ARTICLE · 17 JANUARY 1996
The "Closed" Investment Funds" Opportunities
ItalyAntitrust/Competition Law
Following the recent Regulation for the bringing into force of the Law of 14/08/93 no. 344, Italian law now provides a legal framework for the institution of so-called "closed" investment funds, which from the beginning of 1995 have joined similar foreign "closed funds" which are already present in our domestic financial markets.
Such "closed" funds are structurally very similar to the already well-known (and increasingly more diffused) ordinary investment funds, from which they distinguish themselves neatly by the different aims they pursue. In fact, the closed fund is destined to receive savings that must be invested in the main (from 40% to 80%) in participation in the capital of companies which are not publicly listed and quoted on the Stock Exchange; such investment would normally be considered high risk, principally because of the difficulty in unfreezing the capital (lacking a market on which the quotas acquired could quickly be traded), and, to a lesser degree, because of
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