Main Capital SGR adheres to the Arbitrator for Financial Disputes (ACF), established by CONSOB (the Italian Companies and Stock Exchange Commission) with resolution No. 19602 dated 4 May 2016.

The ACF is competent in disputes relating to the violation by financial intermediaries of the obligations of diligence, correctness, information and transparency towards investors in the exercise of the activities regulated in Part II of the Financial intermediation Provision Act (TUF), including cross-border disputes and disputes subject to Regulation (EU) no. 524/2013.

Before appealing to the Courts, the Investor may appeal to the CONSOB Arbitrator for Financial Disputes in case of no response by the asset management company (SGR) within the set deadlines or if he is not satisfied with the outcome of the complaint.

The so-called Retail Investors which do not fall within the definitions of qualified counterparties pursuant to art. 6, paragraph 2 quater, sub d) of the TUF and that of professional customers referred to in article 6, paragraphs 2-quinquies and 2-sexies of the TUF may apply to the ACF.

The right to appeal to the ACF:

  • must be exercised by the Investor within one year from the submission of the complaint or, if the complaint was lodged before the date on which the ACF began operating (9 January 2017), within one year from that date;
  • cannot be waived by the Investor and is always exercisable, even if provisions for the transfer of disputes to other out-of-court resolution bodies contained in the contracts governing the relationship between the Investor and the intermediary are agreed.

Disputes involving the request for:

  • sums of money for an amount greater than € 500,000.00 (five hundred thousand / 00);
  • damages that are not an immediate and direct consequence of the failure or breach by the intermediary of the aforementioned obligations and those that are not of a pecuniary nature,

are not within the scope of the ACF.

Recourse to the ACF can be proposed - exclusively by the Investor, personally or through an association representing the interests of consumers or a solicitor - when other out-of-court dispute resolution procedures are not pending.

Access to the arbitrator is completely free for the Investor.

The appeal is filed online, through the ACF website (

The SGR guarantees that any complaints received from Investors will always be assessed following the guidelines inferable from the ACF.

In the event of failure or partial acceptance of the complaints, the SGR will provide the interested party with adequate information about the modalities and timing for submitting the appeal to the ACF.

In any case, the Investor's right to appeal to the competent Court is not prejudiced regardless of the outcome of the out-of-court settlement procedure.