"binding instructions relating to general aspects of asset management activity"
Article 24, paragraph 1, letter b ) , TUF provides that the service manages individual investment portfolios, "the client may give binding instructions regarding the steps to be taken." This power is one of the distinguishing characteristics of the service [1] , allowing the investor on the one hand, to intervene directly in the activity management activity carried out, and secondly to reduce the discretion of the broker. E 'be noted that the broad wording of Article. 24 is likely to encompass not only the specific orders that the customer intends to issue from time to time, but more generally any other matter pertaining to the activity management and that from the time the contract was signed, directing and shaping the work as the intermediary.
In this regard, the Consob (Reg 11522/98) fixes the signs that, together with those typically required in order to know the characteristics of customer and establishment of information flows before and during the course of the relationship [2] , help establish the private character of management. Upon conclusion of the contract [3] , in fact, the customer can determine, within the meaning of 'Article 37 reg. :
a) the performance of management;
b) the operations that the broker can not perform without the prior consent of the investor and if restrictions are required to state expressly that circumstance;
c) with respect to financial derivative instruments, if these tools can be used for purposes other than hedging risk associated with positions in management ;
d) if the broker is authorized to delegate the execution of the receipt, in the event that the delegation does not cover the entire portfolio, financial instruments, sectors and investment markets in relation to which the license is issued, and in any case, any limits and conditions;
e) if the customer can withdraw in qualsiasi momento dal contratto ovvero disporre, in tutto o in parte, il trasferimento o il ritiro dei propri valori, senza che a esso sia addebitata alcuna penalità .(vedi retro sul diritto di recesso).
1. La linea di gestione ed il profilo di rischio
Nel novero delle istruzioni che il cliente può e deve fornire al momento della stipulazione del contratto, assumono rilevanza primaria quelle che servono ad individuare le caratteristiche della gestione ed il relativo profilo di rischio; l’art 38 Reg. Consob, stabilisce al riguardo che per caratteristiche della gestione si intendono:
1) le categorie di strumenti finanziari nelle quali può essere investito il patrimonio gestito e gli eventuali limiti (ca­tegorie that, according to art. 39, are in turn defined by the currency in which the instruments are given, which are traded in the market, the fact on the instruments issued by mutual funds or not the latter being subject to EU directives with the additional specific-tion, In the first case, of having no home or in OECD countries, the type of (possible) guarantee, in the case of debt securities, the duration [4] )
2) the classes of business that ' intermediary may make on these financial instruments (types identified in art. 40 in trading agreements; selling, trading at a premium, securities lending e di riporto; pronti contro ter­mine);
3) la misura massima della leva finanziaria che l'intermediario può utilizzare ( art. 41 ); la misura massima della leva finanziaria, serve in particolare, nella operazioni su strumenti derivati o in genere nei contratti a termine, ad indicare la misura entro cui è ammissibile l’effettuazione di operazioni di investimento e la conseguente assunzione di rischi di perdite, per un valore superiore a quello del patrimonio affidato in gestione.
La leva finanziaria indica il rapporto tra il controvalore di mercato delle posizioni nette in strumenti finanziari e il controvalore del patrimonio gestito nell’ambito della stessa linea di gestione [5] . Un rapporto superiore all’unità esprime un rischio di perdite nella gestione sempre crescente rispetto all’ammontare del patrimonio gestito, e questo comporta che vengano introdotte ulteriori cautele; vengono previste infatti, avvertenze per il cliente contenute nel documento sui rischi generali degli strumenti finanziari [6] destinato ad informare dei rischi del ricorso ad una leva finanziaria superiore all’unità, che può condurre a perdite eccedenti l’ammontare del patrimonio gestito, tanto più elevate quanto più alta è la misura della leva finanziaria. Inoltre l’art 37 co. 2 reg. prevede che nel contratto debba essere indicato il limite massimo di perdite, oltre le quali l’intermediario è required to return the lever to a value equal to the unit [7] .
obviously an indication of the maximum amount of leverage used by the intermediary, and fixed by the customer, is the risk that it can, and will, stand in front of the hoped for gains, resulting from the operation of its "property" by the intermediary [8] .
The risk profile of the customer is also identified by all the information that the intermediary is required to ask the customer, primarily related to its financial position [9] . The refusal of the investor to provide the information requested must be by contract or by a declaration signed by the investor himself. For another, if it occurs that refusal, the broker should operate on the basis of any other available information in relation to services provided [10] .
4) The objective parameter of reference (benchmark) which compare the performance of management (Art. 42), the objective parameter of reference for checking the performance of management in connection with the management itself and the risks that it presents . Article. 42 co. 2 °, reg. Int states that the benchmark must be established by reference to indicators Financial developed by third parties and in common use, to facilitate the comparison of management according to standard criteria and unbiased, but of course no more than that. The understandable expectation of operating results at its reference parameters (and possibly even better) are not something that can legally be detected. The third operator will try to achieve operating results are able to match the benchmark, or do even better, it is clear, however, that lower operating trends, by itself can not constitute responsibility, being considered, the obligations of an operator, so to speak, bonds "means" and certainly not obligations (or guarantees) "Result".
