Rome – Consob is defended: the risks for those who buy ‘the bonds of the four Italian banks were clearly described in the prospectuses but’ remain an instrument too complex and difficult to understand for investors. Therefore the president Giuseppe Vegas underlines the intention of simplifying them and, during the annual meeting with the market, announces three news’ in consultation today, including product sheets with the essential characteristics of the instruments offered. It is not, underlines one of the Consob number, a self-absolution but only a clarification: “It ‘s not a matter of self-absolution – he says – but it’ s important to point out the terms of the issues. This does not mean that those who are ‘been cheated It has not been so, but it means that from the regulatory point of view we have done what we could do. ” The prospectuses and supplements the information that accompanied the emission of subordinated bonds of Banca Etruria, Banca Marche, CariChieti and CariFerrara explains fact Vegas in its report on the occasion of the communities’ financial, “had been drawn up in compliance with the transparency rules provided for by the rules on the prospectus. in particular, Vegas says, “they have given most clearly to all the risk factors related to the complexity ‘of the instruments and the situation in which they poured banks. They specified that the investor could lose the total capital invested in the event of liquidation or bankruptcy proceedings. “However, he adds Vegas,” the statement imagined by the Community legislature as a container that would gather all the information about the product and the person who issued it, it not ‘proved to be a suitable means to provide an effective response to the need for knowledge. Information overload almost always tantamount to a lack of information. “It is, says Vegas,” a too long and complex document to be read and fully understood by Saver. “Consob therefore start today consultations with the Financial Market on the possible adoption of new recommendations in favor of transparency and investor protection. a first document concerns guidelines to define and standardize the content of the warnings for the investor. Another recommendation contains guidelines for the information to be provided in the distribution of financial products, to provide ‘key information’, with the adoption of a synthetic product. Finally you start a consultation concerning the distribution of financial instruments through direct listing on regulated markets or multilateral trading facilities instead of the traditional placement at the counters.
Meanwhile, today the Guardia di Finanza and ‘got into bank offices Etruria and found a control room: customers without adequate financial profile were selected. “The activity ‘investigation, which follows the hypothesis of competition in the person of serious fraud offenses, and’ addressed to the search of documentation and correspondence of the various area managers who have imposed, through internal circulars and other pipelines being studied investigators subscribe to a retail customer, without adequate investment financially, proposed a rule to professional customers, who possess the skills to consciously make their own decisions and properly assess the risks that assume “it said in a note the prosecution of Arezzo. Thanks also to the statements contained in the more than 400 complaints collected, and ‘emerged a control room at managerial level, who prescribed the placement of subordinated granularly, going to also identify individuals with a low-risk investor profile and no more’ only in the medium-high risk in line with the type of financial investment. In particular, the investigation revealed that investments in subordinated, at the proposal of the area managers and local and regional offices, have been proposed to several customers as safe and investment similar to those in straight bonds and government securities. Sometimes even the customer and ‘was pushed to make the divestment of capital operations guaranteed to promote the purchase of subordinated bonds, which had been proposed as a promotion of the bank for its best customers, but that was to be signed in time very short. (AGI) Red / Ila
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