The Settlement and Arbitration Board of CONSOB
Under Resolution no. 16763 of December 29, 2008, Consob created and regulated the Settlement and Arbitration Board for the out-of-court settlement of disputes arising between investors and intermediaries.
The Board shall hear proceedings arising from any breach of the duty of information, correctness and transparency committed by intermediaries against investors, although it will not be able to render a judgment on the merits of these disputes. The Board will be composed of a Chairman and 4 members: three of them shall be appointed by Consob, one by the National Consumers Council and the remaining one by the most representative intermediaries unions and associations.
Among the many benefits that are expected to arise from this Board, the main benefits concern the reduction of costs and a reduction of the duration of the proceedings, which should last from 60 to 120 days, unless otherwise extended.
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