key information that investment funds have to provide to savers have changed. </strong>

According to the latest amendments to the <strong>Issuers</strong>'<strong> Regulation </strong>(Resolution No. 22551 of  December 21, 2022) approved by Consob in implementation of EU regulations, the Key Information Document (KID) already adopted for financial-insurance products and closed-end Alternative Investment Funds (FIA), will also be valid for the other categories of funds,  Undertakings for Collective Investment in Transferable Securities (UCITS) and open-end FIA for retail customers.

As a result, <strong>the rules on summary information </strong>describing the main characteristics of the financial product offered, have been standardized.

From this year, therefore, all types of Priips (<em>Packaged Retail and Insurance-based Investment Products</em>) – hybrid financial-insurance products for retail customers – will be accompanied by a KID drafted on the basis of the same template.

The only exception are UCITS fund offers for non-retail investors (so-called ‘qualified’ investors, such as banks and investment firms), for which issuer may choose between the issuance of the KID and the Kiid (<em>Key investor information document</em>).