SCANNING 2

What’s next? The first updated FFI list will be published by the IRS on 1 July and will be subsequently updated on a monthly basis. The updated lists will contain those entities that have registered and obtained a GIIN 5 business days before the end of the month. The list as well as important links (e.g. to the relat- ed user guide and a list of frequently asked ques- tions) is AVAILABLE HERE .

ITALY

What’s next? 10 June 2014 was the deadline for submission of comments.

Ministry of Economy and Finance launched a public consultation on investment funds Background On March 4, 2014 was issued the Legislative De- cree n. 44 transposing the AIFM Directive in Italy. The Decree entered into force on April 9 th 2014, and amended the Italian Consolidated Financial Act (Testo unico della finanza “TUF”). What’s in there? On 20 May 2014, the Italian Ministry of Economy and Finance ("MEF") launched a public consulta- tion regarding the draft regulation on general cri- teria which the Italian UCIs (including Italian AIFs) must comply with. The new regulation will replace the Ministerial Decree 24/05/1999, No. 228. The general criteria and investment limits appli- cable to Italian UCIs will include: open-ended UCIs (UCITS, AIFs),close-ended AIFs (AIFs, real estate AIFs),UCIs reserved to professional investors (open ended/close-ended AIFs) and guaranteed UCIs (open-ended/close-ended AIFs). In accordance with AIFMD provisions UCIs reserved to professional investors may derogate from limits and prudential rules provided for by the Bank of Italy. It seems also that retail clients will be able to invest in such reserved UCIs provided a minimum subscription amount of at least € 500,000 and a statement about the acknowledgment of the rele- vant risks. The retail client will have also a 7-day period from the subscription to withdraw from the investment.

TAX

Publication of the first FATCA FFI list Background Under FATCA, Foreign Financial Institutions (FFIs) which are considered as non-participating FFIs will face a 30% withholding tax on US sourced in- come for payments made. What’s in there? On 2 June 2014, the IRS published its first FFI list. The list contains the names of financial institutions and other entities that have completed Foreign Account Tax Compliance Act (FATCA) registration with the IRS and obtained a global intermediary identification number (GIIN). As at 19 June 2014, in 78 countries have either signed an Intergovernmental Agreement (IGA) with the US or are treated as if an IGA were finalized. The link to the list with the IGAs published by the US Department of the Treasury is AVAILABLE HERE.

page 10 - Scanning - July 2014