DECRETO LEGISLATIVO 10 marzo 2023, n. 29 : Attuazione della direttiva (UE) 2021/2261 del Parlamento europeo e del Consiglio, del 15 dicembre 2021, che modifica la direttiva 2009/65/CE per quanto riguarda l’uso dei documenti contenenti le informazioni chiave da parte delle societa‘ di gestione di organismi d’investimento collettivo in valori mobiliari (OICVM). (23G00037)

Legislative Decree n.29 implementing Directive (EU) 2021/2261, which amends Directive 2009/65/EC with regard to the use of key information documents of UCITS, was published in the Official Journal, Gazzetta ufficiale.
It introduces some modifications to legislative decree no. 58 of 24 February 1998 (TUF). In particular, the definition of “KIID“ and “KID“ is added to the document.
– The first document, known as KIID, provided by Art. 78 of Directive 2009/65/EC regarding key information of UCITS must be provided to help investors make informed investment decisions in accordance with Reg. (EU) n. 583/2010.
– The second document, known as KID, is required by Regulation (EU) No. 1286/2014 for retail investment and insurance products with the same aim.
Article 98-ter is also amended, which provides that the prospectus must allow investors to understand the nature and risks of the proposed investment, becoming pre-contractual in nature.
In cases where the offering of Italian UCITS is not addressed to retail investors, the offerors can choose between KIID or KID. If the KID is drafted, the Regulation (EU) No. 1286/2014 and the relevant implementing provisions adopted at the European level apply and must submit a communication to Consob to which the KIID or KID and the prospectus are attached.
No one can be held civilly liable solely on the basis of the KIID or its translation, unless it is found to be misleading, inaccurate or inconsistent with the corresponding parts of the prospectus.
Violations and its administrative pecuniary sanction ranging from five thousand euros up to five million euros are defined.
The decree entries into force the 07 April 2023.