Valerio Sangiovanni. “I contratti derivati e il regolamento Consob n. del ” Giurisprudenza di merito () Available at. /) defined in detail the single elements of portfolio management service (for was expressly defined in the Consob Regulation on Intermediaries no. of 1 July , as amended. lett. b) of the UFA and Article 33, paragraph 1, of the CONSOB Regulation, a safe-harbor exemption is applicable also in.

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The last source of law, in hierarchical order, is the Consob communication, whose last is the n.

Italy: Issuer/Distributor liability to qualified investors

Our lawyers were ranked in Band 1 and 2 in categories across all Legal Directories, the highest of the global elite group of international law firms. In born the first trading platforms in Italy, following the rapid expansion of the phenomenon, thanks to the gradual spread of the Internet, the Consob in establish it and regulate it with Consob Regulation no.

Turn on more accessible mode. North America United States. Press room Visit press room Press contacts. Information to be acquired by customers: However, a party that alleges that the written declaration does not correspond with the facts must provide evidence of the specific circumstances from which it could have been inferred that the requisites of competence and experience were missing, and show that the bank was already acquainted with those circumstances at the time the contract was drawn up.

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Turn off more accessible mode. These two new cases follow the Supreme Court approach. Article 26 refers 1152 the general principles and rules set out in the Italian Financial Services Act. A of the Decree.

Cookies on our website We use cookies on our website. The online trading has developed in the Italian market in the nineties and has mainly success to the speed of orders transmission, to the almost total elimination of the error risk in their transposition and especially to the containment of trading commissions. The same applies to any other statement negotiating. Qualified entities to trading: Twitter Facebook Linked In Email this page. Relationships with supervisory authorities: These systems, in fact, provide access to trading without going through intermediaries.


With regard to the phase of execution online investment services for third parties and for transmit orders: Similarly, via the Internet, the customer can possibly agree to the operation despite the existence of a conflict of interestif the technical operational procedure of the intermediary is structured in a way that requires at the investor a demonstration of effective and informed consent.

Italy: Issuer/Distributor liability to qualified investors – Publications – Allen & Overy

Further Information The European Finance Litigation Review is a quarterly publication on recent developments in the finance litigation and regulatory sector in key European jurisdictions. You may be trying to access this site from a secured browser on the server. News View latest news, deals and cases.

Within the overall framework of the regulation applicable to online trading, we can identify some key areas that regulate the start-up phase of the relationship with the investor: To learn more about cookies, how we use them on our site and how to change your cookie settings please view our cookie policy. Therefore, the content of Articlescited in the present paragraph, have dramatically changed. This rule requires the intermediary to assess the adequacy of the operation compared to the profile of the investor, preparing and activating specific procedures, to consider operation characteristics in relation to the customer profile.

The spread of the Internet also promoted the role of alternative trading platforms, like Alternative Trading Systems ATS or Electronic Communication Networks ECNused by institutional and professional investors and generally can not be used by individual investors.

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“I contratti derivati e il regolamento Consob n. del ” by Valerio Sangiovanni

Africa Morocco South Africa. The current rules do not means the specific procedures and methods of acquiring information on the investor; the definition of such procedures and methods is based on the operators discretion.

Both cases cobsob to derivative transactions entered into by two private companies the claimants. Furthermore, intermediaries must operate in such a way that customers “are kept adequately informed” Art.

User name Password Remember me Forgot your password? Features and Regulation The online trading has developed conson the Italian market in the nineties and has mainly success to the speed of orders transmission, to the almost total elimination of the error risk in their transposition and especially to the containment of trading commissions. For this reason, the service provider often use, as permitted by law, the faculty of indirect identification thanks to the obtaining appropriate certification by other intermediary, usually a bank, to heed the funds transfer.

Email this page Close Leave this field blank. Therefore, the contract agreement will conson via the Internet only if it is effectively realizable the digital signature as provided by the d. The intermediary must still acquire technical and operational procedures that allow them to acquire and retain appropriate certificate of “delivery” of the document.

Skip to main content. We use cookies on our website. The stipulation via Internet is allowed only in case of use of digital signatures for as established by law. B of the Decree. Online trading is a digitized trading of financial instruments stocksbondsfuturesetc

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