MANDATORY INFORMATION OF THE INVESTEMENT
With Communication n. 902545 of 24 March 2009 CONSOB provided indications concerning the mandatory information to be provided within the prospectus schemes contained in Annex 1B of CONSOB Regulation n. 11971/1999 (c.d. "Issuers Regulation "), with regards to the risk profile and the time horizon of the investment.
According to the provisions contained in the regulations applicable, the risk profile shall be represented through qualitative (risk level, level of variance from the benchmark) and quantitative indicators (probabilistic prospective of the investment and suggested time horizon) according to a functional methodological approach for each of the following three types of underlying financial structures: risk related ("a obiettivo di rischio"), benchmark related ("a benchmark") and performance related ("a obiettivo di rendimento").
The methodological indications are aimed at assuring the importance, the objectiveness and the consistency of the information on the risks to be provided in the Prospectus. Thus shall allow the investors to compare the insurance products offered on the financial markets on the basis of homogeneous criteria.
In April 2009 CONSOB has further published an Exercise book (Quaderno n. 63), providing more suggestions regarding the same issue and detailing the risk-based approach for transparency principle based on three pillars: the suggested time horizon and consistency with the investor's preferences for liquidity, the potential performance of the product and the risk level.
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