Key Changes in the Asset Management under the Amended Consolidated Law on Finance
(and relevant Draft Implementing Measures by Banca d’Italia)
June 25, 2026
In the very last months, the legal framework of asset management in Italy has been object of substantial novelties amending the relevant provisions of the Consolidated Law on Finance – Testo Unico dell’intermediazione Finanziaria, approved by Legislative Decree no. 58 of 24 February 1998, as subsequently amended and supplemented (“TUF”).
The last relevant updates, in particular, have been transposed in the body of TUF by, respectively,
- the Legislative Decree no. 39 of 13 March 2026, implementing the EU Directive 2024/927, so-called AIFMD 21 and
- the Legislative Decree no. 47 of 27 March 2026, implementing the delegated powers referred to under the so-called “Capital Markets Law” – Legge Capitali, no. 21 of 5 March 2024, aimed at the comprehensive reform of the capital markets provisions contained in the TUF.
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