• 22/01/2019 Response to Consob consultation about adoption of measures of intervention for bin options and CDS offeet oto retail investors
  • 26/09/2018 ACEPI's position about ESMA position on Product Intervention and impact on Corridor Certificates
  • 11/05/2018 Response to the Borsa Italiana consultation about amendmends to intermediaries' rules for SeDeX market and instructions to market rules
  • 30/04/2018 Considerations regarding the ESMA intervention measures concerning binary options.
  • 22/02/2018 European Mifid Template (EMT) guidelines to assess the potential target market of certificates and investment products (ENGLISH)
  • 29/09/2017 Response to Consob consultation paper on possible amendments to Market Regulation
  • 21/08/2017 Response to the Borsa Italiana consultation about amendments to intermedieries' rules for investors protection and competences and knowledge of sales networks
  • 14/07/2017 Response to the Borsa Italiana consultation "SeDeX - Closing the regulated and contextual market launch of the new multilateral trading system (MTF)"
  • 03/03/2017 Response to the Borsa Italiana consultation on "Amendments to the Instructions to the Rules - Sedex Market - The handling of errors"
  • 05/01/2017 Response to the ESMA consultation on "Draft guidelines on MiFID II product governance requirements"
  • 05/10/2016 Response to the consultation about Draft on ESMA guidelines for Product Governance in Mifid2 environment
  • 21/09/2016 EUSIPA calls on EU Commission to postpone application of PRIIPs Regulation until 01 January 2018
  • 08/06/2016 ACEPI reply to CONSOB consultation document about guidelines on paragraph "avvertenze per l'investitore"
  • 08/06/2016 ACEPI reply to CONSOB consultation document about product distribution by MTF published by CONSOB on 9 may 2016
  • 08/06/2016 ACEPI reply to CONSOB consutation document about guidelines for information on products for retail investors published tbt CONSOB on 9 may 2016
  • 31/03/2016 The PRIIPs Regulatory Technical Standards have yesterday been agreed by the last outstanding Board of Supervisors (EIOPA)
  • 08/03/2016 EUSIPA/ACEPI request to delay PRIIPs start after Regulatory Technical Standards

Capital protection certificates

Certificates with capital protection allow the investors to invest in financial asset avoiding the risk of losing the invested capital – but only if purchased at issue and held till maturity. If such certificates are bought on the secondary market, there is no full capital protection.


Conditional capital protection certificates

Certificates characterized by conditional capital protection are financial products that allow investors to indirectly invest in certain assets while enjoying a partial capital protection, which is activated if pre-arranged barrier levels are not reached during the life of the certificate.


No capital protection certificates

Certificates with no capital protection are very simple products whose aim is to replicate the performance of their underlying assets. Some certificates belonging to this category may replicate the underlying asset’s performance in proportions.


Leverage certificates

Leverage certificates are financial products providing investors with a more than proportional exposure to the performances of their underlying assets, making it possible to benefit from either positive or negative performances of the underlying asset, depending on the typology of the certificate.


Who we are

ACEPI was founded, following the example of other European countries such as Germany and Switzerland, to promote in Italy an advanced culture of investment products and certificates in particular.