Data collected will be used according to D. Lgs. 196/03. The holder of the treatment is Consultique S.p.A [privacy policy]

* Mandatory fields

The Italian regulatory framework

In Italy the offering of Independent Financial Consultancy services is free because they are defined as "accessory services" by the law.

“General recommendations”, along with the research and analysis in the investment and financial field, identify a novelty introduced by MiFID which describes them as “accessory services” regulated in the sub lett. f) art.1, paragraph 6, TUF (Accessory Service includes "investment research, financial analysis or other forms of general recommendation relating to operations in financial instruments").

Given the accessory nature of the service at issue, it is autonomous and can be performed by any legally-entitled person or entity, not being subject – just as all accessory services - to any supervisory authorisation.
 
To sum up, the independent financial consultant can perform the following services:
  • Provide or publish financial analysis to newspapers, specialised magazines and websites
  • Appraisal of financial products as an expert witness or a court appointed expert
  • Non customized analysis:
    • Evaluation of implicit and explicit costs on investment products such as: derivatives, growth  funds, hedge funds, stocks and bonds;
    • Evaluation and calculation of inefficiencies related to asset management products;
    • Financial instrument pricing, especially derivatives;
    • Generic advice or asset allocation on macro asset class without indicating the specific investment instruments.
  • Other available services and consulting activities are the following (but not limited to):
    • Corporate services:
      • Economic and balance sheet equilibrium analysis (Basel rating);
      • Negoziation of banking condition, interest rates and costs regarding bank accounts;
      • Compounding, interest and usury calculations;
      • Pricing and negotiation on derivative financial instruments.
    • Services for private investors:
      • Current account condition negotiation;
      • Financial planning activities (balance sheet creation, income statement and family cash flow, social security analysis, insurance planning, real estate evaluation);
      • Training for private investors (one-on-one or in a group setting) on financial products.
 
Regarding all investment consultancy services, in the official regulatory framework set by Mifid, art.1 (paragraphe 5), TUF states that investment advice is defined as "the provision of personal recommendations to a client, either upon his/her request or upon initiative of service provider, with regard to one or more transactions relating to a financial instrument. Recommendation is personalised when it is presented as suitable for the customer or is based on consideration of the characteristics of the client. 
A recommendation is not customised if it is disclosed to the public through mass media channels. The Italian regulatory procedure for categorisation of investment consultants is complete and awaiting finalization.
 
31st October 2016: the deadline to register your interest in subscribing to the “Organismo dei consulenti finanziari - OCF” has now passed (it opened on the14th of June), around 1500 people within this sector have expressed their willingness to subscribe to the new sections of the Rule Book regarding the independent financial consultants (autonomous) and the independent financial consultancy firms (SCF).
 
28th December 2015: thanks to the law n.208 (Stability Law) the establishment of the Rule Book has been officialised.
 
April 2012 - Economy Department starts a public consultation about patrimonial requirements and independence of financial advisory firms as well as professional requirements, integrity and independence of financial advisory firm managers.
 
January 2011 - Delivery of final document written by workshop group at Economy Department.   
 
September 2010 - Official start of workshop group for regulations of Rule Book.
 
15th January 2010: Consob publishes a Rule Book disciplining independent financial advice for individuals and legal persons.
 
May  2009: Italian Parliament approves art.18ter of TUF, allowing that legal persons (Srl and SpA) can also provide investment advisory services.
 
24th December 2008: Italian Economy Department reports Decree Law on individual requirements.
 
September 2007: Italian Parliament acknowledge MIFID with Law Decree n. 164 of 17/09/2007 -> art.19 comma 14 which modifies TUF introducing art. 18bis.
 
February 2007: European Community Law issued 2007/13, art. 10 comma c: individuals are permitted set up investment counseling
services also in Italy.
 
10th August 2006: Second Level MIFID Approved (2006/73/CE) which explains how to apply First Level MIFID.
 
21st  April 2004: MIFID approved (2004/39/CE Directive) -> art. 67.
 
April 2004: DSI approved by European Parliament.
 
December 2002: European Commission proposes to European Parliament DSI amendment introducing the financial advisory principle as main service and so reserved only to authorized subject. On this occasion, Romano Prodi speaks about 7.000 investment advisors in Italy.
 
November 2000: Start-up of consultations for amendment of DSI.
 
1993: First European Directive about Investment Services (DSI, financial advice as accessory service).

According to D. Lgs. 196/03, the personal data collected will be used only to inform about the activities and initiatives of Consultique SCF S.p.A. and will not be communicated or disclosed to third parties. The providing of personal data is voluntary, but without personal data Consultique SCF S.p.A. will could not provide the services requested. Data subject may exercise its rights under Art. 7, D. Lgs. 196/03. Data Controller is Consultique SCF S.p.A. - Palazzo Candiani-Fagiuoli - Stradone San Fermo 22 - 37121 Verona (Italy).

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