The Compliance Department is charged with verifying that all services provided by the Company are in full compliance with the law, with regulations issued by the Regulatory Authorities and any self-regulatory provisions that the Company has enacted, as well as any other standards applicable to the Management Company. The compliance function operates in a position of functional autonomy, reporting to the Board of Directors. This function has been outsourced to the third-party, independent firm, Aimone Moschini & Associati. The Compliance function, in accordance with provisions of the Joint Bank of Italy-Consob Regulations dated 29 October 2007, continuously monitors the completeness, functionality and adequacy of internal control systems in relation to the nature and level of risks assumed.
ARBITRATOR FOR FINANCIAL DISPUTES
By means of provision No. 19602 of 4 May 2016, CONSOB (Commissione Nazionale per le Società e la Borsa, the public authority responsible for regulating the Italian financial markets) set up the Arbitrator for Financial Disputes (“AFD”) and ruled its operations, structure and procedure via AFD regulation implementing art. 2, paras. 5-bis and 5-ter, of Legislative Decree No. 179 of October 8, 2007 (the “AFD Regulation”).
Wise SGR S.p.A. (“Wise SGR”) joins the AFD.
The main information on the of AFD operation are shown here-below:
- The AFD settles disputes:
including cross-border disputes.
- among retail investors and intermediaries (including, in such case, Wise SGR);
- regarding alleged breach by intermediaries of rules of correctness and conduct and on transparency of information vis-à-vis the investors in the performance of activities regulated under Part II of the Consolidated Finance Act (including the collective portfolio management), being however excluded those concerning non-pecuniary damages;
- entailing the request of amounts not higher than Euro 500,000.00 (five hundred thousand/00);
- The AFD may be appealed only by investors, within the terms indicated in the AFD Regulation, provided that such investors:
The appeal to the AFD has to be file with by 1 (one) year from the presentation of the complaint to the intermediary or, in case of presentation of the complaint before the beginning of the AFD operation (i.e. 9 January 2017), by 1 (one) year from such date.
- have not already adhered (also upon request of the intermediary) to another outstanding alternative dispute resolution;
- have presented a complaint to the intermediary and have not had a reply in the next two months or have received an unsatisfactory reply.
- The right to appeal to the AFD cannot be renounced by the investor and, subject to previous point 2, can be always exercised, even when the agreements between the investor and the intermediary provide that any dispute has to be settled before other bodies or alternative dispute resolution systems.
- Wise SGR ensure that any complaint received by the investors will be always assessed in light of the leanings coming from the AFD’s decisions and that, in case of unsuccessful or partial granting of the complaints, the investor will be provided with adequate information about procedures and timing for appealing to the AFD.
On the website www.acf.consob.it interested investors can find any detailed information on ADF, as well as the text of the AFD Regulation