Alternative regime of quota heading

The Alternative Scheme of Share Ownership, or Rubrication, is a mode available to the investor to deal with the sale of a single share and theilliquidity of investments in unlisted companies, and is different from the Ordinary Regime.

By adhering to the Ordinary Regime the investor is registered in the shareholders' register directly with his personal details; while with the Rubrication the registration takes place through a securities brokerage company, Directa SIM, which will appear in the register as the holder of the shares on behalf of the investor, without any loss of ownership of the shares subscribed.


Investors who adhere to Rubrication can more easily access a secondary market and sell the shares of the companies of which they are members to other buyers who have a Directa SIM account, without incurring notary or accountant costs. Directa SIM, once it has received notice of sale, transfers ownership of the shares to the new owner. The SIM, moreover, acts as a tax substitute for individuals, therefore, in case of earnings, the investor will not have to enter the investment in the income tax return.

In equity crowdfunding, with the Rubrication the investor continues to enjoy the tax benefits for investments in startups or innovative SMEs provided for by the Relaunch Decree. If desired, it is possible at a later date to request the return to the Ordinary Regime.

For more information see our FAQ.

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