MILAN (AIMnews.it) - With the Legge di Bilancio 2020, the obligation is established for the PIR, established as of 1 January 2020, to invest 5% of 70% of the total value in financial instruments of companies other than those included in the Ftse Mib and Ftse Mid index of the Italian Stock Exchange or in equivalent indices of other regulated markets. It is also envisaged that pension funds and investment funds may hold more than one PIR within the limit of 10% of assets and there are no obligations to invest in units or shares of venture capital funds or funds of venture capital funds. Important support for SME growth is expected to give a strong boost to IPOs and equity investments within the real economy, in particular on AIM Italia. Moreover, 2020 will also be the last year to take advantage of the IPO incentive in the form of a tax credit on 50% of the consultancy costs incurred for the listing of SMEs on the stock exchange. The measure has seen the allocation of 80 million euros in the three-year period 2019-2021. The main elements of the DTC are: maximum amount of 500,000 euros per company, Italian SMEs as defined by the European Union, which will be listed in the three-year period 2018-2020 on regulated and unregulated European markets.