Market Specifications – Investment Funds – Italy
Prospectus translation
Prospectuses of Italian investment funds are written in Italian. Translations from Italian language to English must be done by the fund manager upon request. It may take up to six weeks for the fund managers to translate the documents into English. As such, lead time is required before these Italian investment funds can be accepted in CBL.
One Time Certification for Italy (Tax Relief Indemnity Form)
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)".
In the event of an incorrect tax withholding or tax payments, clients can reclaim directly to the Italian Tax Authorities with no involvement of CBL.
Clients should send the original documents by post to the address in the header of the OTC.
For new accounts that are only opened for investing in Italian Domiciled funds, clients can send any tax documentation all at once (including the one that is forwarded to the upstream Agents).
Account setup
A sub-account for each underlying client of CBL will be set up by each fund manager. Fund managers may take up to four weeks to complete the setup of the account. Some fund managers may also request CBL clients to submit documents for KYC/Due diligence and Tax withholding purposes for sub-account setup.
Translation of account opening documents from Italian language to English must be done by the fund manager upon request, this process may take up to six weeks to be completed.
Disclaimer
The information contained in the Market Specifications is based on the market practice that CBL was made aware of from different sources. This is not intended to be a comprehensive guide of all local market practices, and CBL disclaims any responsibility as to the accuracy and completeness of the information. In the case of discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail. The Market Specifications do not constitute legal advice and clients should seek advice from independent professional counsel.
Clients are responsible for ensuring compliance with the Market Specifications (where applicable), 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.