Tax rules hamper Italian investment funds

Tax treatment severely handicaps Italian investment funds with respect to their foreign competitors, said Mario Draghi, the governor of the Bank of Italy.

Reform, the governor said, represented an "opportunity for action."

"Competition needs to be brought back exclusively to the sphere of management quality," Draghi said. "Asymmetries in regulations on transparency and fee structures, both of which are less favourable for managed assets than for insurance and structured products, are one factor

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