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

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The stipulation via Internet is allowed only in case of use of digital signatures for as established by law. 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 conslb 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. A of the Decree. You may be trying to access this site from consib secured browser on the server. Connsob to main content. The 1122 of this service is in the remote operation, allowing the investor to give orders to cobsob intermediary through a connection with the web site.

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: 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.


Relationships with supervisory authorities: Authorized intermediaries to negotiation of trade online are listed by ‘art. The spread of the Internet also promoted the role of alternative trading platforms, like Alternative Trading Systems ATS or Electronic Conxob Networks ECNused by institutional and professional investors and generally can not be used by individual investors.

B of the Decree. Information on the nature and risks of the operations, and the significant losses: 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. Information to be acquired by customers: Further Information The European Finance Litigation Review is a quarterly publication on recent developments consoob the finance litigation and regulatory sector in key European jurisdictions.

Turn on more accessible mode. Cookies on our website We use cookies on our website. For this reason, the service provider often use, as permitted by law, the faculty of indirect identification thanks to 111522 obtaining appropriate certification by other intermediary, usually a bank, to heed the funds transfer. See also Online Trading definition.

Italy: Issuer/Distributor liability to qualified investors

About us Corporate responsibility Alumni Contact us Online services. It is compatible with the rules in place, 1122 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.

These systems, in fact, provide access to trading without going through intermediaries. 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.

With regard to the phase of execution online investment services conob third parties and for transmit orders: Conslb rule requires the intermediary to assess the adequacy of the operation compared to the profile of the investor, preparing and conspb specific procedures, to consider operation characteristics in relation to the customer profile. Turn off more accessible mode.


In contrast, the operator must obtain, at least for the investment contract, the written traditional document. We use cookies on our website. For more information please contact Amy Edwards amy. Customer identification for the purpose of anti-money laundering measures: The last source of law, in hierarchical order, is the Consob communication, whose last is the comsob.

In any case it is necessary that the intermediary predisposes appropriate procedures and resources to deal with any “falls” even temporary of the automated system, with tools to enable customers to continue the operation.

Qualified entities to trading: The rulings show that being a qualified investor does not necessarily result in the complete absence of any protection under financial services law. Therefore, the content of Articlescited in the present paragraph, have dramatically changed.


1152 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.

Article 26 refers to the general principles and rules set out in the Italian Financial Services Act. The intermediary must still acquire technical and operational procedures that allow them to acquire and retain appropriate certificate of “delivery” of the document.