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.

Author: Mazulkis Mikus
Country: Tajikistan
Language: English (Spanish)
Genre: Career
Published (Last): 25 April 2015
Pages: 480
PDF File Size: 9.89 Mb
ePub File Size: 4.43 Mb
ISBN: 994-9-80254-532-2
Downloads: 18758
Price: Free* [*Free Regsitration Required]
Uploader: Yogami

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.

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

News View latest news, deals and cases. Therefore, the content of Articlescited in the present paragraph, have dramatically changed. Cookies on our website We use cookies on our website. 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.

Within the overall framework of the regulation applicable to online trading, donsob can identify some key areas that regulate the start-up phase conspb the relationship with the investor: Skip to main content.

Online trading is a digitized trading of financial instruments stocksbondsfuturesetc North America United States. These companies provide the customer a digital platform that, thanks to the Internet, allows you to view, buy and sell financial instruments in a short time.


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 cosob delivered to the investor before provision of investment services and accessories these connected. Information to be acquired by customers: The rulings show that being a qualified investor does not necessarily cnosob in the complete absence of any protection under financial services law.


Turn off more accessible mode. 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 xonsob transposition and especially to the containment of trading commissions.

A of the Decree. 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. 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 site.

1122 two new cases follow the Supreme Court approach.

Italy: Issuer/Distributor liability to qualified investors

Twitter Facebook Linked In Email this page. 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.

Declaration of orders, and reporting: User name Password Remember me Forgot your password? Press room Visit press room Press contacts. 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 systems, in fact, provide access to trading without going through intermediaries. Furthermore, intermediaries must operate in such a way that customers “are kept adequately informed” Art. About us Corporate responsibility Alumni Contact us Online services. Both cases relate to derivative transactions entered into by two private companies the claimants.

See also Online Trading definition. 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.


By continuing to use this site without changing your settings you consent to our use of cookies in accordance with our cookie policy. Article 26 refers to the general principles and rules set out in the Italian Financial Services Act.

In contrast, the operator must obtain, at least for the investment contract, the written traditional document. The same applies to any other statement negotiating. The stipulation via Internet is allowed only in case of use of digital signatures for as established by law. 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 115222 investors and generally can not be used by individual investors.

The European 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.

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 n. 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.