Fund and asset management · Banca d'Italia / CONSOB
Italian asset management company (SGR) authorisation
An Italian asset management company, the SGR, can manage collective vehicles and individual portfolios from inside one of the largest pools of private savings in Europe. For managers whose investor base is Italian, authorising domestically removes distribution friction that a passported manager still has to work around.
The regulator
Supervision is shared: Banca d’Italia takes the prudential and risk perspective while CONSOB covers conduct and investor protection. Two supervisors means two sets of expectations, and applicants should expect both to test the independence of the risk function.
What the licence permits
Regulated under the Banca d'Italia / CONSOB
- Manage collective investment undertakings established in Italy
- Provide discretionary portfolio management to Italian clients
- Market authorised funds to Italian investors
- Passport management and marketing across the EEA
Who it suits
Managers targeting Italian private and institutional savings, and groups wanting an EU manager anchored in a large domestic capital pool.
Market access
EEA passporting for management and for marketing to professional investors, from a G7 economy.
What to weigh
The dual-supervisor model adds coordination work, and supervision is conducted substantially in Italian. This suits managers committing to the Italian market rather than passing through it.
We run the Italy application end to end
Whether you build from new or acquire an existing licensed entity, BrokLicense handles incorporation, the regulator application, the AML and compliance framework, safeguarding and banking arrangements, and the operating stack. You stay the principal. We do the work, in confidence, and stay on for compliance once you are live.
Cost, capital, and timelines depend on your model and are set out in a first consultation, under NDA, not published here.
Other permissions in Italy
Related reading
- Fund Manager or Investment Firm? Choosing the Right Asset-Management AuthorisationManaging mandates and managing funds are different regulated activities under different regimes. Applying under the wrong one costs a year and a rejection.
- The MiFID Investment Firm Licence: What the Permissions Actually CoverA MiFID licence is not one permission but a set you choose from. The combination you pick sets your capital, your obligations, and your supervisory weight.
- Licensing an Investment-Management Firm: What Changes When You Manage Other People's MoneyRunning an asset or portfolio manager sits under a different permission than broking. Here is what the licence covers and what regulators expect.
- EU Passporting Explained: One Licence, Thirty MarketsA single EU investment-firm licence works across the whole European Economic Area. Here is how passporting works and why it shapes where firms base.
Fund and asset management in other Europe jurisdictions
All jurisdictionsDiscuss your mandate in confidence
Every engagement begins under a mutual NDA. Set out the firm you intend to operate and the timeline you are working to, and you leave the first consultation with a recommended jurisdiction, the route to the licence, and a defined scope of work.
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