Italy stops short of introducing national restrictions on turbo certificates

Italy’s Companies and Exchange Commission (CONSOB) today posted an announcement regarding trading in turbo certificates and minifuture certificates. The statement makes it clear that Italy will not adopt the harsh approach adopted by the Netherlands regarding these trading instruments.

Let’s note that, the AFM (the Dutch Authority for the Financial Markets) plans to implement specific product intervention measures aiming at limiting at national level the distribution to retail clients of the so-called turbo-like products, with effect from 1st October 2021.

For some time now, Consob has been specifically monitoring the features of the Italian market of certificates characterised by high risk/complexity, among which the so-called turbo-like products, so as to consider any possible actions for the protection of investors.

In this area, specific attention is dedicated to verifying intermediaries’ compliance with the measures they are required to adopt in accordance with provisions stemming from MiFID II.

In the perspective of proportionality that characterises investment services requirements, these measures indeed assume particular relevance for the products concerned, in consideration of their risk and complexity features.

Consob stresses that the product governance requirements calibrate the way of accessing these instruments, in order to direct them to the most adequate target clients.

As a result of their intrinsic complexity and risk features, such products cannot be subject to execution-only regime. Consob says. Due to this, transactions undertaken by investors in such products should be subject at least to the assessment of appropriateness by the intermediary.

The intermediary is required to ensure that the client is clearly informed both before the investment is made and when the client already holds a position, also considering, inter alia, what is specifically requested for positions including contingent liability transactions/leveraged financial instruments.

Where intermediaries receive any form of third-party benefit/payment (for example from market makers and/or product manufactures) for the distribution/trading of the products concerned, they have to fulfill the requirements concerning inducements, conflict of interests and best execution.

“Based on the above, considering the features – also dimensional – of transactions in so-called turbo-like products at domestic level, at present, there are no conditions for adopting on a national basis intervention measures similar to those undertaken by the AFM”, the Italian regulator concludes.

In order to detect any potential changes that might require possible intervention actions for the protection of investors, Consob will continue to monitor the market of the mentioned products.

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