Amount invested, EUR1,179 million (up 101%).

Number of deals, 547 (up 47%).

EUR10.9 billion invested (up 39%).

185 transactions (up 16%).

Number of deals (down 44%).

Amount invested (down 23%).

Information and Communication Technology (ICT) (225 transactions).

Industrial goods and services (96 transactions).

Medical (84 transactions).

Transportation (34% of the total investment amount).

Medical (12% of the total investment amount).

ICT (11% of the total investment amount).

Find new resources for targets, either to relaunch them or expand their activity (including at an international level).

Enable the target's founder to divest their shareholding.

Manage the transition from founders to the next generation of their family.

Type of investors. The VC market is commonly funded by business angels (individuals investing directly in start-ups), whereas PE involves, almost exclusively, investment via PE funds. VC is also characterised by business incubators (entities supporting start-ups' development by providing services such as management and accounting training and provisions, and office space). Recently, the traditional business incubators (business innovation centres) have been joined by university business incubators, corporate private incubators (through banks), and independent private incubators (through private corporations). PE funds and government-related entities (investing public funds) have also started focusing attention and funds in the growing VC market, and are starting to close deals in this sector through dedicated entities specialising in VC investments.

Tax treatment. Under certain conditions, VC investors benefit from tax incentives (see Question 4 and Question 6).

Pension funds.

Insurance companies.

Banks.

Public sector and public institutions.

Sovereign funds.

Individuals (whether or not the investment is made in the context of a business activity), can deduct 30% of the investment (up to a EUR1 million investment amount per fiscal year) from the income tax due. Additionally:

Corporate investors can deduct 30% of the investment made (up to a EUR1.8 million investment amount per fiscal year).

In listed entities representing less than 2% of the voting rights or less than 5% of the entity's capital.

In unlisted entities representing less than 20% of the voting rights or less than 25% of the entity's capital, held in companies tax resident in Italy or in an EEA member state.

For an OICR, at least 70% in the value of its investments are participations in start-up companies or SMEs.

For a company, at least 70% of the overall value of the company's fixed financial assets on its balance sheet are participations in start-up companies.

Innovative start-ups and SMEs. These are exempt from Italian taxation to the extent that the participation:

Other entities (resident and non-resident). These are exempt for Italian income tax purposes to the extent that the capital gain is reinvested in innovative start-up companies or innovative SMEs within one year from the transfer, and in any case before 31 December 2025.

The company's main business purpose is the development, manufacturing or supply of hi-tech innovative products or services.

It has been incorporated and carrying out business activity for no longer than 60 months.

It satisfies at least one of the following requirements:

It does not pay dividends in either the year of incorporation or any following year in which the tax break is available.

The gross value of its production in its second fiscal year of operation is maximum EUR5 million.

It was not incorporated as a result of a reorganisation transaction.

It is resident for tax purposes in Italy or in an EEA country, provided it has a plant or a branch in Italy.

The company is the owner or the licensee of a patent or a software copyright.

More than one-fifth of its employees are highly skilled with a PhD or other university degree.

It incurs R&D expenses at least 15% of the greater of the gross value of production or the costs of production.

Be mainly directly controlled by individual share/securities holders.

Be subject to taxation without whole or partial tax exemptions.

Qualify as SMEs under the Prospectus Regulation ((EU) 2017/1129).

Be unlisted.

Have been incorporated no longer than seven years.

Have a fixed business place in Italy.

The individual has invested in the plan for more than five years (Five-Year Investment Requirement).

At least 70% of the investment portfolio consists of equity or debt securities issued by Italian companies (or EU companies with an Italian branch), or units or shares of undertakings for collective investment in transferable securities (UCITSs) complying with these requirements.

30% of the issuers of the securities are SMEs.

Each investor does not invest more than EUR30,000 per year (up to EUR200,000 in aggregate, across the entire life of the long-term investment plans).

The concentration risk in one single investment is limited to 10%.

At least 70% of the investment portfolio consists of equity or debt securities issued by Italian-resident companies, or companies resident in an EEA country with a domestic permanent establishment.

At least 25% of this 70% (see above) is invested in securities issued by enterprises other than those listed in the FTSE MIB index of the Italian Stock Exchange or equivalent indexes of foreign stock exchanges.

A further 5% of this 70% (see above) is invested in securities issued by enterprises other than those listed in the FTSE MIB and FTSE Mid Cap indexes of the Italian Stock Exchange or equivalent indexes of foreign stock exchanges.

