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How to list a fund on ATFund

Listing on ATFund allows asset managers to make their funds accessible through a regulated trading platform, enhancing visibility towards both institutional and retail investors, while benefiting from a market environment aligned with European standards.

Eligible financial instruments

The following instruments may be admitted to trading on ATFund:

Units or shares of Italian and foreign UCITS open-ended funds, compliant with the UCITS Directive 2009/65/EC, passported for institutional investors;
Units or shares of foreign open-ended AIFs, compliant with the AIFMD Directive 2011/61/EU, authorised by CONSOB for marketing to retail investors pursuant to Article 44 of the Italian Consolidated Law on Finance (TUF).

Key requirements

Fund type	Units or shares of UCITS open-ended funds or foreign open-ended AIFs authorised for marketing in Italy. The prospectus must indicate ATFund as a distribution channel in Italy.
NAV calculation	Daily NAV calculation (T) with NAV publication by 15:00 on T+2.
Subscription and redemption	Subscription and redemption in units or shares.
Currency	The share class must be denominated in euro.
Appointed intermediary	An appointed intermediary must be chosen and is responsible for the operational management of trading on ATFund.
Settlement	Instruments must be freely transferable and eligible for settlement through Euronext Securities Milan.

Admission process

The admission procedure to the ATFund market is structured as follows:

Appointment of the Appointed Intermediary
The issuer designates an Appointed Intermediary, responsible for the operational management of activities related to the trading of the fund’s units or shares on ATFund.
Submission of the application for admission
The asset manager submits to Borsa Italiana the documentation required to initiate the admission process, including:
- Application Form
- Engagement letter of the Appointed Intermediary
- KID
- Funds prospectus
- The management company’s or Sicav’s article of incorporation and bylaws

For further details, please refer to the ATFund Rulebook.

Useful documentation

Please refer to the pricing document for further details on listing and admission fees (effective from 1 April 2023).

For further information, please contact the Borsa Italiana team: ATFund@euronext.com

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Borsa Italiana for open-end funds

Discover all the details about listing on the ATFund market: download the Presentation and access information on the benefits and procedures for listing funds.

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