2. The binding instructions on the various operations: the nature of the contract management of individual financial portfolios
Before addressing the specific issue binding instructions relating to the customer may give the party during its asset management activity, it will be useful to focus on nature of the contract management of investment portfolios on an individual basis to determine if, in addition to specific provisions of the Consolidated Financial and Consob Regulation 11522/98, to govern this service, are also applicable to the provisions (or at least some of them) in the Civil Code in respect of the mandate (Art. 1710 ss. ).
E 'discussion, in fact, the ratio of portfolio management can be traced back to the schema of office, or if it is in the presence of a typed contract, and if, in the latter case, you can still use the civil law to fill the possible shortcomings of special legislation.
The absence of a specific discipline had made reference to favor the doctrine to a new understanding of the mandate in its entirety in Figure [11] .
The law No. 1 of 1991 contained, although inci-so, references to the figure of office, if one considers the art. 8, paragraph 1, lett. e) which stated that "the customer can issue binding instructions about what to do but the right of withdrawal under Article society. 1727 cc; moreover, the same doctrine is clearly expressed in terms of a management mandate [12] or at least, showed no problems attributable to the figure of asset management through "transactions involving securities, the contract of mandate.
On the other hand, it was also argued that the law 1 / 91 had introduced in our system appointed a new contract, said its essential discipline.
Currently the management agreement is considered by the majority doctrine, a typical contract, part of the broader category dei contratti di investimento e, nella stessa prospettiva, si ritiene ormai che il contratto di gestione costituisca una figura autonoma, essendo comunque possibile colmare le lacune della disciplina dettata dalla normativa in esame con un procedimento fondato sulla analogia legis o iuris.
D'altra parte, anche nel d .1gs . n. 415 del 1996 e nel d .1gs . n. 58 del 1998 oltre alla traccia rappresentata dal perdurante richiamo all'art. 1727, in tema di recesso del mandatario, contenuto nell'art. 24, comma 1, lett. d) vi è un richiamo alla figura del mandato [13] , dove si fa espresso riferimento al concetto di gestione, su base discre­zionale e individualizzata, di portafogli di investimento nel­l ’ context of a mandate given by investors where such portfolios include one or more of the instruments listed in Section B.
addition, the EC Directive No. 39 of 2004, as noted above, pursuant to art. 4, paragraph 1, No 9) defines the individual portfolio management as "management on a discretionary and individualized investment portfolios under a mandate given by the customers, where such portfolios include one or more financial instruments."
2.1. The instructions in general and control information in the framework of the mandate [14]
To reconstruct the facial features of "instruction" is appropriate, sul piano metodologico, muovere dalla esegesi delle disposizioni normative in tema di mandato e, specificatamente, dall’art 1711 c.c. Questo [15] , dopo aver stabilito che il mandatario non può eccedere i limiti fissati nel mandato [16] , reca un riferimento indiretto alle istruzioni, laddove riconosce al mandatario la possibilità di discostarsi dalle istruzioni ricevute, qualora circostanze ignote al mandante, e tali che non possano essergli comunicate in tempo, facciano ragionevolmente ritenere che lo stesso mandante avrebbe dato la sua approvazione.
La lettura unitaria delle due proposizioni normative, depone nel senso che l’esercizio del potere del mandante di impartire istruzioni nei confronti the agent, is a natural effect of the ratio of the mandate.
The program manager and the agent is required to achieve results, therefore, not only by the determination of contract, but the instructions that the client may be given in the course of execution. Hence the characterization of the mandate as an asset "eteroregolata" [17] , and the observation that the opportunity to make statements, which would complete the program managers, indicates that the assessment of interest by the principal is not crystallized at the time of entrustment [18] . To this we must add that the principal formula and gives istruzioni, normalmente dopo aver conosciuto e valutato circostanze esterne al rapporto ( come ad esempio il mutamento delle condizioni di mercato ) e le modalità con le quali il mandatario sta conducendo l’incarico, dunque successivamente ad un’attività di controllo.
Da queste considerazioni risulta evidente la relazione che esiste tra istruzioni e controllo (o più in generale tra istruzioni e conoscenze del mandante ) che deve essere integrata con le previsioni dell’obbligo generico imposto al mandatario di rendere note al mandante le circostanze sopravvenute ( art 1710 ) e di quello specifico di avvisare con immediatezza il mandante medesimo di taluni fatti ( art 1718, co. 3 ). E’ evidente che acquisite tali informazioni it will be in a position to make a new assessment of interest and to provide, if necessary, new instructions. The species is so indispensable to a relationship between: a) the obligation of the agent to inform the client the circumstances surrounding the execution of performance, even in the absence of a specific request, b) control over its execution (so that knowledge gained is instrumental ) and c) the power to give more specific instructions.
2.2. The instructions governed by special rules relating to service individual management
The issue of portfolio management takes over and confirms outlined immanence of control and information their relationship managers [19] to ensure the investor is a real possibility to intervene directly in the activity operators, and possibly change the line management and its risk profile [20] .
unfailing control is in fact centered on the periodic statement [21] , which may be preceded by various forms of interference [22] and control by the investor must be counted among them certainly the binding instructions [23 ] .
During the relationship managers, therefore, the customer may decide to make certain investments; will, then, its instructions [24] their intermediary who, before performing the operation must, however, provide the customer with useful information in its possession regarding the opportunities and the risks in the operation reattached [25] .
