A Financial Activities Agent is a person who promotes and concludes contracts relating to the granting of financing in any form or the provision of payment services, on the direct mandate of financial intermediaries, payment institutions, electronic money institutions, banks or Poste Italiane (Italian Postal Service). They may only carry out the above-mentioned activity, as well as activities connected with or instrumental to it (see art. 128-quater, paragraph 1, of the TUB).
Financial agents carry out their activity on behalf of a single intermediary or of several intermediaries belonging to the same group. In the case where the intermediary only offers some specific products or services, the agent is however allowed, in order to offer the whole range of products or services, to take on two further mandates (cf. art. 128-quater, paragraph 4, of the TUB).
The principal is jointly and severally liable for the damages caused by the financial agent, even if such damages are the result of liability ascertained in a criminal court.
The contracts that may be concluded and promoted by the agent are those relating to the granting of loans in any form, for the identification of which reference should be made to art. 3 of Ministerial Decree no. 29 of 17 February 2009.
OAM Circular no. 3/12 indicates the "products" and "services" for which financial agents may receive the mandate from banking and financial intermediaries indicated in the first paragraph of art. 128-quater of the TUB.
In order to exercise the profession of Financial Activities Agent vis-à-vis the public, it is necessary to be registered in a special List kept by the OAM, after having met the requirements provided for by law.
COMPATIBLE ACTIVITIES
The activities of insurance agencies and financial promoters are compatible, and can therefore be carried out by an agent in financial activities, without prejudice to the respective obligations of registration in the relevant list, register or roll (cf. art. 17, paragraph 4-bis, of Legislative Decree no. 141/2010).
EXCEPTIONS
The following does not constitute the exercise of financial agent activities:
Registration on the list of agents in financial activities is not necessary for the collection of funds on behalf of subjects authorised to provide payment services, provided that the said activity is carried out on the basis of an outsourcing contract, which predetermines the methods of performance, is of a purely material nature and in no case is accompanied by disposition powers.
(cfr. art. 12 of Legislative Decree no. 141/2010)
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