The appropriateness assessment relating to the subscription of the Walliance portal's financial instruments is carried out in the investor's interest. It represents one of the Portal's User protection mechanisms envisaged by CONSOB Regulation No. 18592/2013 and subsequent updates (hereinafter, the "Regulation"). It consists of verifying that the Investor has the necessary level of experience and skills to understand the risks of the financial instrument he intends to purchase.
By assessing the appropriateness, the Manager verifies that the investment is in line with the characteristics of skills and experience of the Investor highlighted by answering a specific questionnaire. The information is collected before the investment takes place. A reliable assessment of the investor's skills and, therefore, the reasonable confidence that their planned investments can be deemed appropriate, requires that the questionnaire is passed with a minimum score of 35/50, corresponding to 70% of the total available score.
A negative result of the questionnaire can be updated during a new investment process by taking the questionnaire again. A positive questionnaire outcome will be valid for one year. The information provided constitutes the foundation of a correct assessment of the financial instruments offered on the Portal and their risks. Therefore, it is in the Investor's interest to provide complete, timely, truthful, and updated information, as well as promptly inform the Portal of any significant changes. In particular, the Manager assesses whether the investment of the Portal client is appropriate, taking into account the answers provided to the questionnaire and the fact that all operations to be finalized on the portal refer to investments whose degree of risk of the entire capital loss is highest, due to the illiquidity of the purchased financial instrument.
If the Manager has the necessary information, then he can carry out the appropriateness assessment and warn the Investor in the event of any impropriety. In any case, taking into account the Manager's warnings, in case of inappropriate operation, the Investor can either decide to cancel the operation or confirm its request for execution, even when the information he/she provided are incomplete. If the Manager lacks the necessary information, he informs the Investor of the impossibility of carrying out the appropriateness assessment. Therefore, he requests the Investor to confirm his/her willingness to continue (by completing the order entry anyway) or cancel the operation.
For more information on the appropriateness assessment, please click here.