Each investor does not invest more than EUR40,000 per year (up to EUR200,000 in aggregate).

The Five-Year Investment Requirement and the concentration risk limitations provided for plans established pre-2020 also apply to plans established post-2020.

Closed-ended investment funds, which are also the most common fund used in the VC sector.

Open-ended investment funds established in the form of a joint stock company (società per azioni) with variable capital (società di investimento a capitale variabile) (SICAV).

Closed-ended investment funds established in the form of a joint stock company with fixed capital (società di investimento a capitale fisso) (SICAF), including the simple investment company model (società di investimento semplice) (SIS).

Conflict of interests.

Compliance.

Risk management.

Diversification of risks.

It must be an Italian joint-stock company.

It must establish a registered office and a head office in Italy.

It must have fully paid-up capital.

The people performing its administrative, management and supervisory functions must meet certain experience, independence, and integrity requirements.

Holders of a controlling interest in it must meet specific integrity requirements.

Maximum capital/raising of EUR25 million.

Registered and head office in Italy.

No financial passporting in the EEA under the MiFID II Directive (2014/65/EU) (MiFID II).

No use of leverage.

Individuals (where the investment is made outside the scope of a business activity) and non-commercial entities: 26% final withholding tax.

Individuals (making the investment in the context of business activities): 26% withholding tax. Proceeds qualify as business income and are included in the taxable base subject to progressive individual income tax rates.

Corporate entities: 26% withholding tax on account. Income is taxed at the ordinary 24% CIT rate.

Individuals (not in the context of business activities) and non-commercial entities: 26% final withholding tax.

Individuals acting in the course of a business activity: 26% withholding tax. Proceeds qualify as business income and are included in the taxable base subject to progressive individual income tax rates.

Corporate entities: 26% withholding tax on account. Proceeds are taxed at the ordinary 24% CIT rate. IRAP may apply, depending on the business carried out by the entity and the relevant accounting treatment.

International bodies or entities set up under international agreements in force in Italy.

Central banks or other entities authorised to manage the official reserves of a state.

Subject to certain conditions, entities that are resident for tax purposes in a country allowing for exchange of information.

Subject to certain conditions, institutional investors, even if not resident for tax purposes in a country (for example, mutual funds, undertakings for collective investments subject to supervision in their country of establishment, SICAVs, and pension funds), that are established in a country allowing for exchange of information.

Dividends distributed by Italian companies.

Capital gains deriving from disposals of qualifying participations (see Question 4, Incentive Schemes) held in Italian companies.

Comply with the UCITS Directive (2009/65/EC).

Be managed by a manager subject to supervision under the Alternative Investment Fund Managers Directive (AIFM) Directive (2011/61/EU).

Enter into contracts for purchasing, selling, or negotiating financial instruments, derivatives, and receivables on behalf of foreign investment vehicles (and their directly or indirectly controlled companies).

Actively contribute, including in relation to preliminary and ancillary activities, to the execution of the transactions under the above bullet point, in the name or on behalf of the foreign investment vehicle or controlled entity.

Commitment and investment years, with an average duration of about five years (generally three to seven years).

Disinvestment period, during which the fund gradually reimburses the units/shares subscribed by the investors.

Being an Italian joint-stock company.

Having a minimum fully paid-up capital of EUR1 million, except for:

Those performing administrative, management and control functions must have adequate experience, independence, and integrity.

Holders of a controlling interest in the fund manager must meet specific integrity requirements.

The structure of the group of which the company is part must not prejudice the effective supervision of the company.

Submitting an activity programme and a description of the organisational structure, together with the company bye-laws and the articles of association (statuto e atto costitutivo), to the Bank of Italy.

Including in the company name the words "asset management company" (società di gestione del risparmio).

The EU member states (including Italy, if relevant) in which the pre-marketing is taking or has taken place.

Periods during which the pre-marketing is taking or has taken place.

A brief description of the pre-marketing, including information on the investment strategies presented.

Where relevant, a list of the alternative investment funds (AIFs) and compartments of AIFs which are or were the subject of pre-marketing.

Is exclusively aimed at professional investors under MiFID II.

Is addressed to no more than 150 potential investors in Italy (other than professional investors).

Is for a total consideration of EUR8 million or less, to be calculated over a period of 12 months.

Envisages a minimum ticket of EUR100,000 per investor in each separate offer.

