With the Decision n. 19602 of May 4th 2016, Consob approved the introduction of the Arbitrator for Financial Disputes (hereinafter “ACF” or “Arbitrator”) and adopted the implementing Regulation of the Art. 2, commi 5-bis and 5-ter, of the legislative decree n.179 of October 8th 2007.

This new sistem of extrajudicial resolution of controversies is characterized bt the mandatory adhesion of the intermediaries and by the decisive nature of the procedure. The goal is to provide an efficient tool of direct protection of the investors interests. Access to the Arbitrator is completely free of charge for the investor and it envisages minimum terms to reach a decision (90 days from the completion of the file containing the application, the deductions and the documentation produced by the legal parts).

The conditions to resort to the ACF are that the client-investor has previously filed a complaint to the intermediary and that the arbitration procedure is started within the next twelve months.

The right to resort to the ACF cannot be waived by the investor and is always enforceable, even in the presence of devolution clauses of the controversies to other bodies of extrajudicial resolutions contained in the contracts.

The controversies related to violation of information obligations, diligence, correctness and transparency, which the intermediaries are obliged to respect in their relations with investors for the provision of investment services and collective asset management, may be subjected to the Arbitrator (up to a required amount of 500,000 euros.

The procedure allows both the investor and the intermediary to represent their own reasons, thus ensuring the full contridiction among the parties, and is concluded with a decision by the Arbitrator who, in the case of acceptance of the entire or partial complaint of the investors, will be able to determine the obligation to compensate for the damage suffered, namely the costs of carrying out the acts deemed necessary. The decision of the board is not binding for the investor, who can still resort to the judicial authority.

For more information about the ACF, visit