Disclosure Requirements – Investment Funds – Italy

30.05.2024

Disclosure Category: 2

Clearstream Banking S.A. ("CBL") may be required to disclose the identity and holdings of clients and ultimate beneficial owners, upon request, in the case of holding of securities in Italian funds.

Consent

In order to comply with the local regulatory disclosure requirements, clients with holdings in Italian investment funds must consent and are hereby deemed to consent to the required legal disclosure. Such consent includes the appointment of the requestor (for example, the Fund Manager, Transfer Agent, Regulator) as their attorney-in-fact, under power of attorney, to collect from CBL the required information to be disclosed. Clients who do not grant such authority cannot hold such investment funds or financial instruments in their accounts with CBL.

Clients will be required to sign a one-time declaration (OTC) prior to sending any order on Italian Domiciled Funds. This OTC is available on the website under the name of "Italian Funds Tax Relief Indemnity Form" and "Italian Funds Tax Relief Indemnity Form (for APAC clients)".

Disclosure Requirements

Asset managers and registrars/transfer agents will likely require disclosure of details concerning investors (both a direct investor and, in some cases, the ultimate beneficial owner of the relevant investor) as a condition before permitting the subscription to the fund.

Background and legal basis

The legal basis for disclosure requirements may arise from the following:

  • Italian AML Decree.

Sanctions

Non-compliance with the disclosure requirements by CBL, CBL's client and/or the ultimate beneficial owner may result in the fund manager or its agent refusing acceptance of CBL as an investor and/or refusing acceptance of the proposed investment. Each subscription of funds will be subject to KYC obligations.

Disclaimer

The information contained in the Disclosure Requirements is based on the legal opinion obtained by CBL that was issued on 12 January 2023. CBL believes the information to be correct as of that date but disclaims any responsibility as to the accuracy and completeness of the information after that date. In the event of discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail. The Disclosure Requirements do not constitute legal advice and clients should seek advice from independent professional counsel.

Clients are responsible for ensuring compliance with the disclosure requirements and agree to indemnify and hold harmless CBL, for any loss, expense, liability, damage or claims, whether direct or indirect, against or incurred by CBL arising out of or resulting from such non-compliance.