Banks.

Investment firms.

Other authorised and regulated financial institutions.

Insurance companies.

Collective investment undertakings, and management companies for these undertakings.

Pension funds, and management companies for these funds.

Dealers acting on their own account in commodities and commodity-based derivatives.

Persons dealing exclusively on their own account on financial instruments markets with indirect membership of clearing and settlement services and the local compensatory and guarantee system.

Other institutional investors.

Stockbrokers.

Large companies which have at least two of:

Institutional investors whose main activity is investment in financial instruments, including companies dedicated to the securitisation of assets and other financial transactions.

The maximum duration of a closed-ended investment fund cannot exceed 50 years.

The subscription period for a closed-ended investment fund cannot exceed 24 months after the conclusion of the marketing process in Article 43 of Legislative Decree no 58/98 as subsequently amended and supplemented (Consolidated Financial Act). However, the subscription period can be extended up to 12 months, if the extension is envisaged under the relevant fund's regulations.

A limitation on the participation in the fund in relation to type of investor (professional or non-professional investors).

The requirement to subscribe for a minimum quota of units/shares or types of units.

Governance powers (for example, the power to appoint the members of the fund's advisory committee, or the opportunity to express binding opinions on conflict-of-interest transactions and non-binding opinions on other matters).

The right to request suspension of the investment period or the early winding-up of the fund, subject to certain conditions.

Information and reporting duties of the fund's managers.

The requirement for certain matters to be authorised by a resolution of the fund investors' meeting, including:

Quasi-equity instruments, such as:

Debt interests such as bonds, which entitle the relevant holders to request the reimbursement of the capital invested.

Lock-up.

Pre-emption right.

Tag along right.

Right of first offer.

Bidders deliver an expression of interest following an invitation from the seller's financial adviser.

Bidders receive preliminary information on the target company and its business after entering into a non-disclosure agreement.

Bidders deliver a non-binding offer on the basis of the preliminary information received.

Bidders admitted to the next phase are granted access to a physical and/or virtual data room which contains specific information on the target company and its business. Sometimes, to speed up the process, due diligence is conducted by the seller's advisers and the relevant outcome included in a vendor due diligence report.

On completion of the due diligence, bidders are requested to deliver their binding offer, which usually includes a mark-up to the transaction documents initially prepared by the seller's legal advisers and uploaded to the data room.

The selected bidder and the seller carry out final negotiations before signing the relevant transaction documents.

The relevant market is less competitive than that of mid-capital privately held targets.

There are several relatively small listed companies whose majority is still in the hands of the founders' families who are often interested in divesting their stake (generational handovers).

The stock exchange applies a lower value to listed entities (often negatively influenced by the overall national background) than that attributable by a PE fund by applying its usual investment criteria and parameters.

Exercise a squeeze out right.

(Provided it holds a sufficient number of voting shares in the target company to achieve this) pass a resolution approving the merger of the listed company into a non-listed company. However, the dissenting shareholders can exercise a withdrawal right and liquidate their interest.

Purchase of the entire (or almost the entire) corporate capital of the target company (though this is quite rare for a private fund).

Purchase/subscription of a majority or minority stake of the target company.

Conditions precedent.

Pre-closing covenants.

Closing actions.

Representations and warranties.

Indemnification obligations.

Post-closing covenants.

In the case of an acquisition of a majority stake or a stake higher than 30% (or 25%, where there is no shareholder holding a higher majority and the listed company is not an SME):

In the case of an acquisition of a minority stake:

Locked-box. Generally, the locked-box mechanism is seen as providing certainty for the seller regarding the price. However, it may also be preferred by the buyer as a guarantee against any loss of the target equity value, since this mechanism also provides for an indemnification obligation from the seller to the buyer for any leakage between the reference target value date and the completion of the transaction (including distributions of dividends, management fees and other amounts paid to the seller or any related parties).

Completion accounts. The completion accounts mechanism provides for price adjustment based on the variation in specified aspects (for example, net financial position, working capital, level of cash) between a reference date and the closing date. One of the parties (usually the buyer) calculates the price adjustment. The other party can object to the calculation within a certain period of time. In the event of an objection, the matter is generally referred to an expert (usually an accountant), rather than the courts, to facilitate a final and quick binding decision.

Material adverse change (MAC) clause. The definition of the MAC and any exceptions are generally subject to heavy negotiations between the parties.

