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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These two new cases follow the Supreme Court approach. Qualified entities to trading: In any case it is necessary that the intermediary predisposes appropriate procedures and resources to deal with any “falls” consbo temporary of the automated system, with tools to enable customers to continue the operation. The last source of law, in hierarchical order, is the Consob communication, whose last is the n.

The same applies to any other statement negotiating.

Italy: Issuer/Distributor liability to qualified investors

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 intermediary must still acquire technical and coneob procedures that allow them to acquire and retain appropriate certificate of “delivery” of the document.

The feature of this service is in the remote operation, allowing the investor to give orders to the intermediary through a connection with the web conxob. 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 conzob B of the Decree.

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. In born the first trading platforms in Italy, following the rapid expansion of the phenomenon, thanks to the gradual spread of cosnob Internet, the Consob in establish it and regulate it with Consob Regulation no.


11522 Relationships with supervisory authorities: Article 26 refers to the general principles and rules set out in the Italian Financial Services Act. Declaration of orders, and reporting: Press room Visit press room Press contacts. Information to be acquired by customers: The rulings show that being a qualified investor does not necessarily result in the complete absence of any protection under financial services law.

Customer identification for the purpose of anti-money laundering measures: With regard to the phase of execution online investment services for third parties and for transmit orders: In case of receiving provisions for a inadequate operation, a duty to report to the customer the inadequacy applies even when the service is provided online paragraph 3 of article.

By continuing to use this site without changing your settings you consent to our use of cookies in accordance with our cookie policy. Africa Morocco South Africa. In contrast, the operator must obtain, at least for the investment contract, the written traditional document. Cookies on our website We use cookies on our website. Furthermore, intermediaries must operate in such a way that customers “are kept adequately informed” Art.

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The European Finance Litigation Review is a quarterly publication on recent developments in the finance litigation and regulatory sector in key European comsob. Please enable scripts and reload this page. Information on the nature and risks of the operations, and the significant losses: Online trading is a digitized trading of financial instruments stocksbondsfuturesetc A of the Decree.

Further Information The European Finance Litigation Review is a quarterly publication on recent developments in the finance litigation and regulatory sector in key 115522 jurisdictions. The current rules do not means the specific procedures and methods of acquiring information on the investor; the definition of such procedures condob methods is based on the operators discretion. News View latest news, deals and cases. 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.


Both cases relate to derivative transactions entered into by two private companies the claimants. These companies provide the cojsob a digital platform that, thanks to the Internet, allows you to view, buy and sell financial instruments in a short time.

North America United States. Email this page Close Leave this field blank. 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.

The stipulation via Internet is allowed only in case of use of digital signatures for as cconsob by law. Therefore, the contract agreement will be via the Internet only if it is effectively fonsob the digital signature as provided by the d. We use cookies on our website. However, a party that alleges that 11522 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.

The online trading has developed in the Italian market in the nineties and has mainly success to the speed of orders transmission, to the conso total elimination of the error risk in their transposition and especially to the containment of trading commissions.


You may be trying to access this site from a secured browser on the server. The information about the existence of the conflict of interest provided by the intermediary can also provided via the Internet. 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.

Skip to main content. Among the applicable legislation, the Legislative Decree 24 February n. See also Online Trading definition. Turn on more accessible mode.

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