ARRIVES ARRIVES FOR FINANCIAL DISPUTES: OPERATING FROM 9 JANUARY 2017 From January 9, 2017 the ACF is officially operative, that is, the Arbitrator for Financial Disputes, the institute created at Consob (National Commission for companies and the Stock Exchange) in June 2016 with the aim of settling the costs out of court disputes between investors and credit institutions. WHAT IS THE ARBITRATOR FOR FINANCIAL DISPUTES The Arbitration Institute for Financial Disputes is born with the legislative decree n. 130 of 2015, in implementation of the EU Directive 2013/11 / EU, and is divided into a single College composed of a President and four members, all with undisputed expertise and experience. It has the task of solving out-of-court disputes concerning the violation by intermediaries of the obligations of information, diligence, transparency and fairness towards investors. Accreditation to the ACF by credit institutions is mandatory, and can take place by sending the company a specific form made available by Consob or through the trade associations to which the companies participate. WHEN AND HOW TO REMEMBER THE ACF The Arbitrator for Financial Disputes may be litigated for disputes with a value not exceeding € 500,000 in respect of companies not only Italian, but also European companies with branches in Italy or non-EU that operate with Italian investors, regularly authorized by Consob. The application can be sent directly by the investor in online mode through the ACF website (until 2018 can also be sent in paper format) and it is not mandatory to be assisted by a lawyer. Once the request is received, the Referee decides whether to accept it in whole or in part, or to reject it. In case of acceptance, decides on the merits and also establishes any compensation for damages. If the decision of the ACF does not satisfy the parties or does not end the dispute, both parties are free to resort to conciliation or proceed with the establishment of the judicial proceedings. THE ADVANTAGES The appeal to the Arbitrator for Financial Disputes has two major advantages: it is a very quick resolution tool out of court, as the referee's decision is taken within six months from the submission of the appeal, and is a totally free procedure for the investor the applicant.