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Article 7.4

Appeals Board

1.       The Appeals Board shall be composed of three members appointed by the Board of Directors of Borsa Italiana, which shall also appoint one of the members to be the chairman. The seat of the Appeals Board shall be at Borsa Italiana.


2.       The members of the Appeals Board shall be chosen from among independent persons of proven expertise in matters concerning financial markets.


3.       The appointment shall be for three years and may be renewed once. Where one of the members vacates the position before the termination of the appointment, the Board of Directors of Borsa Italiana shall appoint a substitute; such appointment shall last until the termination of the appointments of the other members of the Appeals Board.


4.       The decisions of the Appeals Board shall be adopted in accordance with law allowing debate within 30 days of the date of the challenge referred to in Article 3.4.6 and shall be promptly notified to the parties. The language of the proceedings shall be the Italian language.


5.       In agreement with the other members of the Board, the chairman may assign a question to a single member of the Board.


6.       The decisions of the Appeals Board shall not be binding on the parties and where one of the parties initiates arbitration pursuant to Article 7.5, they shall not be binding on the arbitrators, who shall have the broadest prerogatives and powers to re-examine the entire dispute without any preclusion.

Last update:  July 11 2007 - 15:49


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