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ARTICLE · 18 JULY 2000

Summary Of New Italian And EU Legislation

Studio Legale Bernascone & Soci
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ItalyMedia, Telecoms, IT, Entertainment

A newsletter prepared by Studio Legale Bernascone & Soci In Association with Squire, Sanders & Dempsey L.L.P. (formerly an office of Graham & James LLP)

June/July 2000

TRADING ON LINE.

 The Italian Stock Exchange Commission, CONSOB, by its Notice no. DI/30396 of April 21, 2000, has adopted a regulation concerning the rules to be complied with by banks and investment companies when providing on line investment services to investors. CONSOB specified that the provision of investment services through trading on line shall comply with the applicable legislation and regulations governing in general investment services, and particularly Legislative Decree no. 58/1998 (the Consolidated Text of Financial Legislation) and Regulation no. 11522/1998 on the execution at distance of agreements for the provision of investment services. CONSOB Regulation clarifies how the relevant prescriptions set forth by the existing legislation shall be fulfilled in the event of trading on line agreements.

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