Interim period covenant. This generally requires the seller to manage the target company within its ordinary course, from signing to completion. Often, the covenant requires investor consent, or notification, before certain management actions and decisions are taken. The clause usually includes a specific list of actions, with related materiality thresholds. It can also sometimes include an obligation on the seller to cure issues, if any, identified during the due diligence exercise.

Title of the participation transferred.

Legitimacy and good standing of the sellers.

Target company's business.

Time.

Amount: typically, the seller is not liable:

Fully disclosed by the seller during the due diligence or in the disclosure schedules.

Not known by the seller (the definition of seller's knowledge (actual or expected) is usually subject to heavy negotiations).

To warranties in relation to title, capacity and good standing.

With reference to certain material issues detected during the due diligence exercise (which are usually covered through special indemnities).

By operation of law; for example, in the case of fraud.

Payment of a premium calculated as a percentage of the deal value.

Performance of full due diligence on the target (any matter for which full diligence has not been performed cannot be covered by the policy).

Limitation of the indemnification obligation to undisclosed events (any issue indicated in the due diligence reports is not covered).

Generic exclusions irrespective of the level of due diligence carried out (for example, remediation costs due to environmental liabilities, transfer pricing issues, pensions underfunding, and so on).

Pursue the relevant entity's corporate interest acting in compliance with the diligence principle (section 2392, Civil Code).

Adhere to confidentiality and non-compete obligations (section 2390, Civil Code), unless expressly authorised to the contrary (by the shareholders' meeting, for managers who are directors of a joint stock company).

Report periodically to the board of directors and the board of auditors in relation to the management of the company (paragraph 5, section 2381, Civil Code).

Answer to the company, as well as its shareholders and creditors (sections 2392 and 2394, Civil Code).

Specific and detailed powers granted to the manager.

Specific information and reporting duties (usually reflecting the reporting obligations undertaken by the PE investor in relation to the lenders under the acquisition financing documentation).

Specific duties to co-operate with the PE investor and its advisers to pursue an exit.

Retention mechanisms aimed at linking management incentives with value creation for the PE investor.

Specific confidentiality obligations, without prejudice to the general obligations established by the law (see Question 19).

Specific non-compete obligations on the managers that also continue for a certain period of time after the expiration of the office, provided that the manager is given a specific remuneration. Again, these obligations are without prejudice to the general obligations provided by the law (see Question 19).

Non-solicitation obligations.

Good leaver and bad leaver provisions governing the economic consequences of the manager's removal or resignation, whether with or without just cause. These provisions are generally heavily negotiated and set out in detail by the parties (see also Question 18).

In the shareholders' agreement, the PE fund is generally granted the right to:

In the company's governing documents, the PE fund is usually given control over the target's management through the following measures:

Further right given to the minority shareholders in the shareholders' agreement.

Qualified majority set out by the company bye-laws.

Senior debt. This is provided by financial institutions, is secured, has a shorter duration compared to other debt financing forms and is granted to the purchaser for acquisition purposes and to the target company for other needs (refinancing, capital expenditure facilities and working capital facilities and so on). In a PE buyout it is common for the acquisition vehicle to be granted a bridging loan. The vehicle then merges into the target company, which becomes the borrower and its assets generally become general collateral to secure the loan.

Junior debt. This is used to increase the amount of debt available, is subject to the repayment of the senior debt, and is granted through:

Fund is authorised by the competent authority to carry out lending activities (including direct lending) in the country of origin.

Fund is a closed-ended entity and has a governance model similar to that of Italian AIFs that carry out direct lending.

Regulations and standards of the country of origin (or the individual EU AIF's bye-laws or regulatory provisions) relating to limits and risk management are equivalent to the standards governing Italian AIFs that carry on direct lending.

Pledges over the target company's shares or securities.

Pledges over the target company's bank account.

Assignment of the target company's receivables, and further security over its assets.

Representations and warranties from the borrower.

Broad information, business, and financial covenants from the borrower.

Provision of default events triggering mandatory prepayment of the debt.

Relevant transaction is approved, in advance, by an extraordinary shareholders' meeting.

Directors of the company prepare a report:

Overall amount of the financial assistance does not exceed the amount of the distributable profits and available reserves as reflected in the company's latest approved accounts, taking into account the potential purchase of its own shares.

Target company.

Holding company.

Target company subsidiaries.

Debts of the insolvency procedure and other super-senior credits are generally satisfied before secured and unsecured debts.

Secured debts prevail over unsecured debts, while the priority among secured debts depends on the ranking of the security. Preferred debts can be satisfied by all the assets available, while special preferred debts can only be satisfied from the specific secured asset (for example, real estate for creditors with a mortgage lien).

All creditors have priority over the shareholders, regardless of any specific agreement to the contrary. On the other hand, any agreement entered into between same ranking creditors (such as an inter-creditor agreements) is taken into account.

A variable compensation scheme based on the performance of either the portfolio company or the individual (bonus). Bonuses are usually calculated on earnings, turnover, sales or net income. They are included in the manager's employment income and are therefore fully subject to progressive tax rates (at a maximum rate of 43%, plus local surcharges).

Options to subscribe, for a fixed period, for portfolio company shares at a fixed price or on the basis of a certain formula. The difference between the strike price and the market value of the shares on exercise is treated as employment income for tax and pension contribution purposes. Under the carried interest regime (see Question 28), some forms of stock plan are more tax efficient.

Contractual provisions for payment by the company of an agreed amount in the case of removal without cause or resignation with cause (see Question 18).

Incentive schemes involving assignment of equity or hybrid instruments issued by the holding company or the target company, whose return is accelerated compared to that of the PE investor, once the instruments held by the PE investor have reached a predetermined return (hurdle rate) (see Question 28). Among the others, typical incentive mechanisms include:

The overall committed investment of the employees/directors equals at least 1% of the total capital invested in the CIV or to 1% of the equity net-worth of the company or entity.

The financial instruments grant special remuneration rights in comparison with an ordinary instrument.

The income from the investment in CIV/shares/securities/other financial instruments granting special financial rights accrues and becomes payable only after all the other investors in the CIV/company/entity have received an amount equal to the invested capital plus a floor yield (the hurdle rate) provided for by the company or entity's bye-laws or by the CIV's regulations (if any).

The directors/employees (or their heirs) hold the shares/ securities/financial instruments with special financial rights for an uninterrupted five-year period (subject to prior change of control).

Dividends can only be distributed from proceeds actually achieved.

Beneficiaries of certain financial measures issued by the Italian Government following COVID-19 (and certain companies belonging to the same group, or subject to its direction and co-ordination with registered offices in Italy) must not distribute dividends.

Representations and warranties in relation to the target company's compliance with the applicable law.

Indemnities in the event that any relevant breach of compliance is discovered during the due diligence exercise.

Civil liability for individual directors for breach of their fiduciary duties, and for the company. Civil sanctions include:

Criminal liability for individual directors. Possible sanctions include a prison sentence of three to ten years (which can be increased up to 20 years in the most serious cases of bribery, heard in judicial proceedings).

Write-off of part of the debt.

Conversion of all or part of the outstanding debt into equity or quasi-equity instruments (see also Question 14).

Grant of additional securities to guarantee the outstanding portion of the debt.

Possible refinancing by the lenders to allow the company to achieve the envisaged business goals.

Propose a moratorium of non-adhering or dissenting creditors.

Ask (and renounces asking) temporary protective measures.

CP. These are court-validated proceedings, which can only be commenced by the debtor and require approval by the creditors and the court.

Certified recovery plan (CRP). Companies use these to restructure their debt and ensure the recovery of their financial condition. The feasibility of recovery, and the accuracy of the debtor's business and accounting data, must be assessed by an independent expert directly appointed by the debtor. CRPs are not subject to judicial control or approval, so the debtor does not need to file an application with the court or other supervising authority.

Negotiated composition of the crisis (composizione negoziata della crisi) (CNC). This procedure enables the debtor to file a petition with the relevant Companies' Register for the appointment of an expert to supervise the negotiations between the debtor and its creditors to resolve the crisis and reach an agreement to allow the company's turnaround. The CNC can result in:

Simplified composition with creditors (concordato preventive semplificato) (CPS). If the CNC proceedings fail (see above), the debtor can file a petition for a CPS with the competent court. The CPS:

DRAs are more flexible, faster, and cheaper than a CP (mainly due to the freedom regarding the agreement's content).

Suspension of the application of Articles 2446 and 2447 of the Italian Civil Code (which oblige the company to take certain actions in the case of reduction of the share capital).

Exemption from claw-back actions on transactions carried out in execution of the agreement.

