Antirion SGR S.p.A. adheres to the Arbitro per le Controversie Finanziarie (Financial Disputes Arbitrator), established by CONSOB with resolution no. 19602 of 4 May 2016.
The Financial Disputes Arbitrator (hereinafter, the FDA or the Arbitrator) has been operational since 9 January 2017 and is an instrument for resolving disputes between investors and intermediaries (Banks, SIMs, SGRs) with regard to violation of the obligations of diligence, correctness, disclosure and transparency with which intermediaries must comply when providing investment services or the collective asset management service.
Retail investors, other than qualified counterparties pursuant to art. 6, paragraph 2 quater, letter d) of the Consolidated Financial Act (TUF) and professional clients pursuant to art. 6, paragraphs 2-quinquies and 2-sexies of the TUF, can refer to the FDA.
Investors who find themselves in a dispute with their intermediary over complaints concerning the alleged violation of rules from which the above obligations derive, and who have already filed a complaint with the intermediary without having received a response within two months or if the response has been unsatisfactory, may appeal to the FDA for claims for damages not exceeding 500,000 euros.
The FDA is a tool that allows the investor to obtain a decision on the dispute quickly, free of charge and without the need for legal assistance. The FDA ensures impartiality and independence of judgement. Investors who are not satisfied with the decision may still turn to the judicial authorities. Appealing to the FDA or to an alternative dispute resolution system is a procedural condition for initiating judicial proceedings.
The right to appeal to the FDA: (i) may not be waived by the investor and is always exercisable, even in the presence of clauses for the assignment of disputes to other out-of-court resolution bodies indicated in the contracts; (ii) must be exercised by the investor within one year of submission of the complaint or, if the complaint was submitted prior to the date on which the FDA became operational (9 January 2017), within one year of that date.
The SGR ensures that complaints received will also be evaluated in light of the guidelines that can be inferred from decisions made by the FDA and that, in the event of non-acceptance, even partial, of such complaints, the investor will be provided with adequate information regarding the methods and timing to submit the appeal to the Arbitrator.
Recourse to the FDA is completely free of charge for investors. The timing of the ruling is rapid: the Arbitrator is required to close the dispute within six months.
For further information and specific knowledge of the regulations and the compendium of rules and procedures regarding the FDA, please refer to the following internet reference: http://www.consob.it/web/area-pubblica/arbitro-per-le-controversie-finanziarie