The Italian Commission for Corporations and Stock Exchange
(CONSOB) has intervened for the first time in relation to the
promotion and marketing of financial instruments via an Internet
It prohibited the promotional activity jointly carried out by
an Italian and a US company (at www.tradingnet.it) in
relation to the offer of quotas of a non-harmonised investment
fund. Companies wishing to offer quotas of a non-harmonised fund
- Obtain an authorisation.
- Publish a prospectus (section 1 and 2 of Legislative
Decree no. 86/1992).
Although the offer targeted exclusively Italian investors, the
fund had not been authorised in Italy and the authorisation
procedure had not been initiated.
Source: CONSOB Resolution no. 12325 of 19th January,
2000. Ughi E Nunziante