Consob has established the Arbitrator for Financial Disputes (hereinafter “AFD”) by the resolution no.19602 dated May 4, 2016. On the same date, Consob has adopted the Regulation implementing Article 2, paragraphs 5-bis and 5-ter of the Legislative Decree no. 179 dated October 8, 2007 (Arbitral Conciliation Chamber), concerning the function of the Arbitrator and the proceedings before him.
In particular, what should be noted is that:
- The AFD is competent in disputes involving the request for sums of money for less than 500,000 Euros related to the violation of the obligations of information, diligence, fairness, and transparency to which intermediaries are required in their relations with the investors in offering investment services and collective asset management, including cross-border disputes;
- The client may contact the AFD if s/he has not received a reply to her/his complaint within 60 days or if s/he is dissatisfied with the outcome of a complaint and if no other out-of-court dispute resolution procedures are pending on the same facts that are the subject of the complaint;
- Retail clients (professional clients and eligible counterparties are excluded) may appeal to the AFD. Access is free of charge for the investor and there are short deadlines to reach a decision: in any case, the investor’s right to appeal to the judicial authorities is unaffected by the outcome of the out-of-court settlement procedure;
- The appeal must be lodged within one year of the complaint or, if it was lodged before January 9, 2017, within one year of that date;
- The right to appeal to the Arbitrator cannot be waived by the investor and can always be exercised, even in the presence of clauses on the devolution of disputes to other out-of-court settlement bodies included in the contracts;
- Euregio Plus SGR S.p.A./AG guarantees that any complaints received by the client will be assessed in the light of the guidelines inferred by the AFD. In addition, in the event of failure or partial acceptance of said complaints, Consob will provide the client with adequate information regarding both manner and timing to submit the appeal to the Arbitrator for Financial Disputes (AFD).
Please refer to the AFD website for any further explanation regarding both performance and procedures of the Arbitrator for Financial Disputes (AFD).