Data relating to collective investment undertakings | Practical Law

Data relating to collective investment undertakings | Practical Law

Data relating to collective investment undertakings

Data relating to collective investment undertakings

Practical Law UK Legal Update 0-101-4336 (Approx. 2 pages)

Data relating to collective investment undertakings

Published on 05 Apr 2001 • Italy
The Commission forCorporations and Stock Exchange (CONSOB) has recently ruled thatthe obligation to notify individual participants in open-endedcollective investment undertakings of periodic data updates andchanges in the information contained in prospectuses (article24, paragraph 4, of CONSOB Regulation no.11971/1999 onissuers) may be fulfilled by inserting the relevantinformation in other documents sent to individual participants,such as newsletters or statements of operations. The use ofalternative means of communication does not conflict with theRegulation on issuers, provided that:
  • The notifications are issued within the time limits set outin the Regulation.
  • The notification expenses are not charged to the collectiveinvestment undertakings.
  • Asset management companies and SICAVs keep records of themailing lists of the investors notified in this way, togetherwith an indication of the document used (for example, part II ofprospectuses, newsletters, statements of operations and soon).
Source: CONSOB Communication no. DIN/1007549 of 1stFebruary, 2001. Ughi E Nunziante