Our firm, with Ms Benedetta Musco Carbonaro and Ms Federica Ariostini, assisted Intesa Sanpaolo Private Banking in winning a very significant case for private banking, which highlights the relevance of clients’ past operations when assessing their investor profile.
The Court of Milan, after having excluded the provision of investment advice, confirmed that the Bank was required to operate under an appropriateness regime and that any suitability filter would not have blocked the execution of transactions.
The ruling also confirmed that some identical transactions that had already been executed in the past are relevant to establish, on the one hand, that the investor is the effective and not merely formal author of the subsequent transactions, and on the other hand also to determine the degree of knowledge and experience of a client for the purposes of the appropriateness assessment.
A decision that may set a new standard in the private banking world.
Read all the details in the article written by Francesco Colamartino published in Citywire Italia online magazine.
Download the pdf (Italian only)
