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For the first time, the Bank of Italy has expressed a position in relation to the offering in Italy of a peculiar foreign non-UCITS fund, endorsing Clifford Chance's view in this regard. This was achieved in the context of an authorisation procedure for the offering in Italy of a French investment vehicle denominated fonds commun de placement
d'entreprise, incorporated according to section L. 214-40 of the French Code monétaire et financier  for the purposes of implementing an "employee group savings plan". In this client briefing we outline the main issues discussed with the Bank
of Italy in order to achieve such great result. In addition, we provide you
with some guidelines on how the new regulatory environment should
impact the applicable tax regime.

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