Arbitrator for Financial Disputes (ACF)

The Client may submit an appeal to 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 firms referred to in Articles 18-bis and 18-ter of the Consolidated Law on Finance (TUF), relating to the violation by the latter of the obligations of diligence, fairness, information, and transparency in the performance of the activities regulated under Part II of the TUF, including disputes covered by Regulation (EU) No. 524/2013.

Disputes involving requests for sums of money exceeding Euro five hundred thousand do not fall within the scope of the Arbitrator's operations.

Damages that are not an immediate and direct consequence of the non-fulfillment or violation by the advisor of the obligations described above, and those that are not of a financial nature, are excluded from the Arbitrator's jurisdiction.

The right to appeal to the ACF is waiveless and can always be exercised even in the presence of clauses in the contract referring disputes to other out-of-court resolution bodies.