Italy: Investment Funds Update - July 2026

Our Asset Management and Financial Services Regulation team has prepared this update to help fund managers, AIFMs, UCITS management companies and other financial institutions stay informed about evolving regulatory requirements and emerging supervisory priorities across the investment funds sector.

Key topics explored in this edition include:

• amendments to Italy's Consolidated Financial Act implementing the EU Listing Act Package, introducing measures aimed at simplifying access to capital markets while maintaining investor protection

• new anti-money laundering governance requirements introduced by the Bank of Italy, including the obligation for financial institutions to appoint a board member responsible for AML matters

• the implementation of AIFMD II and UCITS VI, bringing new requirements relating to liquidity management tools, loan origination, delegation oversight and supervisory reporting

• continued EU regulatory reform, including ESMA initiatives on fund reporting, supervisory convergence and the development of a more integrated European reporting framework for investment funds

• key developments across sustainable finance, crypto-assets, EMIR 3, money market funds and fund tokenisation that will influence the future regulatory landscape for investment managers across Europe

This update provides a concise guide to the regulatory changes and supervisory developments shaping the Italian and European investment funds market in 2026 and beyond.

Download the full report