Legal Framework


Resolution no. 21328

Further determination of the suspension period of the terms provided for by the resolution no 19602 of 4 may 2016 concerning the establishment of the Arbiter for Financial Disputes (ACF) and the adoption of the relevant regulation

LA COMMISSIONE NAZIONALE PER LE SOCIETÀ E LA BORSA

HAVING REGARD TO the Law of 7 June 1974, No 216, and subsequent modifications;

HAVING REGARD TO the Legislative Decree of 24 February 1998, No 58, and subsequent modifications;

HAVING REGARD TO the Article No 27 of the Law No 262, about "Provisions for the protection of savings and financial market discipline ";

CONSIDERING the Legislative Decree of 8 October 2007, No 179, about the "Establishment of conciliation and arbitration procedures, of a compensation scheme and of a guarantee fund for savers and investors, implementing the Article No 27, paragraphs 1 and 2, of the Law No 262", which was subsequently repealed by the Article No 10, paragraph 12, of the Legislative Decree of 3 August 2017, No 129;

CONSIDERING that, pursuant to the aforementioned Article No 10, paragraph 12, of the Legislative Decree of 3 August 2017, No 129, the reference to Article No 2, paragraphs 5-bis and 5-ter, of the Legislative Decree No 179 of 2007, both having being introduced by the Article No 1-bis of the Legislative Decree of 6 August 2015, No 130, entitled "Implementation of the Directive (EU) 2013/11 on the alternative resolution of consumer disputes, which modifies the Regulation (EC) No 2006/2004 and the Directive (ED) No 2009/22 (Directive on the alternative resolution of consumer disputes - ADR) ", must now be referred to the paragraphs 1, 2 and 3 of the Article No 32-ter of the Legislative Decree of 24 February 1998, No 58;

HAVING REGARD TO its Resolution No 19602 of 4 May 2016, concerning the institution of the Arbitrator for the Financial Disputes (ACF) andthe adoption of the implementing regulation of the aforementioned Article No 2, paragraphs 5-bis and 5-ter, of the Legislative Decree No 179 of 2007;

HAVING REGARD TO the Article No 1, paragraph 2, of the Law Decree of 8 March 2020, No 11 on "Extraordinary and urgent measures to counter the epidemiological emergency from COVID-19 and for the containment of the negative implications on the functioning of judicial activities" pursuant to which "From the day following the date of entry into force of this Decree and until 22 March 2020 the terms for the fulfillment of any act of the procedures indicated in paragraph 1 ( i.e. civil and criminal proceedings), without prejudice to the exceptions mentioned. If the course begins during the suspension period, the reference term of beginning is deferred to the end of the aforementioned period.";

HAVING REGARD TO its resolution No 21299 of 12 March 2020 by which "All the terms provided by the regulation adopted with the Resolution No 19602 of 4 May 2016 are suspended from the date of this resolution until 22 March 2020 ";

HAVING REGARD TO the Article No 83, paragraph 20, of the Law Decree 17 March 2020 No 18, bearing "Measures for the strengthening of the National Health Service and for the provision of economic support for families, workers and business related to the epidemiological emergency from COVID-19. ", extending until 15 April 2020 the suspension period provided for by the Law Decree of 8 March 2020, No 11;

HAVING REGARD TO its resolution No 21308 of 18 March 2020 by which "All the terms provided for by the regulation adopted with the Resolution No 19602 of 4 May 2016, already suspended from 12 March 2020 to 22 March 2020, are further suspended from 23 March 2020 until 15 April 2020. ";

HAVING REGARD TO the Article No 36, paragraph 1, of the Law Decree of 8 April 2020, No 23 ("Urgent measures relating to access to credit and tax obligations for businesses, to special powers in strategic sectors, as well as interventions on health and work, and extension of administrative and procedural terms") establishing that "The deadline of 15 April 2020 as envisaged by the Article No 83, paragraphs 1 and 2, of the Law Decree of 17 March 2020 No 18, is extended to 11 May 2020 ... The provisions of this article must apply, insofar as compatible, to the procedures referred to in paragraphs 20 and 21 of the Article No 83 of the Law Decree of 17 March 2020 No 18 ";

NOTIFIED, therefore, the need to re-establish, in line with the aforementioned Law Decree of 8 April 2020 No 23, the suspension of the terms provided for by the regulation adopted with the aforementioned Resolution No 19602 of 4 May 2016, in order to contain the negative implications of the epidemiological emergency from COVID-19 on the proceedings taking place before the Arbiter, while ensuring the continuity of its activities;

RESOLVES AS FOLLOWS:
 

Article 1
(Further restatement of the period of suspension of the terms provided for by resolution no 19602 of 4 May 2016)

All the terms provided for by the regulation adopted with the Resolution No 19602 of 4 May 2016, already suspended from 12 March 2020 to 15 April 2020, are further suspended from 16 April 2020 until 11 May 2020.

This Resolution is published in the Consob Bulletin.

THE CHAIRMAN
Paolo Savona