There I presented the characteristics of the PIR in this article: I Piani Individuali di Risparmio
In the light of the Ministerial Decree of 30 last April, published in the Official Gazette last 7 May, and implementation than introduced by the Budget Law 2019, will carry the novelties provided for individual Savings Plans (PIR) consist from 2019.
For these, It reads the decree, it is envisaged that in each year of the plan, at least two-thirds of the year the same amounts or values used in the RIP has to be invested for at least 70% of the total value in financial instruments issued and signed with companies residing in Italy or in EU or EEA States with a permanent establishment in that territory and the above-mentioned share of 70% It must be invested:
- For at least the 5% of the total value in financial instruments admitted to trading on multilateral trading facilities;
- For at least the 30% of the total value in the securities of firms other than those included in the FTSE MIB of the Italian stock exchange or equivalent indices on other regulated markets;
- For at least the 5% in units or shares of the Funds Venture Capital residents on Italian territory or in the EU or EEA States.
The beginning of the RIP 2017 They had a collection of almost 20 billion euro thanks to the appreciation of investors enticed expected from the tax on the yield to maturity of 5 years.
Although Indeed, many investors had already begun to pay off their plans savings in the face of negative returns early signals (and think that They were created to encourage long term savings for merging resources to the productive fabric of small businesses).
And already, who knows how many subscribers they had made a good diversification of their savings because the PIR brought with them, because of the "State regulation" and a sort of "Allocation forced" decision by the legislature, the geographic concentration of risks in the Italian market, concentration risks of illiquid securities, also for the presence of a small number of securities to AIM segment, ecc. ecc.
So we are waiting for the Financial Industry proposals for new PIR adapted to the new rules. And the courage and awareness of savers who will be asked to take more risks, as highlighted by Bank of Italy.
Alex Gaetani