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Amendments to the MIV rules
With resolution no. 20906 of the 2 May 2019, Consob approved the amendments to the Rules of the Markets managed and organized by Borsa Italiana, already approved by Borsa Italiana’s Board of Directors on 25 March 2019

The amendments include the review of the rules governing alternative funds (AIFs) to be listed on the MIV market (Market for Investment Vehicles). The amendments are summarized below entered into force on 3 June 2019 

1.       Requirements for listing units or shares of AIFs on the MIV

  • Further to the requests put forward by several market intermediaries, it is specified that reserved AIFs of the open-end type can now be listed on the MIV market
    If an application is made to list shares or units of an open-end AIF or a closed-end AIF that provides for subscription or redemption on a periodic basis, adequate contractual safeguards shall ensure that early repayments do not hamper the orderly course of trading
    Having regard to Italian closed-end funds, the regulatory safeguards provided for in Italian Ministerial Decree No. 30 of 5 March 2015 remain in place if the AIF rules or bylaws provide for the early repayment of the units or shares
  • Applications for listing on the MIV can be made not only by EUVECA and EUSEF funds but now also by Venture Capital Funds pursuant to the so-called Italian Budget Law 2019
  • It is considered appropriate to indicate among the information requirements of the first listing the methodology for the calculation of the NAV considering the amendments reported for the reference price explained afterwards

2.       Amendments affecting the professional segment of the MIV: trading mechanism

  • Certain aspects in the way that instruments are traded are amended, in acknowledgement of the requests put forward by intermediaries and in light of the typical composition of the shareholder base and the particular illiquid nature of the underlying assets
  • While the trading phases on the MIV market remain the same, it is eliminated the relevance of the notion of the reference price
    This will ensure better alignment of the AIF market prices relative to the net asset value (NAV) of the AIF
  • An indicative price is calculated and published in place of the reference price and equates to the unit value of the last NAV published on the market by the issuer, which will also be used to calculate the static price used in the automated trading checks
  • The issuer is required to update the indicative price at least every six months and whenever events occur that could significantly affect the NAV valuation
  • Financial instruments can be traded within a predetermined fluctuation range (price corridor), anchored to the NAV: therefore, it will only be possible to execute automatically contracts within specific percentage variations relative to the NAV considered normal, taking into to account the valuation of the units by the sector, on the basis of the investment strategy underlying the instruments and taking into account their liquidity characteristics
  • With reference to the entering of orders and the variation on the dynamic and static price, price variation limits are specified in the updated Guide to the Parameters available at the following link https://www.borsaitaliana.it/borsaitaliana/regolamenti/guide/guide.htm
  •  In case of particular trends of the individual listed instrument, Borsa Italia may modify them and make other interventions for example on the trading phases
    Therefore, the general rules on market supervision shall apply, in accordance with the management provided for the financial instruments on the MTA market
  • By means of this amendment, the initial trading parameters of the financial instruments can be anchored to the valuation of the NAV, which is updated more frequently and takes into account extraordinary events and adjustments for payments of proceeds or dividends, without making any changes to the way traditional trading processes work
    The aim of the amendment is therefore to eliminate accumulated discount typically arising from the illiquidity of the instruments and thus ensure that discounts on the NAV are more in line with the average values recorded on markets that trade a higher number of instruments, with higher liquidity
  • These provisions are not applicable for SPAC vehicles for which continue to be applied the arrangements in terms of the reference price

3.       Amendments affecting the professional segment of the MIV: rule of conduct of the intermediaries

  • A fine tuning is made with reference to the rule of conduct of the intermediaries on the professional segment, allowing intermediaries to accept orders coming from categories of investors identified by the rules referred to Article 39 of the Consolidate Law on Finance, where the bylaw or the rules of the fund expressly provides for it
    The reference to the primary law, rather than the implementation provision of secondary level, allows the Market Rules to be aligned with any regulatory change that my occur in the future on the subject
    This legislative reference is also valid for both Italian and foreign funds traded in Italy


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