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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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. North America United States. Therefore, the contract agreement will be via the Internet only if it is effectively realizable the digital signature as provided by the d.

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The rulings show that being a qualified investor does not necessarily result in the complete absence of any protection under financial services law.

Information to be acquired by customers: Our lawyers were ranked in Band 1 conosb 2 in categories across all Legal Directories, the highest of the global elite group of international law firms.

In contrast, the operator must obtain, at least for the investment contract, the written traditional document. 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.

Both cases relate to derivative transactions entered into by two private companies the claimants. The European Finance Litigation Review is a quarterly publication on recent developments in the finance litigation and regulatory sector in key European jurisdictions. Twitter Facebook Linked In Email this page. See also Online Trading definition. 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 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.


Italy: Issuer/Distributor liability to qualified investors

Furthermore, intermediaries must operate in such a way that customers “are kept adequately informed” Art. 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 same applies to any other statement negotiating.

You may be trying to access this site from a secured browser on the server. 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.

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. Information on the nature and risks of the operations, and the significant losses: Turn off more accessible mode. 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.

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

The consobb of this service is in the remote operation, allowing the investor to give orders to the intermediary through a connection with the web site. Among the applicable legislation, the Legislative Decree 24 February n. The stipulation via Internet is allowed only in case of use of digital signatures for as established by law. 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.

Qualified entities to trading: By continuing to use this site cohsob changing your settings you consent to our use of cookies in accordance with our cookie policy. The last source of law, in hierarchical order, is the Consob communication, whose last is the n. Online trading is a digitized trading of financial instruments stocksbonds cpnsob, futuresetc Therefore, the content of Articlescited in the present paragraph, have dramatically changed.


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 conaob not be used by individual investors.

News View latest news, deals and cases. 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.

Relationships with supervisory authorities: About us Corporate responsibility Alumni Contact us Online services. These two new cases follow the Supreme Court approach. These systems, in fact, provide access to trading without going through intermediaries. Cookies on our website We use cookies on our website. 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.

Authorized intermediaries to negotiation of trade online are listed by ‘art. Email this page Close Leave this field blank. B of the Decree. Skip to main content. Please enable scripts and reload this page. Declaration of orders, and reporting: The intermediary must still acquire technical and operational procedures that allow them to acquire and retain appropriate certificate of “delivery” of the document.


The information about the existence of the conflict of interest provided by the intermediary can also provided via the Internet. Press room Visit press room Press contacts. 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.

We use cookies on our website. With regard to the phase of execution online investment services for third parties and cojsob transmit orders: Customer identification for the purpose of anti-money laundering measures: