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Referee for Financial Disputes

The Company adheres to the Arbitrator for Financial Disputes established at Consob.

By means of CONSOB Resolution No. 19602 of 4 May 2016, the Arbitration Authority for Financial Disputes (ACF) was established at CONSOB and the Regulation for the Implementation of Art. 2, Commi 5-bis and 5-ter, of Legislative Decree 8 October 2007, No. 179 (Arbitration Conciliation Chamber).

Below are the main information on the functions of the Arbitrator, on the relative field of competence and on the functioning of the procedure:

The Arbitrator is responsible for disputes relating to the breach by the Intermediary of the duties of diligence, correctness, information and transparency in the exercise of the activity governed by part II of the Consolidated Law on Finance (TUF), including cross-border disputes. and the disputes covered by EU Regulation no. 524/2013, with the exception of disputes involving the request for sums of money exceeding € 500,000.00 (five hundred thousand).

    • The right to appeal to the Arbitrator (ACF) can not be renounced by the customer and can always be exercised, even in the presence of dispute resolution clauses to other out-of-court resolution bodies, contained in the investment contracts governing the relationship between the customer and the intermediary.
    • GAM SGR guarantees that any complaints received from the Customer will always be assessed in light of the guidelines deducible from the Referee (ACF). In addition, in case of failure or partial acceptance of such complaints, the same Customer will be provided with adequate information on the methods and timing for submitting the appeal to the Arbitrator (ACF) at CONSOB.


For any further need for further information and for the specific knowledge of the legislative provisions and of the regulatory and procedural compendium concerning the Arbitrator for Financial Disputes, reference is made to the underlying internet reference: www.acf.consob.it

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