A specific obligation imposed on the intermediary of information is however, that laid down. 29 reg. Consob 11522/98, where the client instructed him not appropriate [26] to its financial position or contrasting originally limited to line management. The third paragraph of art. 29 provides that "authorized intermediaries when they receive by an investor provisions relating to a transaction is not appropriate, inform him of that fact and the reasons why it is inappropriate to proceed with his execution. If the investor still intends to give during the operation, the authorized intermediaries can only perform under an order given in writing or in the case of orders by telephone, tape recorder, or on another equivalent, which is made explicit refer to the instructions received.
include binding instructions were to include, in general, including those through which the investor is binding on the conduct of an intermediary, for its prior approval. There was
wondered whether, if the customer constraints any transaction of its operator to a prior authorization (so-called management by prior agreement), we can still talk about managing individual portfolio securities or, rather, if this type of service should be classified on simply, to advice on investment, given the loss of discretion in the performance of office intermediary [27] .
On this point it should be noted that, even in operations with prior consent, it is still an operator to determine what to do, based on a complex decision-making process that starts with an analysis of the characteristics and needs of the customer, through market analysis, and then drops to the identification of the operations to follow, it is only at this late stage that prompted the intervention of the customer, understanding the important contribution of the manager earlier in the report, it seems therefore sustainable the thesis that encompasses prior agreement with management in the group of asset management services on an individual basis [28] .
Finally, and returning to the discipline of its binding instructions, it seems appropriate to question the responsibility of the intermediary in the event of non-compliance with instructions given by the customer.
Depending on the type of interpretation - broadly o restrittiva - che viene data alla disposizione contenuta nella lettera b) dell’art. 24 TUF, si riduce o si amplia la possibilità per il gestore di discostarsi dalle indicazioni del cliente e quindi, si estende o si restringe l’area di responsabilità del gestore stesso per mancato adeguamento a tali indicazioni.
Secondo la tesi estensiva, ogni indicazione proveniente dal cliente deve ritenersi una istruzione vincolante [29] ; i sostenitori di questa lettura ritengono quindi, che il gestore possa discostarsi dalle istruzioni impartite dal proprio cliente, senza incorrere in responsabilità, solo se quest’ultimo fornisca indicazioni non coerenti con la linea di gestione prestabilita;
secondo la tesi restrittiva invece, l’utilizzazione da parte del legislatore del verbo “potere” [30] , depone nel senso che dare istruzioni precise è ipotesi eccezionale [31] ; i sostenitori di questa tesi, valorizzando la disposizione contenuta nel co. 1 art. 29 reg. [32] , ritengono inevitabile l’adeguamento alle istruzioni soltanto ove il cliente, opportunamente informato dal gestore in merito alle motivazioni della inadeguatezza dell’operazione, disponga comunque di darne corso.
Resta da valutare la responsabilità del gestore che pone in essere operazioni non rientranti nella linea di gestione, in conseguenza di fatti nuovi ed imprevisti senza che vi sia stata la possibilità to obtain instructions from his client about it.
Well in this case, it would peacefully applicable civil law of mandate and more specifically Article. 1711, co. 2 cc [33] and the operator should act independently and therefore in the best interests of the client, provided that the lack of information to the customer is not due to the fault of the same operator.
[1] can instead be ruled out in the collective management of savings.
[2] See Article 21 co. 1 letter. a), in establishing the general principles of behavior that intermediaries have to comply in the performance of services, states that they must acquire dai propri clienti le informazioni necessarie e operare in modo che essi siano sempre adeguatamente informati; e l’art 28 regolamento Consob 11522/98 che specifica le suddette informazioni.
[3] O successivamente a seguito di eventuali modifiche.
[4] Inoltre l’art 44 reg. stabilisce che non possono essere inseriti nei portafogli dei singoli investitori strumenti finanziari negoziati in mercati non regolamentati in misura superiore al 25% del controvalore dei patrimoni stessi e le relative operazioni devono essere concluse con intermediari mobiliari a ciò autorizzati e soggetti a vigilanza di stabilità. Il secondo comma dello stesso articolo stabilisce che la percentuale del 25% può essere superata a condizione che l'investitore abbia rilasciato a seguito della proposta dell'intermediario la propria preventiva e specifica autorizzazione scritta all'esecuzione di ogni singola operazione. Nel richiedere l'autorizzazione, gli intermediari autorizzati comunicano all'investitore almeno i seguenti elementi che devono essere riportati in premessa all'autorizzazione: a) lo strumento finanziario oggetto dell'operazione, evidenziando che lo stesso non è negoziato in alcun mercato regolamentato; b) la quantità e il prezzo prevedibilmente applicato all'operazione, nonché il suo prevedibile controvalore complessivo; c) le ragioni per le quali ritengono opportuna o comunque utile per l'investitore l'operazione . In ogni caso, i singoli strumenti Financial negotiations can not exceed 10% of the equivalent of assets under management and is exceeded, the parameters must be restored as soon as possible, taking into account the investor.
[5] Art 41 Consob regulation 11522/98.
[6] Annex No 3 to reg. Consob 11522/98.
