[Newsflash n. 65]

Further to the set-up of the Fund to indemnify investors who have suffered unfair damage from Italian banks subject to compulsory winding-up between 16 November 2015 and 1 January 2018 (Fondo Indennizzo Risparmiatori, “FIR”) by 2019 Italian Budget Law (see our Newsletter n. 15), the Italian Minister of Finance has appointed the nine members of the committee that will manage the FIR. The Committee will become operational as from 26 July 2019.

The Committee will review the investors’ application and, if needed, request to supplement it, in order to ascertain the existence of the prerequisites to obtain the indemnity (such as the criteria to be admitted to apply for it, the material breaches of the Italian Financial Act that caused an unjust prejudice).  To this end, the Committee will establish general criteria and guidelines according to the type of violation.

The indemnities to be awarded to investors will be determined by the Committee as a percentage of the purchase cost and differentiated according to the asset class: shares (30%) or subordinated bonds (95%) with a cap at Euro 100,000 per investor.

Applications may be filed with the concessionaire for public insurance (“CONSAP”) exclusively through the on-line platform (still to be activated) during a six-months period from the start date.

Contacts:

Vito Vittore
Partner

Elena Pagnoni
Partner

Roberta Talone
Associate