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REFERENCES AND PROJECTS
CANALE ASTE
GPS ASTE
ASTE MOBILI
ASTE ANNUNCI
ASTE AVVISI
RIVISTA ASTE GIUDIZIARIE
Video tutorial sales manager
MANUALE PVP DELEGATO
Manuale utente per l'inserimento e la gestione degli Avvisi di Vendita
Modalità per procedere al pagamento telematico
MANUALE PVP UTENTE
Manuale utente per la richiesta di visita dell'immobile
Manuale utente per la presentazione dell'Offerta Telematica
PRENOTA SALA ASTE
SERVIZI E LISTINO PREZZI
Edicom Servizi
EFI SYSTEM
MOVABLE PROPERTY
Movables Property Real Estate
Edicom Servizi is registered in the Register of Managers of Telematics Sales with PDG 2 of 4/08/2017
Law 22 February 2010, no. 24
"Conversion to Law, with modifications, of Decree-Law No 193 of 29 December 2009 concerning urgent action on the functioning of the judicial system."
8. The following changes are made to the Civil Procedure Code:
(a) in the first paragraph of Article 125, the following words shall be added: 'indicating its tax code';
(b) in the third paragraph of Article 163, 2), the words "the surname and residence of the plaintiff" are replaced by the following: "the plaintiff's surname, residence and tax code" and the words: "name, surname, residence or residence domicile or residence of the defendant and the persons who respectively represent or assist them "are replaced by the following: 'the name, surname, tax code, residence or domicile or residence of the defendant and persons representing them respectively or assist them ";
(c) in the first paragraph of Article 167, after the words: 'In the reply to the statement of objections, the defendant must submit all its defense, taking the position of the plaintiff on the basis of the application, state:' the following shall be inserted: generalità 'and the tax code,';
(d) after Article 149, the following is inserted:
"Art. 149-bis (Notification by e-mail). - If not expressly prohibited by law, the notification may be effected by certified electronic mail, even after the extraction of a copy of the paper document.
Pursuant to the first paragraph, the bailiff sends a copy of the signed digital signature to the recipient's certified electronic mail address resulting from public lists. The notification is intended to be completed as soon as the handler makes available the computer document in the recipient's certified e-mail box.
The judicial officer shall draw up the report referred to in the first paragraph of Article 148 on a separate computer document signed with a digital signature and jointly signed by means of computer tools, identified by a special decree of the Ministry of Justice. The report shall contain the information referred to in the second paragraph of Article 148, replacing the place of delivery with the e-mail address at which the document was sent.
The original information document or the copy of the information document of the paper is enclosed with the modalities provided for in the fourth paragraph, the sending and delivery receipts provided by the regulations, including regulations, concerning the transmission and reception of computerized documents transmitted via telematics .
Upon notification, the bailiff shall return the notified act, together with the notification report and the attachments referred to in the fifth subparagraph, to the instigator or the applicant, even telematically. ';
d-bis) in Article 530 the following paragraphs shall be added at the end:
'The court of enforcement may establish that the payment of the security, the submission of tenders, the conduct of the tendering procedure and the enchantment pursuant to Articles 532, 534 and 534-bis and the payment of the price , are carried out with telematic modalities.
