On 16 May 2012, Italy completed the implementation process for Directive 2009/65/EC on undertakings for collective investments in transferable securities (the UCITS IV Directive) (Directive), almost one year after the expected date it would come into force.

On that date, the Legislative Decree of 16 April 2012, no. 47, transposing the Directive in Italy (Decree) was implemented through regulations made by the Bank of Italy and the Italian authority on securities (Commissione Nazionale per le Società e la Borsa or CONSOB).

This article provides an overview of the Directive and its implementing measures, as well as of the Directive's lengthy implementation process in Italy.

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