The new regulation of GEFIAs (Alternative Investment Fund Managers) has been enacted following publication in the Official Gazette of the Italian Republic dated 25 March 2014 of Italian Legislative Decree no. 44/2014.

The Decree introduces into the Consolidated Finance Law the new statutory/regulatory provisions in relation to alternative collective investment undertakings and the coordinating tax rules.

One of the most important innovations is represented by the SICAFs (collective investment companies with fixed capital) defined as OICRs in the form of società per azioni (joint stock companies) with fixed capital, with registered headquarters and general management in Italy, having as their exclusive objective the collective investment of funds raised by way of the offer of own shares and other financial instruments.

By virtue of the new provisions, some entities currently positioned among the corporate bodies of common law may be attracted as SICAFs in the regulation of OICRs, with consequent application of the tax rules provided for SICAFs by Italian Legislative Decree no. 84/1992.