Italy - primary regulatory responsibility lies with the central bank - Banca d’Italia - under the Banking Law or, more formally, Legislative Decree 385 0f 1 September 1993, and Law 410 of 23 November 2001 in relation to real estate funds. Essentially, the Bank of Italy authorises banks that provide investment services and other companies that engage in collective asset management. Investment firms are authorised by the separate public authority responsible for regulating Italy’s securities markets, CONSOB - Commission Nazionale per la Societa e la Bores.

FundsCENSOR operates under Legislative Decree 58 of 24 February 1998, amended in 2005 and which introduced consolidated law on financial intermediation and was implemented by regulation on 1 July 1998. CENSOR has subsequently passed a series of detailed regulations and resolutions in common with other European regulatory authorities on matters such as capital adequacy, money laundering and market abuse.

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