Italian Supreme Court: the attribution “on request” of the status of professional client does not relieve the financial intermediary of the duty to verify on a continuing basis that the requirements for that status are met

By Order No. 26039/2026, published on 1 October 2026, the Italian Supreme Court clarified the scope of the verification obligations incumbent on financial intermediaries with regard to the classification of clients as professional “on request”, pursuant to Annex 3 to Consob Regulation No. 16190/2007 (the “Intermediaries Regulation”).

The Italian Supreme Court first clarified that the client’s request to be classified as professional, even if accompanied by a declaration that the client possesses the requirements laid down by the Intermediaries Regulation for recognition of professional client status, cannot be regarded as a party’s declaration on the truth of facts unfavourable to it and favourable to the other party (a so-called confessory declaration), having privileged probative effect under Articles 2730 et seq. of the Italian Civil Code. This is because such a request still expresses a personal judgment and not the assertion of a fact.

The Court then held that, in the case of a professional client “on request”, it is for the financial intermediary – also in evidentiary terms – to verify that the requirements for classification as professional exist at the time of the investment and throughout its duration, as well as to adopt appropriate measures immediately should those requirements be found to have lapsed.

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