Asset management companies must have their registered office and head office in Italy. EU management companies (including Alternative Investment Fund Managers; AIFMs) may establish a branch in Italy. Non-EU AIFMs are subject to authorisation (see also Directive 2011/61/EU). Assets of SICAVs ("variable capital investment company") and SICAFs ("fixed capital investment company") may be managed by joint stock companies with their registered office and general management in Italy. Italian banks, Italian branches of EU banks and banks of non-EU countries, investment firms and Italian branches EU Investment companies UE and companies in non-EU countries, other than banks, may act as depositary for a UCI ("Undertaking for Collective Investment"). See also Directive 85/611/EEC.
"Article 1 - Definitions
1. In this legislative decree: [...]
d-quater) "investment company": the company whose usual occupation or activity consists in providing one or more investment services to third parties and/or carrying out one or more investment activities professionally; [...]
e) "investment firm" (Sim): the investment company with a the form of a legal person with its registered office and general management in Italy, other than banks and financial intermediaries on the register specified by article 106 of the consolidated banking law authorised to carry out investment services or activities; [...]
i) "variable capital investment company" (SICAV): open-ended UCI constituted in the form of a joint stock company with variable capital with registered office and general management in Italy with the exclusive purpose of the collective investment of the assets obtained by the offer of its own shares;
i-bis) "fixed capital investment company" (SICAF): closed-ended UCI constituted in the form of a joint stock company with fixed capital with registered office and general management in Italy with the exclusive purpose of the collective investment of the assets obtained by the offer of its own shares and other financial instruments of equity held by the same; [...]
5. "Investment services and activities" shall mean the following activities where they concern financial instruments:
a) trading for own account; b) execution of orders for clients[89];c) underwriting and/or placement based on an irrevocable commitment towards the issuer[90]; c-bis) placement without irrevocable commitment to issuers[91] d) portfolio management; e) reception and transmission of orders; f) investment consultancy[92]; g) management of multilateral trading facilities.
[...]
Article 18
Persons
1. The professional provision of investment services and activities for the public is reserved for investment firms, EU investment companies, Italian banks, EU banks and companies of non-EU countries[323].
[...]
Article 19 - Authorisation
1. CONSOB, having consulted the Bank of Italy, authorises, within six months of the presentation of the complete application, the provision of investment services and activities by investment firms, when, in conformance with what is specified in the pertinent technical regulating and implementing norms issued by the European Commission pursuant to directive 2014/65/EU, the following conditions recur: 
a) the joint stock company form is adopted;
b) the name of the company includes the words "stockbroking company";
[...]
Article 27 [391] - Investment companies of the European Union
1. The Investment companies of the EU may provide investment services and activities, with or without accessory additional services, in exercising the right of establishment through branches or associated agents on Italian soil.
[...]
Article 28 - Companies of non-EU countries other than banks
1. The establishment in Italy of branches by companies of non-EU countries other than banks is authorised by CONSOB, having consulted the Bank of Italy. Authorisation is subject:
a) to the existence, for the branch, of requirements corresponding to those provided for by article 19, paragraph 1, letters d) and f);
b) to the sending of all the information, including a programme of activities, that illustrate in particular the types of transactions planned for and the organisational structures of the branch, specified pursuant to paragraph 4;
c) to the authorisation, supervision and effective implementation in the state of origin of the investment services or activities and additional services that the applicant company intends to provide in Italy, as well as to the circumstance that the competent authority of the State of origin pays due attention to the recommendations of GAFI in the context of measures against money laundering the fight against the financing of terrorism;
d) to the existence of collaboration agreements among the Bank of Italy, CONSOB and the competent authorities in the State of origin, including provisions disciplining the exchange of information, for the purpose of preserving the soundness of the market and guaranteeing the protection of the investors[358];
e) to the existence of an agreement between Italy and the State of origin that fully respects the regulations referred to in article 26 of the OECD Model Tax Convention on Income and on Capital and ensures a proper exchange of tax-related information, including any multilateral tax agreements[359];
f) to the applicant company's adhesion to a recognised indemnity system to protect investors pursuant to article 60, paragraph 2.
[...]
Article 34 - Authorisation of Italian asset management companies
1. The Bank of Italy, after consulting CONSOB, authorises the asset management companies to provide the collective asset management service for both UCITS and AIFs, and to perform the portfolio service, the investment advisory service and the service of the reception and transmission of orders, when the following conditions are fulfilled:
a) the legal form adopted is that of a joint stock company;
b) the registered office and the head office of the company are in Italy;
[...]
