The decision of the Financial Disputes Arbitrator established at Consob does not constitute an arbitral award and does not produce binding effects between the parties pursuant to Article 1372 of the Civil Code, being configured as a conciliatory procedure of an adjudicative nature lacking the typical characteristics of institutional or contractual arbitration (arbitrato irrituale).
The adhesion of the financial intermediary to the Financial Disputes Arbitrator system, while constituting a condition for carrying out banking and financial activities, does not constitute a manifestation of will comparable to an arbitration agreement, as it does not entail devolution of jurisdiction over the dispute to the deciding body and leaves unimpaired the right to bring proceedings before the ordinary judicial authority.