Authorized intermediaries, except for management companies contemplated by Legislative Decree No. 58, may, in relation to quotas of investment funds created or managed by them or the shares issued by investment companies with variable share capital, promote and place financial products using distance communication techniques. This is the case provided the investor has not expressly declared it does not agree with the use of these services, it being understood that authorized intermediaries will have to comply with the transparency rules set out by Consob in connection with carrying out financial intermediation services.
If the distance communication technique used for the promotion and placing of financial services and products should allow a communication on an individual basis and an immediate interaction with the investor, authorized subjects are to use financial promoters, unless the promotion at distance and the sale activity is carried out at the request of the investor.
The new rules will come into force by the beginning of August 1998.