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By accessing the website section reserved for the “Institutional Investor”, the user must consent, confirm and certify that he/she is a “professional client by right” based on the following definition.
“Professional clients by right” are defined as:

(1) parties that must be authorised or regulated in order to operate in financial markets,both in Italy and abroad, such as:

  • a) banks;
  • b) investment companies;
  • c) other authorised or regulated financial institutions;
  • d) insurance companies;
  • e) collective investment undertakings and management companies of these undertakings;
  • f) pensions funds and management companies of these funds;
  • g) proprietary traders of commodities and derivatives on commodities;
  • h) parties that engage exclusively in proprietary trading on financial instrument markets and indirectly participate in the settlement service, as well as the clearing and guarantee system (locals);
  • i) other institutional investors;
  • l) stockbrokers;

(2) large businesses meeting at least one of the following size requirements at the individual company level:

  • - total assets: EUR 20,000,000,
  • - net turnover: EUR 40,000,000,
  • - own capital: EUR 2,000,000,

(3) institutional investors whose main activity is to invest in financial instruments, including entities dedicated to asset securitisation or other financial transactions.


A Private Investor is defined as an individual who cannot be included in the “Institutional Investor” or “Financial Advisor/Placer” categories.


By accessing the website section reserved for the “Financial Advisor/Placer”, the user must consent, confirm and certify that he/she belongs to this category based on the following definition.

“Financial Advisors/Placers” are defined as:

  • a) parties that operate on behalf of intermediaries authorised to provide investment services pursuant to Italian Legislative Decree no. 58/98 (e.g., business representatives and private bankers), independent financial consultants, and financial advisors authorised to offer services externally, as defined respectively pursuant to Art. 18-bis and Art. 31 of Italian Legislative Decree no. 58/98;
  • b) qualified personnel of professional investors by right, as defined in accordance with Art. 35, para. 1, lett. d) of the Consob Regulation on Intermediaries. Qualified personnel are defined as individuals who work in the investment, financial or commercial area with adequate experience in the financial sector, in a professional role that entails performing financial activities (such as investment/disinvestment, market monitoring) on behalf of the professional investor.