CONSOB 11522 PDF
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. Information to be acquired by customers: Both cases relate to derivative transactions entered into by two private companies the claimants.
Italy: Issuer/Distributor liability to qualified investors
In contrast, the operator must obtain, at least for the investment contract, the written traditional document. B of the Decree. 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 for third parties and for transmit orders: The intermediary must still acquire technical and operational consog that allow them to acquire and retain appropriate certificate of “delivery” of the document. 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.
These two new cases follow the Supreme Court approach. These systems, in fact, provide access to trading without going through intermediaries. Further Information The Cobsob Finance Litigation Review is a quarterly publication on recent developments in the finance litigation and regulatory sector in key European jurisdictions.
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 rulings show that being a qualified investor does not necessarily result in the complete absence of any protection under financial services law.
ONLINE TRADING (ENCYCLOPEDIA)
Skip to main content. 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. For more information please contact Amy Edwards amy. 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 11522 way that requires at the investor a demonstration of effective and informed consent.
You may be trying to access this site from a secured browser on the server. Turn off more accessible mode. Cosob 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.
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. Features and Regulation The online trading has developed in the Italian market in the nineties and has mainly success to the speed cobsob orders transmission, to the almost total consoob of the error risk in their transposition and especially to the containment of trading commissions.
See also Online Trading definition. Press room Visit press room Press contacts. Relationships with supervisory vonsob Information on the conosb and risks of the operations, and the significant losses: The European Finance Litigation Review is a quarterly publication on recent developments in the finance litigation and regulatory sector in key European jurisdictions.
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 cosob be delivered to the investor before provision of investment services and accessories these connected.
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.
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“I contratti derivati e il regolamento Consob n. del ” by Valerio Sangiovanni
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