Dissenting or non-adhering creditors must be satisfied within 120 days of:

There is no provision for crystallisation of the debt exposure to allow the business to continue, meaning that the debtor does not benefit from a definition of the due amount at the start of the DRA proceedings.

The Insolvency Code does not automatically freeze creditors' actions as a result of the initial petition for the DRA. Instead, this must be specifically requested by the debtor from the court, with evidence from an expert report (Article 54, Insolvency Code).

The ability, under Article 44 of the Insolvency Code, to file a preliminary petition for a CP (concordato con riserva or concordato in bianco) containing more basic information, asking the court to set a term of 60 days (extendible to 120 days maximum) for filing the additional required documentation. The debtor can also then choose, before the deadline expires, to file a petition for the approval of a DRA, as an alternative to the final CP.

The ability to choose the content of the proposal and the plan, which can provide:

The ability for the plan to provide that (creditors secured by a privilege, pledge or mortgage are not satisfied in full (but they must be satisfied for an amount not less than the one that could be achieved, by reason of the preferential position, from the proceeds in the event of liquidation).

They are more complex, more expensive, more invasive and much longer than DRAs and CPRs.

They are dependent on the creditors' approval (majority (by value) of creditors entitled to vote) of the proposal and the plan, and the court's ratification.

At the start of the procedure, the debtor must deposit 50% of the costs assumed to be necessary for the entire procedure (or a sum decided by the court, not less than 20% of the expenses).

The company continues to be managed by its management bodies (usually its board of directors), but under the supervision of the judicial officer(s) and a judge delegated by the court.

The Insolvency Code does not provide for an automatic freezing of creditors' executive actions on the debtor's assets as a result of the filing of a petition for CP; the debtor has to submit a specific petition to the court.

The plan is confidential: it does not have to be registered.

As with DRAs and CPs, there is an exemption from claw-back actions of transactions entered into in implementing the plan.

There are no measures to protect the debtor's assets from the executive and precautionary actions of creditors, and no suspension of the application of Articles 2446 and 2447 of the Italian Civil Code (see above).

Unlike with a CP or DRA, there is no possibility to obtain new financing under certain conditions.

To reach an agreement with its creditors, the debtor can provide for their payment even by derogating from the principle of equal treatment of creditors of the same class.

During negotiations with creditors, the debtor is advised by an appointed practitioner, an out-of-court body of the CNC.

CNC is a cheaper procedure than composition with creditors, and its structure functions to ensure timely restructuring.

The filing of a petition for a CNC does not put an automatic freeze on executive actions; the debtor must request protection from precautionary or executive actions from the Chamber of Commerce, as well as their validation by the court.

Negotiations must be carried out with all creditors of the debtor.

Since CNC is a newly-introduced procedure, the outcome in each case is highly uncertain.

A petition for a CPS can be filed by the debtor only in the event that a CNC is unsuccessful.

A CPS does not enable the debtor to submit to creditors a proposal based on the business's continuation.

The Italian UBO Register. The Italian Ministry of Economy and Finance issued Decree no 55/2022, mainly regulating the reporting of data and information on ultimate beneficial owners in the Italian Business Register, and access to information by the stakeholders. However, while this entered into force on 9 June 2022, no implementing regulation has yet been published. Within 60 days from the publication of the implementing regulation, corporations (società di capitali) must disclose of their ultimate beneficial owners.

Simplification of the golden power procedure, which requires that certain transactions in sectors deemed strategic for the national interest be notified in advance to the Prime Minister's Office so that the government can assess their possible effects, and they can be vetoed or have conditions imposed if the government perceives a threat of serious prejudice to national interests, which was specifically broadened and strengthened within the framework of COVID-19 related measures. The simplifying measures introduce:

EU sanctions measures following the conflict between Russian Federation and Ukraine.

CONSOB amended Regulation no 11971/1999, among other things, with Resolution no 22437 of 6 September 2022, to implement the Cross-Border Distribution Directive and the CBDF Regulation with respect to, among others, pre-marketing activities, marketing communications addressed to investors (including facilities), and withdrawal of notification in the case of interruption of marketing. In addition, it amended the prospectus regime with Resolution no 22423 of 28 July 2022, aligning the procedure for approval of prospectus with the Prospectus Regulation.

The amendments to the ELTIF Regulation ((EU) 2015/760), by Regulation (EU) 2023/606, were published in the Official Journal of the European Union on 20 March 2023. Regulation (EU) 2023/606 entered into force on 9 April 2023 and applies from 10 January 2024.