MIV - LISTING REQUIREMENTS

The MIV is mainly dedicated to the listing of closed-end AIFs.

According to the AIFMD, AIFs can be dedicated to retail and professional investors or reserved just to professional investors. Hence the MIV is divided into a retail segment and a professional segment.

The main listing requirements are summarized in the table below:

 

Retail Segment

Professional Segment

AIFs

Reserved AIFs

Non-AIFs

Certified Financial Statements

  • Audited Financial Statement (even for a period of less than 1 year)

Capitalisation

  • None, but minimum capital raised of € 25 mln
  • None, but minimum capital raised of € 25 mln
  • € 40 mln

Free Float

  • Adequate to ensure regular market functioning
  • 35%

Sponsor

  • Not mandatory
  • Mandatory (if the company has no other instruments already listed on Borsa Italiana)

Specialist

  • Mandatory
  • Not mandatory

Investment Policy

  • No asset class restrictions
  • The company cannot invest more than 20% of its assets in units of AIFs
  • A precise, detailed investment strategy

Articles of association

•   The terms and conditions of the fund or the articles of association of the investment company with variable or fixed capital must provide for listing on a regulated market

•   The terms and conditions of the fund or the articles of association of the investment company with variable or fixed capital must provide for listing on a regulated market

•   Open-ended funds: adequate contractual provisions in order to guarantee that early redemptions do not hamper the orderly conduct of negotiations

•   They must provide for investment on a primary basis in a company or activity on the basis of the pertinent investment policy

•   They must provide for a company duration of no more than 36 months to make one or more significant investments (accounting for more than 50% of assets)

•   Investment strategy not already completed or particularly complex

Prospectus

  • Approval of the competent authority in Italy or in the EU Member State (and then passported into Italy). Approval is not required for open-ended funds

Other

  • AIFMD authorization
  • AIFMD authorization
  • Management track record of at least 3 years
  • Conflict of interest policy
  • Independent directors
  • Management autonomy

Contacts: investmentvehicles@borsaitaliana.it

Sustainable Finance
Discover  the new  section of Borsa Italiana website dedicated to Sustainable Finance
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 entered into force on 3 June 2019

MIV: The Italian Regulated Market for Alternative Investment Funds

Download the presentation:(pdffile pdf - 729 KB)


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