Article 35-bis - Constitution
1. The Bank of Italy, after consulting CONSOB, authorises the constitution of the SICAVs and SICAFs if the following conditions are fulfilled:
a) the company is a joint stock company which complies with the provisions of this chapter;
b) the registered office and the general management of the company are located in the Italian Republic;
Article 38 - SICAVs and SICAFs which appoint an external manager
1. The Bank of Italy, after consultation with CONSOB, authorises the constitution of SICAVs and SICAFs which designate an external manager for their assets in the following cases:
a) the company is a joint stock company which complies with the provisions of this chapter;
b) the registered office and the general management of the company are located in the Italian Republic;
[...]
Article 41-bis - EU management companies
1. For the practice of the activities for which they are authorised pursuant to European Union provisions, the EU management companies may establish branches in the Italian Republic. The first establishment must be preceded by a communication to the Bank of Italy and CONSOB on the part of the competent authorities of the Home State. The branch can start operations two months after the communication.
[...]
Article 41-ter - EU AIFMs
1. Without prejudice to the provisions of chapter II-ter, EU AIFMs can perform the collective asset management for which they are authorised pursuant to the EU provisions in the Italian Republic as the free performance of services or by the establishment of branches, providing the Bank of Italy is notified by the competent authority of the Home State. The Bank of Italy immediately transmits copy of said communication to CONSOB.
[...]
Article 41-quater - Non-EU AIFMs
1. The Bank of Italy, in accordance with CONSOB, authorises non-EU AIFMs to manage Italian and EU AIFs or to market in the EU the AIFs managed, when Italy, pursuant to Directive 2011/61/EU, is the State of reference. The Bank of Italy immediately transmits to CONSOB copy of the authorisation application of such companies. The Bank of Italy lists non-EU AIFMs in a special section of the register contemplated by article 35. The Bank of Italy notifies CONSOB of such registrations.
2. Non-EU AIFMs authorised in another EU state which intend to manage an Italian AIF as the free performance of services or through established branches are subject, as far as compatible, to article 41-ter.
3. Non-EU AIFMs that perform the activities referred to in paragraph 1 and chapter in Italy, through the establishment of branches, comply with the rules of conduct laid down in article 35-decies and the relative regulation and implementation regulations as well as the obligations related to the management of the conflict of interests adopted in implementation of article 6, paragraph 2, letter b-bis), number 6), and paragraph 2-bis. The Bank of Italy and CONSOB may request the Italian branches of non- EU GEIFAs, within the context of their respective competences, for the communication of data and information and the transmission of deeds and documents in the ways and under the terms they have established. The Bank of Italy and CONSOB, within the context of their respective competences, may also request information from the personnel of the Italian branches of non-EU GEIFAs even through the latter [419].
4. After consulting CONSOB, the Bank of Italy lays down by regulation:
a) the conditions and the procedure for the issue of the authorisation referred to under paragraph 1;
b) the enactment provisions of the EU provisions concerning the conditions and procedures that the non-EU AIFMs authorised in Italy must respect in the case of cross-border operations in the EU states in conformity with the provisions of Directive 2011/61/EU and the relative enactment provisions, without prejudice to the provisions of chapter II-ter [420].
[...]
Article 47 - Custodian mandate
1. For each UCI, the manager confers custodian mandate on a single subject, to which the assets of the UCI are entrusted as contemplated in this chapter.
2. The job of depositary may be performed Italian banks, Italian branches of EU banks and banks of non-EU countries, investment firms and Italian branches EU Investment companies UE and companies in non-EU countries, other than banks[432] [...]" (LEGISLATIVE DECREE of February 24, 1998, n. 58, "Consolidated text of the provisions on financial intermediation, pursuant to articles 8 and 21 of law no. 52"; last amended by LEGISLATIVE DECREE 2 February 2021, n. 17; Articles 1, 19, 28, 34, 35-bis, 38, 41-bis, 41-ter, 41-quater and 47 [unofficial translation])
LEGISLATIVE DECREE of February 24, 1998, n. 58, "Consolidated text of the provisions on financial intermediation, pursuant to articles 8 and 21 of law no. 52"; last amended by LEGISLATIVE DECREE 2 February 2021, n. 17; Articles 1, 34, 35-bis, 38, 41-bis, 41-ter, 41-quater and 47
Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), Article 23
Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010
[<a href="http://www.normattiva.it/uri-res/N2Ls?urn:nir:stato:decreto.legislativo:1998-02-24;58!vig=2021-08-20">Decree</a>],[<a href="https://www.consob.it/web/consob-and-its-activities/laws-and-regulations/documenti/english/laws/fr_decree58_1998.htm">Decree_ENG</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32009L0065">Directive</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02011L0061-20190113">Directive</a>]