Regulatory changes of reserved AIFs possible turning point for investments in the real economy

FIA Reserved

After participating in the public consultation of the MEF, the considerations of GIM Legal regarding the changes in the discipline of Italian reserved AIFs


GIM Legal participated and contributed to the public consultation organized by Ministry of Economy and Finance on the proposal to revise art. 14 of the Decree of 5 March 2015, n. 30, Implementing regulation of art. 39 of the legislative decree 24 February 1998, n. 58, concerning the determination of the general criteria which the Italian collective investment schemes (UCITS) must comply with ("DM 30 / 2015"), Relating to the so-called FIA - Reserved Italian alternative investment funds.

The regulatory review, recently introduced by MEF - Ministry of Economy and Finance, is aimed at extending the investment possibilities in Italian AIFs reserved for a wider range of customers, with medium and large assets and availability, guaranteeing them the possibility of investing in the medium / long term in liquid assets and in unlisted companies.

“After having actively participated in the Consultation of the Ministry of Economic Development last year on AIFs - he says Luigi Rizzi, Managing Partner of GIM Legal - we welcome with great satisfaction and full agreement some changes made to the regulatory text. With regard to the reduction of the minimum investment limit, as motivated in the consultation, we agree with the Ministry that euro 100.000 is a reasonable limit, given the nature of the financial investment, represented by an illiquid fund that requires an adequate level of financial knowledge to understand how it works ".

“These new regulations, given the need for large investments in the real economy - concludes the lawyer. Marco Corica, head of the Venture Capital team of GIM Legal - represents a possible turning point for the reserved Italian alternative investment funds because the market share and the number of potential investors interested in exploiting their great potential is significantly increased and therefore will also make it more incisive the ability to raise capital for the development of industries with the greatest development potential ".

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GIM Legal and Studio Vanzetta in the liquidation of a real estate AIF managed by Invesco

Rome, 9 December 2020 - GIM Legal STA, with the Managing Partner Luigi Rizzi and the Senior Associate Miranda Manenti, he witnessed Invesco in the liquidation procedure of a Italian real estate FIA reserved for institutional investors, with reference to the legal and regulatory aspects of the transaction.

Invesco was also assisted for the accounting and tax aspects of the transaction by Studio Vanzetta & Associati, with the Partner Carlotta Veneziani and the Associate Simone Berton.