Italy is not a particular welcoming place for hedge funds, but that could be changing.

A new report on the state of the Italian mutual fund industry, backed by the Bank of Italy, proffers a number of proposals that would make the country much more hospitable to hedge funds, according to the Alternative Investment Management Association. The lobby group published its own survey on the subject two years ago.

Among the proposals are lower minimum investments for hedge funds and funds of hedge funds, getting rid of the maximum number of participants in a fund and a separate regulatory regime for funds of funds.

“This initiative will start a deep and material change within the fund industry in Italy,” Massimo Maurelli, who represents the country on the AIMA council, said.