Article 2.3.17

1.       For the admission to trading units of closed-end funds, there must be a specialist that undertakes to support the liquidity of the financial instruments for which application for listing has been made.

2.       For the admission to trading of units/shares of open-end funds , there must be at least one specialist that undertakes to support the liquidity of the financial instruments for which application for admission has been made. Borsa Italiana may admit a larger number of specialists taking into account the placement procedures and the distribution of the financial instruments.

3.       The names of the specialists shall be published in a Notice of Borsa Italiana and may be associated with the name of the issuer in documents and publications of Borsa Italiana.

4.       Intermediaries admitted to trading on MIV may act as specialists for units of closed-end funds. Intermediaries admitted to trading on ETFplus may act as specialists for units/shares open-end funds.

5.       The termination of the appointment of a specialist for any reason must be notified to Borsa Italiana in writing in the manner laid down in the Instructions. The issuer must guarantee continuity of the specialist function and promptly inform Borsa Italiana of a new appointment, if any.