1) Regulation on the Collective Management of Savings
On 7 April 2026, the Bank of Italy Measure of 23 March 2026, containing the sixth update to the Regulation on the collective management of savings set out in the Bank of Italy Measure of 19 January 2015, as subsequently amended and supplemented (the “Bank of Italy Regulation”), was published in the Official Gazette (Official Gazette, General Series No. 80, Ordinary Supplement No. 13).
The measure affects almost all Titles of the Bank of Italy Regulation (Titles I, II, III, IV, V, VI, VII and VIII) as well as numerous Annexes, certain of which are repealed.
The amendments respond to the need to update and reorganize the Bank of Italy regulatory framework on the collective management of savings in light of developments in the European and national regulatory landscape, including for reasons of accessibility for interested parties, simplification and adaptation to market developments.
In particular, the intervention is aimed at coordinating the provisions contained in the Bank of Italy Regulation with: (i) the European regulatory framework on European venture capital funds (EuVECA) set out in Regulation (EU) 2013/345, as subsequently amended and supplemented; (ii) the European regulatory framework on European social entrepreneurship funds (EuSEF) set out in Regulation (EU) 2013/346, as subsequently amended and supplemented; (iii) the European regulatory framework on European long-term investment funds (ELTIFs) set out in Regulation (EU) 2015/760, as subsequently amended and supplemented; (iv) the European regulatory framework on money market funds (MMFs) set out in Regulation (EU) 2017/1131, as subsequently amended and supplemented; and (v) the European regulatory framework on depositaries of pan-European personal pension products (PEPPs) set out in Regulation (EU) 2019/1238, as subsequently amended and supplemented.
The amendments also take into account the simplifications introduced by Article 16 of Law No. 21 of 5 March 2024 (the so-called Legge Capitali) in relation to the supervision of externally managed SICAVs and SICAFs, as well as the most recent guidance of the supervisory authorities.
The new provisions entered into force on 8 April 2026; UCITS managers have a period of six months within which to achieve compliance.
2) Bank of Italy: proposed amendments to the rules on the preparation of financial statements of banks and IFRS intermediaries open for consultation
On 31 March 2026, the Bank of Italy launched a consultation on the proposed amendments to Circular No. 262 and to the Measure of 17 November 2022, which govern the formats and rules for the preparation of the financial statements of banks and ”IFRS intermediaries”, as defined by Article 1, paragraph 1, letter c), of Decree No. 136/2015, other than banking intermediaries (the “IFRS Intermediaries”).
The provisions subject to consultation are aimed at implementing:
- the amendments to International Financial Reporting Standard (“IFRS”) no. 9 “Financial Instruments” and IFRS no. 7 “Financial Instruments: Disclosures”, already applicable with effect from financial statements commencing on or after 1 January 2026;
- the new international accounting standard IFRS 18 “Presentation and Disclosure in Financial Statements”, which will replace International Accounting Standard (“IAS”) 1 “Presentation of Financial Statements” with effect from 1 January 2027; and
- the guidance provided in the joint Bank of Italy/Consob Communication of 6 March 2025 with regard to financial statement disclosures on crypto-assets.
The consultation is addressed to the categories of intermediaries currently governed by Circular No. 262 and by the Bank of Italy Measure of 17 November 2022 and, accordingly, to banks and IFRS Intermediaries, as well as to anyone who may have an interest in submitting observations and comments on the consultation document.
The consultation will remain open for 60 days from the date of publication of the document.
3) EIOPA: ITS on Solvency II reporting amended
On 30 March 2026, the European Insurance and Occupational Pensions Authority (“EIOPA”) published the final report relating, inter alia, to two implementing technical standards (“ITS”) concerning the supervisory reporting and disclosure requirements provided for under Directive (EC) 2009/138 (“Solvency II”), as recently amended.
The proposed amendments form part of the broader Solvency II review process and are aimed, on the one hand, at aligning the reporting framework with the regulatory changes that have taken place and, on the other hand, at supporting the European Commission’s initiative to reduce administrative burdens on operators, providing for a reduction in reporting obligations of at least 25% (up to 35% for SMEs).
To that end, EIOPA proposes:
- the reduction in frequency and the elimination of certain reporting templates;
- a broader recourse to the principle of proportionality; and
- the introduction of technical simplifications and operational clarifications throughout the regulatory framework.
The amendments also include corrective interventions aimed at resolving inconsistencies that emerged in the initial application of the ITS currently in force, i.e. Implementing Regulation (EU) 2023/894 (ITS on supervisory reporting) and Implementing Regulation (EU) 2023/895 (ITS on public disclosure).
The new reporting requirements will enter into force from 30 January 2027. A transitional provision is also envisaged, exempting undertakings from the obligation to submit, in the 2026 annual report, the templates that are to be eliminated.
4) AIFMD II — implementing decree published in the Official Gazette
On 27 March 2026, Legislative Decree No. 39 of 13 March 2026, implementing Directive (EU) 2024/927 of the European Parliament and of the Council of 13 March 2024 (the so-called “AIFMD II”), was published in the Official Gazette (Official Gazette, General Series No. 72 of 27 March 2026).
AIFMD II amends Directive (EU) 2011/61 on alternative investment fund managers (“AIFMs”), while at the same time introducing certain coordination and alignment amendments to Directive (EC) 2009/65 concerning the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities. The principal objectives of AIFMD II are: (i) the harmonization of the rules applicable to AIFMs that grant loans; (ii) the definition of a clear and robust framework for liquidity management tools; (iii) the definition of the rules applicable to managers that delegate their functions to third parties; (iv) the equal treatment of entities providing custody services, facilitating their cross-border access to depositary services; (v) the optimization of the collection of supervisory data.
The implementing provisions amend Legislative Decree No. 58/1998 (the “TUF”) in order to transpose AIFMD II in full. In particular, the measure under examination expands the list of activities that AIFMs and UCITS managers may carry out, in line with the new European provisions.
Among the principal changes introduced to the TUF, noteworthy are the amendments to the regulatory framework governing AIFs that invest in loans (including loan-originating AIFs), contained in the chapter of the TUF which the measure under examination renames (replacing the previous designation “credit OICR” with ”AIFs that invest in loans”) and reorganizes in a systematic manner.
The provisions introduced by the legislative decree apply with effect from 16 April 2026. Consob and Bank of Italy are granted the power to issue secondary legislation — to be adopted by 16 October 2026 — in compliance with the division of competences already established in the TUF.