[7] E 'was appropriately observed (P. Valentino Brokers and investment sevices, 2001, p. 231) that the agreement with the customer to leverage a greater than unity does not mean thereby that the intermediary may exceed the limit of the property transferred, having such "authorization" considered merely "temporary" in the sense of having effect only during the operation, it remains clear that at the close of the limit value of assets would not be exceeded.
[8] The violation of the limit of leverage will result in the application of the rules of representation without powers (art. 1398 cc) for which the contract with the third party will not be valid, but the operator must compensate the third as far as said negative contractual interest.
[9] to remember are also the information regarding the experience of investment in securities of the client and its goals investment.
[10] Art 29 co. 2 Consob regulation 11522/98.
[11] F. Capriglione, Right bank financial intermediaries and markets, Bari 2003, p. 178.
[12] G. FALCONE - GL GREEK - ROUND G., responsibility in the provision of investment services, Milano, 2004, P. 283.
[13] In particular: Annex section. In the "Decree Eurosim; and Annex sect. A of the FSA.
[14] I thought it interesting to do a little comparison between the framework of the mandate on instructions and information is specific to the management agreement individual disciplina di cui parlerò nel prossimo paragrafo.
[15] Intitolato “ Limiti del mandato “.
[16] Co. 1, parte prima.
[17] SANTAGATA R. Mandato-Obbligazioni del mandatario e del mandante, in comm. al c.c. Scialoja e Branca ,Bologna – Roma 1998, p. 634, il quale ravvisa “ il nucleo essenziale della cooperazione gestoria nell’altrui programmazione vincolante per il mandatario che pertanto, deve eseguirla nel rispetto delle modalità indicate dal mandante “.
[18] Così come per il servizio di gestione individuale.
[19] Come abbiamo visto in precedenza, per una parte della dottrina il rapporto in esame è sì un contratto tipico, ma ricalca alcuni dei tratti propri della disciplina del mandato, utile inoltre per colmare le eventuali lacune, in tal senso ANNUNZIATA F., La disciplina del mercato mobiliare , Torino 2004, p. ; COSSU M., La gestione di portafogli di investimento tra diritto dei contratti e diritto dei mercati finanziari, Milano, 2002, p. 122; SARTORI F., Le regole di condotta degli intermediari finanziari, Milano, 2004, p. 97 ; mentre per altra parte della dottrina il rapporto di gestione è considerato un vero e proprio mandato: BOCHICCHIO F., La sostituzione del mandatario nella gestione dei patrimoni mobiliari, in Diritto ed economia delle assicurazioni, 2000, p. 345; ENRIQUES L., Dalle attività brokerage investment services, in Journal of the Society, 1998, p. 1013 to 1038.
[20] we mentioned earlier, so going to limit the discretion of the broker.
[21] The statement of operations should be established following a pattern set by Consob (Annex 5 to the Regulation on intermediaries) and sent quarterly to address. The Commission recognizes, however, the intermediary may provide, in addition to the report, further clarification or additional information that could be made more clear, transparent and complete information for its customers. There is uncertainty as to the possibility of tacitly approved the report, if there is any dispute by the customer, in the absence of a provision similar to that provided by art. 19 TUB transparency of contractual conditions for the approval of bank statements, so notes COSTS R., The Securities Market, p. 162.
[22] The audit work is carried out over the course of practical management in the declarations of various kinds and strength created, including the notes must count them binding instructions.
[23] It may be noted that the report is the only tool in the management of the client in collective form of savings.
[24] Article . 30, par. 2 points. c), reg. Int states that the management contract should specify the ways in which the investor can give orders and instructions.
[25] This duty comes down, in a general way by the criteria of due diligence, fairness and transparency that intermediaries have to comply in the performance of investment services under Article 21 Co. 1 letter. a) the CFA. Of particular interest is the clarification of Consob expressed in Notice 30396/2000 on the assumption that the investor has opposed the refusal to provide information about your financial situation: such a circumstance does not relieve the broker from the obligation to assess the adequacy of the operation ordered by the customer, using in this case, all information of which is in possession, in accordance again with the general principles of fairness, transparency and diligence .
[26] by type, location, size or frequency, co. 1 of that Article. 29 reg.
[27] Discretion, as seen in the first chapter, is an essential element of the service manages individual portfolios.
[28] ANNUNZIATA F., Regulation of Securities Market, Torino 2004, p. 81. Of the matter is dealt also the EC Court of Justice in Case C-356/00 Testa and Lazzari c / Consob of February 17, 2002. In the Court's prior agreement with the management do not fall within the concept of community management of investment portfolios, as the element of discretion is essential. However, this finding does not preclude a State from extending the term for non-management also characterized by the discretion of the intermediary, as in this case, it will, however, for activities not covered by EU directive, but only by national legislation.
[29] P. VALENTINO, Intermediaries and Investment Services, 2001, p. 147.
[30] Obviously referring to the power to issue binding instructions.
[31] V. SANTORO, the duty to inform and to act in the best interests of the client in the performance of investment services, Torino 2000, p. 251.
[32] saw earlier, according to which the authorized intermediaries shall refrain from or on behalf of investors with inadequate operations by type, location, frequency, or size.
