IT - CONSOB resolution on AIF distribution in Italy
On 22 September 2020, CONSOB published a resolution n° 21508 amending Article 34 of the Issuers Regulation no. 11971, which will come into effect at the beginning of November 2020.
Article 34 has been amended to state that where past performance is disclosed in AIF marketing material provided to retail investors in Italy, these performances must be compared with the reference index or the return target that is identified in the prospectus for the AIF.
In the event that these performances are not tracking a reference index or a return target is not identified in the AIF prospectus, it will not be necessary to disclose additional information other than past performances, noting that a clear indication must be included in the past performance section that the performances are not tracking any index or other parameter.