Italy: Investment Funds Update - October 2026

Our Asset Management and Financial Services Regulation team has prepared this update to help fund managers, alternative investment fund managers, UCITS management companies and other financial institutions understand evolving regulatory requirements and prepare for emerging supervisory priorities.

Key topics explored in this edition include:

• Italy’s implementation of AIFMD II, including changes affecting credit funds, loan origination and lending into Italy

• proposed changes from Consob covering best execution, financial research, liquidity management tools, loan-originating funds and white-label arrangements

• the extension of CRR3 and Digital Operational Resilience Act requirements to certain Italian financial intermediaries

• ESMA’s supervisory focus on risk management, liquidity management tools and preparations for the move to T+1 settlement

• developments concerning sustainable finance disclosures, tokenized assets, transaction reporting and the future direction of EU financial supervision

• emerging risks connected with private credit, technology dependencies and operational resilience across the EU financial system

This update provides a concise guide to the regulatory developments shaping the Italian and European investment funds market, helping you identify the changes that may affect your funds, governance arrangements and wider operating model.

Download the full report