Holding Restrictions – Investment Funds – Italy
Restrictions on clients
No general restrictions on client residency for holdings held through CBL. However, certain funds may impose specific restrictions on investor domicile.
Some restrictions include:
- The documentation of the funds (for example, contractual documentation or articles of incorporations of the fund) in respect to eligible investors or transfer restrictions.
- Restrictions on investments by or on behalf of U.S. persons.
- Tax status of the investment fund.
- AML/CTF and sanctions law.
- Passporting requirements in relation to marketing/sale in or into the jurisdiction where the investor is domiciled.
In the case of foreign investment funds, we would expect these restrictions to stem under local laws.
It should also be noted that some funds will not allow multiple beneficial owners per account. If this is the case, clients will be obliged to segregate their accounts at beneficial owner level.
Restrictions on settlement
There is no general restriction on settlement, however certain funds may impose specific settlement/transfer restrictions, for example, on settlement currencies. Clients must refer to and abide by the restrictions (if any) contained in the fund prospectus before entering transactions
Transfers within different accounts of the same client are not permitted by CBL in this market.
Disclaimer
The information contained in the Holding Restrictions 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 Holding Restrictions 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.