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EURONEXT MIV MILAN - LISTING REQUIREMENTS
Euronext MIV Milan is mainly dedicated to the listing of closed-end AIFs.
According to the AIFMD, AIFs can be dedicated to retail and professional investors or reserved just to professional investors. Hence the Euronext MIV Milan is divided into a retail segment and a professional segment.
The main listing requirements are summarized in the table below:
Retail Segment Professional Segment AIFs Reserved AIFs Non-AIFs Certified Financial Statements • Audited Financial Statement (even for a period of less than 1 year) Capitalisation • None, but at least € 25 mln of capital raised through the offering of shares or units and/or capital valued at NAV • None, but at least € 25 mln of capital raised through the offering of shares or units and/or capital valued at NAV • € 40 mln Free Float • Adequate to ensure regular market functioning Sponsor • Not mandatory • Mandatory (if the company has no other instruments already listed on Borsa Italiana) Specialist • Mandatory • Not mandatory Investment Policy • No asset class restrictions • The company cannot invest more than 20% of its assets in units of AIFs • A precise, detailed investment strategy Articles of association • The terms and conditions of the fund or the articles of association of the investment company with variable or fixed capital must provide for listing on a regulated market • The terms and conditions of the fund or the articles of association of the investment company with variable or fixed capital must provide for listing on a regulated market • Open-ended funds: adequate contractual provisions in order to guarantee that early redemptions do not hamper the orderly conduct of negotiations • They must provide for investment on a primary basis in a company or activity on the basis of the pertinent investment policy • They must provide for a company duration of no more than 36 months to make one or more significant investments (accounting for more than 50% of assets) • Investment strategy not already completed or particularly complex Prospectus • Approval of the competent authority in Italy or in the EU Member State (and then passported into Italy). Approval is not required for open-ended funds Other • AIFMD authorization • AIFMD authorization • Management track record of at least 3 years • Conflict of interest policy • Independent directors • Management autonomy
Contacts: investmentvehicles@borsaitaliana.it
Sustainable Finance
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Amendments to the Euronext MIV Milan rules
With resolution no. 22008 of the 22 September 2021, Consob approved the amendments to the Rules of the Markets managed and organized by Borsa Italiana and related Instructions, already approved by Borsa Italiana’s Board of Directors on 22 July 2021. The amendments include the review of the rules governing alternative investment funds (AIFs) to be listed on the Euronext MIV Milan market. The amendments enter into force on 25 October 2021.
Euronext MIV Milan: The Italian Regulated Market for Alternative Investment Funds
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