It was announced this week that Italy’s financial regulator (CONSOB) has established a new body called the Arbitration for Financial Disputes and disputes up to €500k can now be submitted to it, and all submitted disputes will aim to be resolved within 6 months.
The new body has been established to create a fast and low-cost method to resolve financial disputes that take place in Milan.
The measure was advocated by Select Milano as part of a program of reforms to make Milan an attractive location for businesses which will need to relocate out of London as a result of Brexit.
Commenting on the development Bepi Pezzulli, Chairman of Select Milano said:
“This is another step in the right direction to make Italy more competitive and business friendly. By creating this arbitration body, Milan is offering institutions based in Milan the ability to access quick and efficient dispute resolution and a legal and judicial ecosystem similar to the one in London. Combined with the other reforms we have helped achieve, Milan is now one of the most attractive locations for businesses in Europe.”
Italy’s financial regulator has been on a string of public warnings lately regarding unregulated brokers targeting Italian citizens, the latest of which came back in December when 10 new brokers were warned against.