The present paper analyses, after discussing in general terms the value of information in financial markets, conduct rules under article 21(b) of Italian decree 58/1998 and articles 26, 28 and 29 of Italian financial intermediaries regulation (containing the so- called “know your customer rule”, “know your merchandise rule”, “suitability rule”). Where appropriate, it is discussed which measures ought to be adopted to comply with the contents of the Directive 2004/39/EC; moreover, due attention is paid to the rules regulating foreign markets and to the suggestions coming from economic analysis of law. The last part of the paper briefly describes the remedies available to customers who have been harmed by risky operations, especially in the light of the judgment given by the Supreme Court in the case n. 19024 of year 2005.
Note: downloadable document is in Italian.
- Retail Investment Services,
- Directive 2004/39/EC