[33] See paragraph 2.2. that the Trustee may depart from the instructions received, if circumstances unknown to the principal, and those that can not be communicated in time, we reasonably believe that the principal would have given his approval. Dr. Richard Valente
Article 24, paragraph 1, letter b ) , TUF provides that the service manages individual investment portfolios, "the client may give binding instructions regarding the steps to be taken." This power is one of the distinguishing characteristics of the service [1] , allowing the investor on the one hand, to intervene directly in the activity management activity carried out, and secondly to reduce the discretion of the broker. E 'be noted that the broad wording of Article. 24 is likely to encompass not only the specific orders that the customer intends to issue from time to time, but more generally any other matter pertaining to the activity management and that from the time the contract was signed, directing and shaping the work as the intermediary.
In this regard, the Consob (Reg 11522/98) fixes the signs that, together with those typically required in order to know the characteristics of customer and establishment of information flows before and during the course of the relationship [2] , help establish the private character of management. Upon conclusion of the contract [3] , in fact, the customer can determine, within the meaning of 'Article 37 reg. :
a) the performance of management;
b) the operations that the broker can not perform without the prior consent of the investor and if restrictions are required to state expressly that circumstance;
c) with respect to financial derivative instruments, if these tools can be used for purposes other than hedging risk associated with positions in management ;
d) if the broker is authorized to delegate the execution of the receipt, in the event that the delegation does not cover the entire portfolio, financial instruments, sectors and investment markets in relation to which the license is issued, and in any case, any limits and conditions;
e) if the customer can withdraw in qualsiasi momento dal contratto ovvero disporre, in tutto o in parte, il trasferimento o il ritiro dei propri valori, senza che a esso sia addebitata alcuna penalità .(vedi retro sul diritto di recesso).
1. La linea di gestione ed il profilo di rischio
Nel novero delle istruzioni che il cliente può e deve fornire al momento della stipulazione del contratto, assumono rilevanza primaria quelle che servono ad individuare le caratteristiche della gestione ed il relativo profilo di rischio; l’art 38 Reg. Consob, stabilisce al riguardo che per caratteristiche della gestione si intendono:
1) le categorie di strumenti finanziari nelle quali può essere investito il patrimonio gestito e gli eventuali limiti (ca­tegorie that, according to art. 39, are in turn defined by the currency in which the instruments are given, which are traded in the market, the fact on the instruments issued by mutual funds or not the latter being subject to EU directives with the additional specific-tion, In the first case, of having no home or in OECD countries, the type of (possible) guarantee, in the case of debt securities, the duration [4] )
2) the classes of business that ' intermediary may make on these financial instruments (types identified in art. 40 in trading agreements; selling, trading at a premium, securities lending e di riporto; pronti contro ter­mine);
3) la misura massima della leva finanziaria che l'intermediario può utilizzare ( art. 41 ); la misura massima della leva finanziaria, serve in particolare, nella operazioni su strumenti derivati o in genere nei contratti a termine, ad indicare la misura entro cui è ammissibile l’effettuazione di operazioni di investimento e la conseguente assunzione di rischi di perdite, per un valore superiore a quello del patrimonio affidato in gestione.
La leva finanziaria indica il rapporto tra il controvalore di mercato delle posizioni nette in strumenti finanziari e il controvalore del patrimonio gestito nell’ambito della stessa linea di gestione [5] . Un rapporto superiore all’unità esprime un rischio di perdite nella gestione sempre crescente rispetto all’ammontare del patrimonio gestito, e questo comporta che vengano introdotte ulteriori cautele; vengono previste infatti, avvertenze per il cliente contenute nel documento sui rischi generali degli strumenti finanziari [6] destinato ad informare dei rischi del ricorso ad una leva finanziaria superiore all’unità, che può condurre a perdite eccedenti l’ammontare del patrimonio gestito, tanto più elevate quanto più alta è la misura della leva finanziaria. Inoltre l’art 37 co. 2 reg. prevede che nel contratto debba essere indicato il limite massimo di perdite, oltre le quali l’intermediario è required to return the lever to a value equal to the unit [7] .
obviously an indication of the maximum amount of leverage used by the intermediary, and fixed by the customer, is the risk that it can, and will, stand in front of the hoped for gains, resulting from the operation of its "property" by the intermediary [8] .
The risk profile of the customer is also identified by all the information that the intermediary is required to ask the customer, primarily related to its financial position [9] . The refusal of the investor to provide the information requested must be by contract or by a declaration signed by the investor himself. For another, if it occurs that refusal, the broker should operate on the basis of any other available information in relation to services provided [10] .
4) The objective parameter of reference (benchmark) which compare the performance of management (Art. 42), the objective parameter of reference for checking the performance of management in connection with the management itself and the risks that it presents . Article. 42 co. 2 °, reg. Int states that the benchmark must be established by reference to indicators Financial developed by third parties and in common use, to facilitate the comparison of management according to standard criteria and unbiased, but of course no more than that. The understandable expectation of operating results at its reference parameters (and possibly even better) are not something that can legally be detected. The third operator will try to achieve operating results are able to match the benchmark, or do even better, it is clear, however, that lower operating trends, by itself can not constitute responsibility, being considered, the obligations of an operator, so to speak, bonds "means" and certainly not obligations (or guarantees) "Result".
