Consob launched a public consultation on the amendments to be made to the Regulation concerning the Financial Disputes Arbitrator (Arbitro per le controversie finanziarie - ACF), approved with resolution n. 19602 of 4 May 2016.

The Financial Disputes Arbitrator was established by Consob with resolution no. 19602 of 4 May 2016, in implementation of article 2, paragraphs 5-bis and 5-ter, of the legislative decree n. 179 of 8 October 2007. The aforementioned decree has been repealed by the legislative decree n. 129 of 3 August 2017, and it has been applied until 3 January 2018. Starting from that date, the references to paragraphs 5-bis and 5-ter of article 2 of legislative decree n. 179 of 8 October 2007 have to be made, respectively, to paragraphs 1 and 2 of Legislative Decree n. 58 of 24 February 1998 (Consolidated Law on Finance - TUF). With the same resolution, Consob adopted the regulation that governs both functioning and procedure of the Arbitrator ("ACF Regulation or Regulation").

The Regulation of the Arbitrator, like every Consob regulation, is subject to "periodic review, at least every three years starting from the date of adoption", for the assessment of its suitability to achieve the aims pursued, in relation to the overall cost of the regulatory framework. This is what is prescribed by article 8 (entitled "Periodic review") of the Regulation concerning the procedures for the adoption of general regulation acts pursuant to article 23 of the law n. 262 of 28 December 2005 and subsequent amendments, adopted by Consob with resolution no. 19654 of 5 July 2016 ("Regulations of the regulations").

With reference both to the operational needs that emerged in the first period of activity of the Arbitrator and to the consolidated experience on the procedures dealt with and fulfilled, it has been recognized the need to carry on a periodic review activity, with the formulation of selected proposals for modification of the Regulation in the view of a simplification of the procedure as well as an improvement of its functioning.

In summary, the main modification proposals which have been formulated concern:

A) the updating of the definitions in order to adapt them to the most recent changes made to the reference legislation;

B) the framework for the operations and the competences of the Arbitrator;

C) the composition of the panel and the requirements in terms of professionalism and integrity of its members;

D) the procedure for starting and carrying out the procedure;

E) the execution of the decisions made by the Arbitrator.

The consultation will end on February 3, 2020.

Text of the consultation (only in Italian)