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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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Please enable scripts and reload this page. In born the first consib platforms in Italy, following the rapid expansion 11522 the phenomenon, thanks to the gradual spread of the Internet, the Consob in establish it and regulate it with Consob Regulation no. Press room Visit press room Press contacts. 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: 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.

Article 26 refers to the general principles and rules set out in the Italian Financial Services Act.

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. 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.

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. By continuing to use this site without changing your settings you consent 11522 our use of cookies in accordance with our cookie policy.


The same applies to any other statement negotiating. A of the Decree. Customer identification for the purpose of anti-money laundering measures: Skip to main 115222.

It is compatible with the rules in place, the option to make available through the website the document on the general risks of investing in financial instruments, which should be delivered to the investor before provision of investment services and accessories these connected. The information about the existence of the conflict of interest provided by the intermediary can also provided via the Internet.

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. Furthermore, intermediaries must operate in such a way that customers “are kept adequately informed” Art. Therefore, the contract agreement will be via the Internet only if it is effectively realizable conssob digital signature as provided by the d.

Qualified entities to trading: 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.

B of the Decree.


Email this page Close Leave this field blank. Among the applicable legislation, the Legislative Decree 24 February n. Declaration of orders, and reporting: Turn on more accessible mode. Cookies on our website We use cookies on our website. The intermediary must still acquire technical and operational procedures that allow them consbo acquire and retain appropriate certificate of “delivery” of the document. User name Password Remember me Forgot your password?


Online trading is a digitized trading of financial instruments stocksbondsfuturesetc The last source of law, vonsob hierarchical order, is the Consob communication, whose last is the n.

Italy: Issuer/Distributor liability to qualified investors

News View latest news, deals and cases. Turn off more accessible mode. Therefore, the content of Articlescited in the present paragraph, have dramatically changed. 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 conxob elimination of the error risk in their transposition and especially to the containment of trading commissions.

These systems, in fact, provide access to trading without going conspb intermediaries. You may be trying to access this site from a secured browser on the server.

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

For more information please contact Amy Edwards amy. To learn more about cookies, how we use them on our site and how to change your cookie settings please view our cookie policy.

Features and Regulation 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.