2. The binding instructions on the various operations: the nature of the contract management of individual financial portfolios
Before addressing the specific issue binding instructions relating to the customer may give the party during its asset management activity, it will be useful to focus on nature of the contract management of investment portfolios on an individual basis to determine if, in addition to specific provisions of the Consolidated Financial and Consob Regulation 11522/98, to govern this service, are also applicable to the provisions (or at least some of them) in the Civil Code in respect of the mandate (Art. 1710 ss. ).
E 'discussion, in fact, the ratio of portfolio management can be traced back to the schema of office, or if it is in the presence of a typed contract, and if, in the latter case, you can still use the civil law to fill the possible shortcomings of special legislation.
The absence of a specific discipline had made reference to favor the doctrine to a new understanding of the mandate in its entirety in Figure [11] .
The law No. 1 of 1991 contained, although inci-so, references to the figure of office, if one considers the art. 8, paragraph 1, lett. e) which stated that "the customer can issue binding instructions about what to do but the right of withdrawal under Article society. 1727 cc; moreover, the same doctrine is clearly expressed in terms of a management mandate [12] or at least, showed no problems attributable to the figure of asset management through "transactions involving securities, the contract of mandate.
On the other hand, it was also argued that the law 1 / 91 had introduced in our system appointed a new contract, said its essential discipline.
Currently the management agreement is considered by the majority doctrine, a typical contract, part of the broader category dei contratti di investimento e, nella stessa prospettiva, si ritiene ormai che il contratto di gestione costituisca una figura autonoma, essendo comunque possibile colmare le lacune della disciplina dettata dalla normativa in esame con un procedimento fondato sulla analogia legis o iuris.
D'altra parte, anche nel d .1gs . n. 415 del 1996 e nel d .1gs . n. 58 del 1998 oltre alla traccia rappresentata dal perdurante richiamo all'art. 1727, in tema di recesso del mandatario, contenuto nell'art. 24, comma 1, lett. d) vi è un richiamo alla figura del mandato [13] , dove si fa espresso riferimento al concetto di gestione, su base discre­zionale e individualizzata, di portafogli di investimento nel­l ’ context of a mandate given by investors where such portfolios include one or more of the instruments listed in Section B.
addition, the EC Directive No. 39 of 2004, as noted above, pursuant to art. 4, paragraph 1, No 9) defines the individual portfolio management as "management on a discretionary and individualized investment portfolios under a mandate given by the customers, where such portfolios include one or more financial instruments."
2.1. The instructions in general and control information in the framework of the mandate [14]
To reconstruct the facial features of "instruction" is appropriate, sul piano metodologico, muovere dalla esegesi delle disposizioni normative in tema di mandato e, specificatamente, dall’art 1711 c.c. Questo [15] , dopo aver stabilito che il mandatario non può eccedere i limiti fissati nel mandato [16] , reca un riferimento indiretto alle istruzioni, laddove riconosce al mandatario la possibilità di discostarsi dalle istruzioni ricevute, qualora circostanze ignote al mandante, e tali che non possano essergli comunicate in tempo, facciano ragionevolmente ritenere che lo stesso mandante avrebbe dato la sua approvazione.
La lettura unitaria delle due proposizioni normative, depone nel senso che l’esercizio del potere del mandante di impartire istruzioni nei confronti the agent, is a natural effect of the ratio of the mandate.
The program manager and the agent is required to achieve results, therefore, not only by the determination of contract, but the instructions that the client may be given in the course of execution. Hence the characterization of the mandate as an asset "eteroregolata" [17] , and the observation that the opportunity to make statements, which would complete the program managers, indicates that the assessment of interest by the principal is not crystallized at the time of entrustment [18] . To this we must add that the principal formula and gives istruzioni, normalmente dopo aver conosciuto e valutato circostanze esterne al rapporto ( come ad esempio il mutamento delle condizioni di mercato ) e le modalità con le quali il mandatario sta conducendo l’incarico, dunque successivamente ad un’attività di controllo.
Da queste considerazioni risulta evidente la relazione che esiste tra istruzioni e controllo (o più in generale tra istruzioni e conoscenze del mandante ) che deve essere integrata con le previsioni dell’obbligo generico imposto al mandatario di rendere note al mandante le circostanze sopravvenute ( art 1710 ) e di quello specifico di avvisare con immediatezza il mandante medesimo di taluni fatti ( art 1718, co. 3 ). E’ evidente che acquisite tali informazioni it will be in a position to make a new assessment of interest and to provide, if necessary, new instructions. The species is so indispensable to a relationship between: a) the obligation of the agent to inform the client the circumstances surrounding the execution of performance, even in the absence of a specific request, b) control over its execution (so that knowledge gained is instrumental ) and c) the power to give more specific instructions.
2.2. The instructions governed by special rules relating to service individual management
The issue of portfolio management takes over and confirms outlined immanence of control and information their relationship managers [19] to ensure the investor is a real possibility to intervene directly in the activity operators, and possibly change the line management and its risk profile [20] .
unfailing control is in fact centered on the periodic statement [21] , which may be preceded by various forms of interference [22] and control by the investor must be counted among them certainly the binding instructions [23 ] .
During the relationship managers, therefore, the customer may decide to make certain investments; will, then, its instructions [24] their intermediary who, before performing the operation must, however, provide the customer with useful information in its possession regarding the opportunities and the risks in the operation reattached [25] .
