Fund Distribution Alert 2020-02

Fund Distribution Alert 2020-02



Said Fihri

Partner, ADV – Investment Services

KPMG in Luxembourg


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Italy: publication of 2020 CONSOB fees and payment deadlines

The Commissione nazionale per la società e la borsa (CONSOB) has published the resolution determining the supervisory contribution amounts for the 2020 financial year.

The following regulatory fees apply to UCITS and AIFs funds that are authorized for distribution in Italy as of 2 January 2020:

Funds subject to contribution

Contribution amount
(per sub-fund/stand-alone fund)

Foreign UCITS distributed to professional investors EUR 900
Foreign UCITS distributed to the public EUR 1,945
Foreign UCITS with subscribers residing in Italy and that were closed for subscription before 2 January 2020 EUR 1,375
Foreign AIFs distributed to professional investors EUR 900
Foreign AIFs distributed to the public EUR 1,775

Foreign ETFs are excluded from the above — instead, they are subject to a regulatory fee of EUR 3,136 per unit or share class quoted, starting from the third class. The maximum contribution per issuer is capped at EUR 675,000.

The fees shall be paid upon receipt of CONSOB’s payment notice and no later than 15 April 2020. The CONSOB will send payment notices within 20 days before the deadline to the UCITS or management company’s contact person, who is referred to in the CONSOB fee report submitted in January 2020.

For further information, please refer to the following link.

If you require additional information, please do not hesitate to contact us.


Said Fihri
+352 22 51 51 7892

Stephanie Zedda
Senior Manager
+352 22 51 51 7271

Please note that any information provided is general in nature, is based on the latest publicly available information as analyzed on a best endeavor basis and does not constitute any specific legal opinion or advice.

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