In any event, the court of enforcement may make the announcement provided for in the second paragraph of Article 490 at least ten days before the expiry of the time limit for the submission of tenders or the date of the envelope ';
(d) (b) in the first paragraph of Article 533, the first period shall be replaced by the following: 'The commissioner shall provide interested parties with the opportunity, including telematic modalities, to examine the items sold at least three days before the date set for the sales experiment and can not deliver the thing to the buyer prior to the full payment of the price ";
d-quater) the first paragraph of Article 540 is repealed;
(d) in Article 569, the following is inserted after the third paragraph:
'By the same order, the court may establish that the payment of the security, the submission of tenders, the conduct of the tender between tenderers and, in the cases provided for, the enchantment, as well as the payment of the price, are made in a modal 'telematic';
d-sexies) in Article 591-bis, first paragraph, the following period shall be added at the end: 'The fourth paragraph of Article 569 shall apply'; 8-bis. The provisions for the implementation of the Civil Procedure Code and transitional provisions, as set forth in Royal Decree of 18 December 1941, no. 1368, the following amendments are made:
(a) after Article 161-bis, the following is inserted:
"Art. 161-ter (Sales by telematic modalities). - The Minister of Justice decides with its own decree the technical-operational rules for the sale of movable and immovable property through telematic competition in the cases provided by the code, in compliance with the principles of competitiveness, transparency, simplification, effectiveness, security, accuracy and regularity of telematic procedures. By successive decrees, the technical and operational rules referred to in the first paragraph shall be adapted to scientific and technological evolution ';
(b) in Title IV, Chapter II, after Article 169-ter the following shall be added:
"Art. 169-quater (Additional Purchase Price Payment Modes). - The purchase price can be paid by means of payment systems or with debit, credit or prepayment cards or other means of payment with electronic money available in the banking and postal circuits. Art. 169-quinquies (Summary of Estimates and Sales Prospects). - Subjects appointed as commissioners in accordance with Article 532 of the Code or who are entrusted with the enrichment of sales under Article 534 of the Code shall, at the end of each semester, submit to the Judge of the execution, to the President of the Tribunal and to the Chief Legal Officer an informative prospectus, drawn up on computer support,
(c) Article 173-quinquies is replaced by the following:
"Art. 173-quinquies (Additional arrangements for the submission of tenders, the provision of security and the payment of the price). - The court may, by means of the sales order referred to in the third paragraph of Article 569 of the Code, provide that the submission of the bid and the provision of the security pursuant to Articles 571, 579, 580 and 584 of the same code may be made by means of telematic payment systems or with debit, credit or prepayment cards or with other means of payment with electronic money available in the banking and postal circuits and by means of communication by facsimile or electronic mail a statement containing the indications required by the aforementioned articles, in compliance with the regulations, also regulating, concerning the subscription, transmission and receipt of teletext data files The payment of the price may be made in the same manner as in the first subparagraph. ' 8-ter. The decree of the Minister of Justice laying down the technical-operational rules for the conduct of sales by means of telematic modalities, provided for in Article 161-ter of the provisions for the implementation of the Code of Civil Procedure and transitional provisions, as per the Royal Decree December 18, 1941, no. 1368, introduced by paragraph 8-bis, letter a) of this Article, is adopted within 60 days of the date of entry into force of the law amending this Decree. the transmission and reception of teletraveled computer documents The payment of the price may be made in the same manner as in the first subparagraph. 8-ter. The decree of the Minister of Justice laying down the technical-operational rules for the conduct of sales by means of telematic modalities, provided for in Article 161-ter of the provisions for the implementation of the Code of Civil Procedure and transitional provisions of the Royal Decree December 18, 1941, no. 1368, introduced by paragraph 8-bis, letter a) of this Article, is adopted within 60 days of the date of entry into force of the law amending this Decree. the transmission and reception of teletraveled computer documents The payment of the price may be made in the same manner as in the first subparagraph. 8-ter. The decree of the Minister of Justice laying down the technical-operational rules for the conduct of sales by means of telematic modalities, provided for in Article 161-ter of the provisions for the implementation of the Code of Civil Procedure and transitional provisions of the Royal Decree December 18, 1941, no. 1368, introduced by paragraph 8-bis, letter a) of this Article, is adopted within 60 days of the date of entry into force of the law amending this Decree. The decree of the Minister of Justice laying down the technical-operational rules for the conduct of sales by means of telematic modalities, provided for in Article 161-ter of the provisions for the implementation of the Code of Civil Procedure and transitional provisions of the Royal Decree December 18, 1941, no. 1368, introduced by paragraph 8-bis, letter a) of this Article, is adopted within 60 days of the date of entry into force of the law amending this Decree. The decree of the Minister of Justice laying down the technical-operational rules for the conduct of sales by means of telematic modalities, provided for in Article 161-ter of the provisions for the implementation of the Code of Civil Procedure and transitional provisions, as per the Royal Decree December 18, 1941, no. 1368, introduced by paragraph 8-bis, letter a) of this Article, is adopted within 60 days of the date of entry into force of the law amending this Decree.