A specific obligation imposed on the intermediary of information is however, that laid down. 29 reg. Consob 11522/98, where the client instructed him not appropriate [26] to its financial position or contrasting originally limited to line management. The third paragraph of art. 29 provides that "authorized intermediaries when they receive by an investor provisions relating to a transaction is not appropriate, inform him of that fact and the reasons why it is inappropriate to proceed with his execution. If the investor still intends to give during the operation, the authorized intermediaries can only perform under an order given in writing or in the case of orders by telephone, tape recorder, or on another equivalent, which is made explicit refer to the instructions received.
include binding instructions were to include, in general, including those through which the investor is binding on the conduct of an intermediary, for its prior approval. There was
wondered whether, if the customer constraints any transaction of its operator to a prior authorization (so-called management by prior agreement), we can still talk about managing individual portfolio securities or, rather, if this type of service should be classified on simply, to advice on investment, given the loss of discretion in the performance of office intermediary [27] .
On this point it should be noted that, even in operations with prior consent, it is still an operator to determine what to do, based on a complex decision-making process that starts with an analysis of the characteristics and needs of the customer, through market analysis, and then drops to the identification of the operations to follow, it is only at this late stage that prompted the intervention of the customer, understanding the important contribution of the manager earlier in the report, it seems therefore sustainable the thesis that encompasses prior agreement with management in the group of asset management services on an individual basis [28] .
Finally, and returning to the discipline of its binding instructions, it seems appropriate to question the responsibility of the intermediary in the event of non-compliance with instructions given by the customer.
Depending on the type of interpretation - broadly o restrittiva - che viene data alla disposizione contenuta nella lettera b) dell’art. 24 TUF, si riduce o si amplia la possibilità per il gestore di discostarsi dalle indicazioni del cliente e quindi, si estende o si restringe l’area di responsabilità del gestore stesso per mancato adeguamento a tali indicazioni.
Secondo la tesi estensiva, ogni indicazione proveniente dal cliente deve ritenersi una istruzione vincolante [29] ; i sostenitori di questa lettura ritengono quindi, che il gestore possa discostarsi dalle istruzioni impartite dal proprio cliente, senza incorrere in responsabilità, solo se quest’ultimo fornisca indicazioni non coerenti con la linea di gestione prestabilita;
secondo la tesi restrittiva invece, l’utilizzazione da parte del legislatore del verbo “potere” [30] , depone nel senso che dare istruzioni precise è ipotesi eccezionale [31] ; i sostenitori di questa tesi, valorizzando la disposizione contenuta nel co. 1 art. 29 reg. [32] , ritengono inevitabile l’adeguamento alle istruzioni soltanto ove il cliente, opportunamente informato dal gestore in merito alle motivazioni della inadeguatezza dell’operazione, disponga comunque di darne corso.
Resta da valutare la responsabilità del gestore che pone in essere operazioni non rientranti nella linea di gestione, in conseguenza di fatti nuovi ed imprevisti senza che vi sia stata la possibilità to obtain instructions from his client about it.
Well in this case, it would peacefully applicable civil law of mandate and more specifically Article. 1711, co. 2 cc [33] and the operator should act independently and therefore in the best interests of the client, provided that the lack of information to the customer is not due to the fault of the same operator.
[1] can instead be ruled out in the collective management of savings.
[2] See Article 21 co. 1 letter. a), in establishing the general principles of behavior that intermediaries have to comply in the performance of services, states that they must acquire dai propri clienti le informazioni necessarie e operare in modo che essi siano sempre adeguatamente informati; e l’art 28 regolamento Consob 11522/98 che specifica le suddette informazioni.
[3] O successivamente a seguito di eventuali modifiche.
[4] Inoltre l’art 44 reg. stabilisce che non possono essere inseriti nei portafogli dei singoli investitori strumenti finanziari negoziati in mercati non regolamentati in misura superiore al 25% del controvalore dei patrimoni stessi e le relative operazioni devono essere concluse con intermediari mobiliari a ciò autorizzati e soggetti a vigilanza di stabilità. Il secondo comma dello stesso articolo stabilisce che la percentuale del 25% può essere superata a condizione che l'investitore abbia rilasciato a seguito della proposta dell'intermediario la propria preventiva e specifica autorizzazione scritta all'esecuzione di ogni singola operazione. Nel richiedere l'autorizzazione, gli intermediari autorizzati comunicano all'investitore almeno i seguenti elementi che devono essere riportati in premessa all'autorizzazione: a) lo strumento finanziario oggetto dell'operazione, evidenziando che lo stesso non è negoziato in alcun mercato regolamentato; b) la quantità e il prezzo prevedibilmente applicato all'operazione, nonché il suo prevedibile controvalore complessivo; c) le ragioni per le quali ritengono opportuna o comunque utile per l'investitore l'operazione . In ogni caso, i singoli strumenti Financial negotiations can not exceed 10% of the equivalent of assets under management and is exceeded, the parameters must be restored as soon as possible, taking into account the investor.
[5] Art 41 Consob regulation 11522/98.
[6] Annex No 3 to reg. Consob 11522/98.
