Nicoletta Michieli

Consulting: The New Frontiers of Investment Services

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Article 18-bis T.U.F. institutionalizes a professional figure who entered our legal system before the MiFID II Directive which provided for the case of the so-called advice on an independent basis in turn from the US experience of the so-called «fee only». The case of independent consultancy must be distinguished from the portfolio management service, since the consultant exercises his professional activity without constraint pursuant, of the mandate, establishing a direct relationship with the investor in whose exclusive interest he acts, and without holding or managing money or financial instruments of others, receiving remuneration only for the consultancy activity directly from the own customer; on the other hand, it would be an alternative to that of the financial consultant qualified for «door-to-door selling» and as its natural evolution. With this paper we intend to investigate if and how the new provisions on the subject can rebalance the information asymmetry that characterizes the contractual relationship between intermediary and investor and, therefore, improve the allocation of wealth itself, trust in the market and its same stability.


  • Financial Advice
  • Independent Consultancy
  • Conflict of Interest
  • Information Asymmetry
  • Information Flows


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