Consob

From 1 January 2009 the financial salesmen register is no longe held by Consob but by the Authority for the Single Register of Financial Salesmen, and the regional and provincial commissions have been wound up. The Authority was set up on 25 July 2007 in the form of a non-profit making association, by Assoreti (the Italian association for financial product and investment service placing agents), Anasf (the Italian association of approved persons) and ABI (the Italian banking association).

The Authority is responsible for:

deciding on registrations in and cancellations from the financial salesmen register, changes to existing entries and the issue of related certificates;
launching and organising the evaluation tests for access to the financial salesmen register;
timely updating of the register based on measures adopted against financial salesmen by legal authorities, Consob and the Authority itself;
monitoring continued eligibility for entry in the register.

The Authority will operate in compliance with the provisions and criteria of Consob regulations no. 16190 of 29 October 2007 and under Consob's supervision.

Consob checks that the conduct of financial salesmen with investors is diligent, correct and transparent.

It enforces cautionary measures against them (suspension of activity for a maximum of 60 days or, in specific cases, for as long as a year) and inflicts different sanctions (ranging from warning to disqualification from the register).

The list of measures adopted by Consob against financial salesmen is available only in the Italian version: Intermediari/Albo Promotori.