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ACF - Arbitrator for Financial Disputes
The Client may file an appeal with the Arbitrator for Financial Disputes (ACF), established at CONSOB, for the out-of-court resolution of disputes between investors (other than professional clients) and independent financial advisors and financial advisory companies referred to, respectively, in Articles 18-bis and 18-ter of the TUF, relating to violations by the latter of the obligations of diligence, fairness, information, and transparency in the exercise of the activity governed by Part II of the TUF, including disputes covered by Regulation (EU) No. 524/2013. Disputes involving claims for amounts exceeding five hundred thousand euros do not fall within the scope of the Arbitrator. The Arbitrator does not have jurisdiction over damages that are not an immediate and direct consequence of the intermediary's failure to comply with or violation of the above-mentioned obligations, nor over damages that are not of a financial nature. The right to appeal to the ACF is inalienable and may always be exercised even in the presence of clauses in the contract that assign disputes to other out-of-court resolution bodies. For more information, please refer to the website https://www.acf.consob.it
© Marco Galli 2019
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