Client Alert

| May 26, 2009

Cards on the Table: A Story of Consob and Illiquid Assets

On 2 March 2009 the Italian Financial Services Authority (Commissione Nazionale per le Società e la Borsa, hereafter "Consob") issued communication no. 9019104, setting out new guidelines on the intermediaries' duties in relation to the distribution of illiquid financial products to retail investors.

This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent. For further information on Dewey & LeBoeuf, please visit www.dl.com. +1 888 532 6383