Pursuant to Article 110 of the Intermediaries Regulation adopted with Consob resolution no. 20307 of February 15, 2018 and subsequent amendments (which refers to Article 26 of Regulation (EU) 565/2017), Tages Capital SGR S.p.A. (the “SGR“) defined a policy to ensure the management of complaints received by customers.

Complaints must be submitted in writing, by registered mail with return receipt, regular mail, Certified Electronic Mail (PEC) or e-mail to:

Tages Capital SGR S.p.A.
Attn.: Compliance Function
Corso Venezia 18 – 20121 Milan – Italy

The SGR will promptly examine, according to the policy, the complaints received, informing the investors, in writing, in a clear and exhaustive manner, of the outcome of the investigations carried out within 60 (sixty) days from the date of receipt of the complaint.

Should the SGR not reply within the foreseen term or the investor be dissatisfied with the outcome of the complaint, before resorting to the Judge, the investor may appeal to the Arbitrator for Financial Disputes at Consob.


The Arbitrator for Financial Disputes (Arbitro per le Controversie Finanziarie, hereinafter “ACF”), established by Consob with Resolution No. 19602 of May 4, 2016, has been operational since January 9, 2017 and it is a dispute resolution body between investors and intermediaries for the violation of the obligations of diligence, fairness, information and transparency by intermediaries when providing investment services or the collective asset management service.

Investors who have already lodged a complaint with the intermediary without having received a response within the following two months, or if the response has been unsatisfactory, may appeal to the ACF for claims for damages not exceeding 500,000 (five hundred thousand) euros.

The ACF also has jurisdiction over cross-border disputes and disputes covered by EU Regulation No. 524/2013, with the exception of disputes involving a claim for sums of money in excess of 500,000 (five hundred thousand) euros.

Intermediaries are obliged to adhere to the ACF and therefore Tages Capital SGR has adhered to the ACF.

The ACF is an instrument that allows the investor to obtain a decision on the dispute in a short time, without costs and without the obligation of legal assistance. The ACF ensures impartiality and independence of judgment.

If the investor is not satisfied with the decision, he can still turn to the judicial authorities. Appealing to the ACF or another alternative dispute resolution system is a condition for initiating judicial proceedings.

The right to appeal to the ACF cannot be waived by the investor and can always be exercised, even in the presence of clauses contained in the contracts that devolve disputes to other bodies for extrajudicial settlement. Appeal to the ACF must be made within 1 (one) year of submission of the complaint.

The SGR assures that the complaints received will be evaluated also in the light of the guidelines that can be deduced from the decisions taken by the ACF and that, in case of failure to accept, even partially, such complaints, the investor will be provided with adequate information about the ways and times to submit the appeal to the ACF.

Recourse to the ACF is completely free of charge for investors.

The ACF is a collegial body in which the various components of the financial market are represented: in addition to the Chairman, there are four members, two of whom are appointed by Consob and two of whom are representatives of the investors and financial industry associations respectively.

On the site savers can find in a tutorial and through a leaflet all the information needed to understand who can appeal to the ACF, under what conditions, through what procedure and in what time frame.