Comment to Cass. 27th October 2015, no. 21887
The intermediary is responsible to ascertain whether the natural person investor is a qualified investor.
in ilsocietario.it, 14th December 2015
of Consob Regulation no. 11522 of 1998, which prescribes that investors who are
natural persons are “professional investors” if they “document their possession
of the professional qualifications” established for the officers of investment
firms, presupposes the client’s will, manifested expressly or tacitly, to be so
considered and requires the intermediary to ascertain, at the time the
relationship is first established, the prior execution of those duties and tasks
by the investor for the minimum period indicated, not obligating the
intermediary to limit itself, for this purpose, exclusively to the
documentation produced by the client, but allowing other means of acquiring
knowledge, supplied by the client or otherwise, providing evidence of the
client’s specific qualities.