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New online brokerage regulationStudio Legale Beltramo, Rome

The online securities brokerage market has recently been the object of a communication by Consob (No. DIN/56016 of July 21 2000) which – specifically concerning quotas or shares of OICR – significantly integrates the discipline of telemarketing shares in investment common funds, introducing a further element to the globalization of finance.

In particular, Consob has authorized investors to perform a first subscription in a fund through the internet, recognizing online established brokerages as an equivalent means of solicitation to the subscription on paper forms.

As a condition to this kind of subscription, an investor, subject to the initial opening of a position with the relevant financial intermediary, and supported by adequate identification documents, will be given, by the financial intermediary, a personal password or identification code to be used when entering into a subscription agreement.

The issuer must also include in the prospectus certain information required by the Consob communication, in particular with regard to the procedures to be followed by the investor for subscriptions online. Any other formality or procedure relevant in the event of a placement, as provided in Regulation of Consob No. 11522 of 1998, will have to be followed by the financial intermediary.

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