Ruolo degli amministratori e tutela dell'investitore nelle Sicaf in gestione esterna

The paper seeks to define the scope of the monitoring duties of the directors of externally managed statutory AIFs (SICAFs) (pursuant to Article 38 of the Italian Consolidated Law on Finance), following the intervention of the “Capital Markets Law” (Legge Capitali). By comparing these directors with analogous categories of directors, the analysis determines the appropriate standard of diligence applicable to directors of externally managed SICAFs and clarifies the specific content of their supervisory obligations. Finally, the paper assesses the impact of the new legislation on the degree of protection offered to investors.