With resolution no. 19602 dated 6th of May 2016, Consob instituted the Arbitrator for Financial Disputes (ACF), pursuant to D. Lgs. 130/2015, implementing directive 2013/11/UE. The ACF, in effect since the 9th of January 2017, is an out-of-court alternative dispute resolution system established by Consob, that allows investors, who have unsuccessfully filed a claim with an intermediary, to resolve disputes without turning to a judicial authority. The arbitrator has jurisdiction over disputes between investors and financial intermediaries, with the value not to exceed Euro 500,000.00, and concerning violations made by the intermediaries of their requirements of due diligence, fairness, information and transparency as set forth in part II of the Italian financial regulations (TUF), including cross-border disputes and those covered by Regulation (EU) no. 524/2013, and excluding disputes on those damages that are not the immediate and direct result of a breach or violation by the intermediary of the aforementioned obligations. The access to the arbitrator is completely free for investors and decisions are expected to be briefly reached (90 days from the completion of the dossier containing the claim, the deductions and the documentation produced by the parties). The claim must be filed within a year from the filing of the claim to the assets management company or, if the claim was presented before the arbitrator’s creation, within a year from such date. The arbitration proceeding is subject to the arbitration rules established by Consob's act no. 19602, which have to be considered for every possible detail. More information can be found at: www.acf.consob.it.