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28 November 2003
The statement and the instructions became effective on October 1 2003. They have replaced a Ministry of Treasury decree of April 24 1992, and thus the relevant articles of the Law on Transparency of Banking and Financial Operations (154/1992). The new provisions aim to enhance consumer protection with regards to the advertising of financial products and services, and throughout the contractual relationship.
Pursuant to the statement and the instructions, the following additional information must now be made available to the public when advertising financial products and services:
The new provisions require the formal and minimum content requirements of the contracts to be applied to all banking and financial transactions. At a minimum, the contract should include the contents of the information sheet, interest rates, value dates applied, commission fees and postal fees.
The statement and the instructions also aim to protect customer interests where
the terms and conditions are amended to the detriment of the customer. In such
cases the bank is now obliged to issue a communication to all affected customers,
giving notice of the change and its effects.
The new provisions must be applied to all new banking transactions, wherever they are conducted (eg, at the bank's premises, in branches, door-to-door or through a network of financial promoters).
For further information on this topic please contact Livio Esposizione or Elisabetta Trabucco at Studio Legale Tonucci by telephone (+39 06 36 22 71) or by fax (+39 06 323 5161) or by email (email@example.com).
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