Telematic Sales Regulations
MINISTER OF JUSTICE, DECREE 26 February 2015, n. 32
Regulation laying down the technical and operational rules for the sale of movable and immovable property in telematic modalities in the cases provided by the Code of Civil Procedure, pursuant to Article 161-ter of the provisions for the implementation of the Civil Procedure Code. (15G00045)
(OJ No 69, 24.3.2015)
Dated at: 8-4-2015
THE MINISTER OF JUSTICE
Having regard to Article 161-ter of the provisions for the implementation of the Code of Civil Procedure, laying down provisions for sales by means of telematic modalities;
Given Article 17, paragraph 3, of Law no. 400;
Hearing the opinion of the State Council, expressed by the Advisory Section on Legislative Matters at the meeting of 29 January 2015;
Given the Guardian for the Protection of Personal Data, pursuant to Article 154, paragraph 4, of the Legislative Decree of 20 June 2003, no. 196, who expressed a favorable opinion with a measure made during the meeting of 15 May 2014;
Given the communication to the Chairman of the Council of Ministers, pursuant to Article 17, paragraph 3, of Law no. 400, carried out with a note dated 12 February 2015, pursuant to the aforementioned article;
the following rule:
Chief I
1. This Regulation lays down the technical and operational rules for the sale of movable and immovable property by telematic tender in the cases provided for by the Civil Procedure Code.
1. For the purposes of this Decree, the following definitions shall apply:
(a) "telematic sale operations" means the activities carried out between the time of the connection of the tenderers to the portal of the telematic sale manager and the award or identification of the best bidder;
(b) "operator of telematic sale" means the entity constituted in a corporate form authorized by the court to handle the sale of telematics;
(c) "reference to the procedure" means the natural person charged by the court conducting the sale;
(d) 'offer for telematic sale' means the offer of the purchase of movable or immovable property in telematic sale without a charm or commission or the application for participation in the sale of telematic products to the envelope of the same goods;
(e) "resumption" means the increasing supply in the tender relating to the sale with and without enchantment or through commission;
(f) 'sale of electronic telematic services' means the procedure for the performance of the auction or the competition in the sale of immovable property where the rebates are made solely by electronic means in the same unit of time and with the simultaneous connection of the court or procedure and all bidders;
(g) "Mixed synchronous sale" means the procedure for carrying out the enchantment or competition in the sale of immovable property where the rebates can be formulated, in the same unit of time, either by telematics or by appearing before a judge or a referent of the procedure;
(h) 'asynchronous sale' means the manner in which the sale of securities is carried out without incense or by means of a commission or a tender in the sale of immovable property where the rebates are made exclusively via telematics at a predetermined time interval and without the simultaneous connection of judge or referral of the procedure;
(i) "Ministry" means the Ministry of Justice;
(l) "register" means the register of telematic sale managers;
(m) "responsible" means the person in charge of keeping the register;
(n) "Certified electronic mail box" means the certified e-mail box requested by the natural or legal person who intends to make the offer, whose access credentials are issued, upon identification of the applicant, Article 13;
(o) "operator portal" means the telematic system set up by the telematic sale manager and accessible to tenderers and the public via the Internet and the court or other legitimate users via the Internet or telematic services of the Ministry;
portal services are delivered in accordance with SSL / TLS (Secure Sockets Layer and Transport Layer Security) protocols; the portal must be endowed with a valid authentication certificate issued by a Certified Digital Certified Certification Authority or by an internationally recognized Certification Authority to issue authentication certificates for SSL / TLS protocols.
Register of Telematic Sellers
Requirements and registration process
Establishment of the register
1. The Registry of Telematic Sellers is established.
2. The register is held by the Ministry of Justice's Department of Justice and is responsible for the Director-General of Civil Justice. The Director-General of Civil Justice may delegate a person with a managerial qualification or a magistrate and make use of the Directorate-General for Automated Information Systems of the Ministry and, in order to exercise the oversight of the General Inspectorate of the Ministry. The Ministry is responsible for the processing of personal data.
3. The log data and the records thereof shall be continuously updated in accordance with the provisions of this Regulation.
4. The management of the register shall take place by means of computerized procedures, which shall ensure the possibility of a rapid elaboration of the data with statistical and inspection purpose or, in any event, relating to the tasks of holding this Regulation.
5. A list of the operators of the telematic sale registered in the register containing the identification data of the same and the District Court districts for which they are registered is created by the manager. The list referred to in the previous period does not include teleshopping vendors suspended from the register in accordance with Article 8. The list is published on the Ministry's telematic services portal.
Requirements for registration in the Register
1. The register shall include, upon request, the holders of the sale of telematics constituted in the form of capital companies. The application for registration must contain the indication of one or more districts of the Court of Appeal in which the sales service is intended.