[7] E 'was appropriately observed (P. Valentino Brokers and investment sevices, 2001, p. 231) that the agreement with the customer to leverage a greater than unity does not mean thereby that the intermediary may exceed the limit of the property transferred, having such "authorization" considered merely "temporary" in the sense of having effect only during the operation, it remains clear that at the close of the limit value of assets would not be exceeded.
[8] The violation of the limit of leverage will result in the application of the rules of representation without powers (art. 1398 cc) for which the contract with the third party will not be valid, but the operator must compensate the third as far as said negative contractual interest.
[9] to remember are also the information regarding the experience of investment in securities of the client and its goals investment.
[10] Art 29 co. 2 Consob regulation 11522/98.
[11] F. Capriglione, Right bank financial intermediaries and markets, Bari 2003, p. 178.
[12] G. FALCONE - GL GREEK - ROUND G., responsibility in the provision of investment services, Milano, 2004, P. 283.
[13] In particular: Annex section. In the "Decree Eurosim; and Annex sect. A of the FSA.
[14] I thought it interesting to do a little comparison between the framework of the mandate on instructions and information is specific to the management agreement individual disciplina di cui parlerò nel prossimo paragrafo.
[15] Intitolato “ Limiti del mandato “.
[16] Co. 1, parte prima.
[17] SANTAGATA R. Mandato-Obbligazioni del mandatario e del mandante, in comm. al c.c. Scialoja e Branca ,Bologna – Roma 1998, p. 634, il quale ravvisa “ il nucleo essenziale della cooperazione gestoria nell’altrui programmazione vincolante per il mandatario che pertanto, deve eseguirla nel rispetto delle modalità indicate dal mandante “.
[18] Così come per il servizio di gestione individuale.
[19] Come abbiamo visto in precedenza, per una parte della dottrina il rapporto in esame è sì un contratto tipico, ma ricalca alcuni dei tratti propri della disciplina del mandato, utile inoltre per colmare le eventuali lacune, in tal senso ANNUNZIATA F., La disciplina del mercato mobiliare , Torino 2004, p. ; COSSU M., La gestione di portafogli di investimento tra diritto dei contratti e diritto dei mercati finanziari, Milano, 2002, p. 122; SARTORI F., Le regole di condotta degli intermediari finanziari, Milano, 2004, p. 97 ; mentre per altra parte della dottrina il rapporto di gestione è considerato un vero e proprio mandato: BOCHICCHIO F., La sostituzione del mandatario nella gestione dei patrimoni mobiliari, in Diritto ed economia delle assicurazioni, 2000, p. 345; ENRIQUES L., Dalle attività brokerage investment services, in Journal of the Society, 1998, p. 1013 to 1038.
[20] we mentioned earlier, so going to limit the discretion of the broker.
[21] The statement of operations should be established following a pattern set by Consob (Annex 5 to the Regulation on intermediaries) and sent quarterly to address. The Commission recognizes, however, the intermediary may provide, in addition to the report, further clarification or additional information that could be made more clear, transparent and complete information for its customers. There is uncertainty as to the possibility of tacitly approved the report, if there is any dispute by the customer, in the absence of a provision similar to that provided by art. 19 TUB transparency of contractual conditions for the approval of bank statements, so notes COSTS R., The Securities Market, p. 162.
[22] The audit work is carried out over the course of practical management in the declarations of various kinds and strength created, including the notes must count them binding instructions.
[23] It may be noted that the report is the only tool in the management of the client in collective form of savings.
[24] Article . 30, par. 2 points. c), reg. Int states that the management contract should specify the ways in which the investor can give orders and instructions.
[25] This duty comes down, in a general way by the criteria of due diligence, fairness and transparency that intermediaries have to comply in the performance of investment services under Article 21 Co. 1 letter. a) the CFA. Of particular interest is the clarification of Consob expressed in Notice 30396/2000 on the assumption that the investor has opposed the refusal to provide information about your financial situation: such a circumstance does not relieve the broker from the obligation to assess the adequacy of the operation ordered by the customer, using in this case, all information of which is in possession, in accordance again with the general principles of fairness, transparency and diligence .
[26] by type, location, size or frequency, co. 1 of that Article. 29 reg.
[27] Discretion, as seen in the first chapter, is an essential element of the service manages individual portfolios.
[28] ANNUNZIATA F., Regulation of Securities Market, Torino 2004, p. 81. Of the matter is dealt also the EC Court of Justice in Case C-356/00 Testa and Lazzari c / Consob of February 17, 2002. In the Court's prior agreement with the management do not fall within the concept of community management of investment portfolios, as the element of discretion is essential. However, this finding does not preclude a State from extending the term for non-management also characterized by the discretion of the intermediary, as in this case, it will, however, for activities not covered by EU directive, but only by national legislation.
[29] P. VALENTINO, Intermediaries and Investment Services, 2001, p. 147.
[30] Obviously referring to the power to issue binding instructions.
[31] V. SANTORO, the duty to inform and to act in the best interests of the client in the performance of investment services, Torino 2000, p. 251.
[32] saw earlier, according to which the authorized intermediaries shall refrain from or on behalf of investors with inadequate operations by type, location, frequency, or size.
[33] See paragraph 2.2. that the Trustee may depart from the instructions received, if circumstances unknown to the principal, and those that can not be communicated in time, we reasonably believe that the principal would have given his approval. Dr. Richard Valente
0 comments:
Post a Comment