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IT - UCITS V Impact on VNI calculation by Italian depositories

On 20 May 2016, the Legislative Decree implementing UCITS V directive in Italy and cancelling the so-called "affidamento" regime for NAV calculation of UCITS funds by the depositary under its own responsibility (Legislative Decree n. 71/2016) has been published on the Official Gazette of the Republic of Italy (entry into force of the Legislative Decree: 4 June 2016).

On 20 May 2016, the Legislative Decree implementing UCITS V directive in Italy and cancelling the so-called "affidamento" regime for NAV calculation of UCITS funds by the depositary under its own responsibility (Legislative Decree n. 71/2016) has been published on the Official Gazette of the Republic of Italy (entry into force of the Legislative Decree: 4 June 2016).

On 14 July 2016, Bank of Italy has launched the public consultation (open until 12 September 2016) on amendments to its Regulation of 19 January 2015 which should provide depositaries with clarifications for reaching compliance with the new regulatory environment by the deadline defined at European level with the Regulation n. 2016/438 (i.e. 13 October 2016), except for cancellation of the so-called “affidamento” regime, for which a dedicated transitory period would be fixed by the Authority taking into account market needs.

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