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 \u201con request\u201d, pursuant to Annex 3 to Consob Regulation No. 16190\/2007 (the<\/strong> \u201cIntermediaries Regulation<\/strong>\u201d).<\/p>\n The Italian Supreme Court first clarified that the client\u2019s 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\u2019s 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.<\/p>\n The Court then held that, in the case of a professional client \u201con request\u201d, it is for the financial intermediary \u2013 also in evidentiary terms \u2013 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.<\/p>\n