Following completion of the process of implementation of Directive (EU) 2011/61 ("AIFMD"), Borsa Italiana rationalised the regulatory framework of the MIV in order to dedicate this segment mainly to alternative investment funds ("AIFs"), of a corporate or contractual nature, both Italian and foreign, open to the public as well as reserved to professional investors.

Investment companies already traded in the MIV have been maintained in this market even if they do not fall within the scope of the AIFMD. Should certain requirements concerning the diversification of investments, or the limits on the concentration of risk, not be met for a period of more than 12 months, such issuers would be transferred to a special segment of the MIV dedicated to professional investors, which includes companies other than the AIFs, including special purpose acquisition companies and issuers with an investment strategy that has yet to be implemented or completed and/or is characterised by its particularly complex character.

Furthermore, it also provided for a specific procedure in the case of application for admission to trading on the MTA market of investment companies traded on the MIV and subject to the previous regulatory systems.

In addition to the above, it introduced a derogation from the foreseeable market capitalisation requirement (i.e., at least €40 million), on the basis of the overlapping requirements for admission to trading on the MIV and those for admission to trading on the MTA.

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