2. The person in charge before the registration verifies:
(a) the issue of an insurance policy for the financial consequences arising from the performance of the telemarketing service, with a ceiling not lower than:
1) three million euros if registration is required for two or more districts of the Court of Appeal or one of the following districts:
Rome, Milan, Naples, Palermo;
2) one million euros in cases other than those mentioned in number 1);
(b) the adoption of an Operational Manual of Services, in accordance with the provisions of this Decree;
(c) the adoption of a security plan describing all the measures and arrangements adopted by the operator to ensure the protection of personal data processed through the portal and the security of operations, their integrity, and the availability, of services; the plan will include measures for periodically saving data and restoring them in the event of data corruption or loss of data and systems;
d) the conformity of the portals of telemarketing operators to the technical requirements of Articles 10 and 11 of the law of 9 January 2004, no. 4 and the decree of 8 July 2005 of the Minister for Innovation and Technology, published in the Official Gazette 8 August 2005, no. 183, as well as the Decree of the President of the Republic of March 1, 2005, no. 75.
3. The insurance contract must provide for the insurer to be obliged to immediately notify the manager of the termination of the same contract for whatever reason.
4. Before proceeding with the registration, the controller verifies also 'the possession by the directors, the mayors and the special prosecutors and general of the societa' applicant of the following requirements of onorabilita ':
a) not to pay in one of the conditions of ineligibility or decay provided for in Article 2382 of the Civil Code;
b) have not been subjected to personal injury prevention measures established by the judicial authority pursuant to Legislative Decree no. 159;
c) have not been convicted by a final judgment, save the effects of rehabilitation:
1) a custodial sentence for one of the offenses provided for by the rules governing banking, financial, securities, securities and securities, securities and securities, payment instruments;
2) imprisonment for one of the offenses provided for in Articles 351, 353 and 354 of the Criminal Code and in Title XI of Book V of the Civil Code, in Royal Decree of 16 March 1942, no. 267, nonche 'of the article 16 of the law 27 January 2012, n. 3 and subsequent modifications;
3) imprisonment for not less than one year for a crime against public administration other than those referred to in number 2), against public trust, against property, against public order, against the public economy or for a crime in tax matters;
4) imprisonment for more than two years for any offense.
5. When the applicant company is subject to the control of another company, in accordance with the first and second paragraphs of Article 2359 of the Italian Civil Code, the controller shall check the possession of the requirements set forth in paragraph 4, including with regard to to the directors, to the mayors and to the special and general prosecutors of the controlling company. In the case provided for in the first paragraph of Article 2359, 3) of the Civil Code, the dominant influence must have been established by a judgment passed.
6. The documentation proving the fulfillment of the requirements referred to in this Article, except that referred to in paragraph 2, letter a), and 'it made in accordance with Articles 46 and 47 of the Decree of the President of the Republic of 28 December 2000, n. 445. The possession of the requirement referred to in paragraph 2 (a) is demonstrated by the production of an authentic copy of the insurance policy.
Enrollment procedure
1. The person in charge shall approve the application form for enrollment, indicating the acts and documents suitable for proving the fulfillment of the requirements laid down in Article 4, of which the application must be accompanied. The approved template is published on the Ministry's website.
2. The application is signed with digital signature. It is transmitted, together with the attachments, by certified electronic mail.
3. The registration process must be completed within thirty days from the date of receipt of the application. The request for integration of the application or its annexes is only allowed once and suspends the said period for a period not exceeding thirty days. Failure to adopt the enrollment order within the term referred to in this paragraph is equivalent to refusal.
Effects of enrollment
1. The enrollment order, with the order number assigned to the register, shall be communicated to the applicant and to the President of the Court of Appeal to which the registration relates.
2. From the date of the communication referred to in the preceding paragraph, the operator of the sale of telematics is required to mention in the acts, correspondence and advertising of the order number assigned to him.
Communication obligations of telematic sales managers
1. The telematic sale manager shall be obliged to immediately notify the responsible person, by certified electronic mail, of any modification of the requirements of Article 4.
2. The judicial authority shall report to the person responsible for all the facts and relevant facts for the exercise of the powers provided for in this Regulation.
3. The telematic sale manager shall, within five days of each sales experiment, transmit the data relating to the immovable property forming part of the object as well as the identification data of the relevant tenderers. The transmission is carried out with modalita 'telematiche, in the respect of the rule also regolamentare concerning the subscription, the transmission and the receipt of the documents informatici, nonche' the specific technical specific of the manager for the informative and automated systems of the Ministry. The relevant data are extracted and processed by the Ministry, through the Directorate-General for Statistics, also in the field of surveys on a national basis. The provision referred to in this paragraph shall also apply to sales of movable property, including through commission,
Suspension and deletion from the register
1. Where, after registration, the telematic sale manager loses the requirements of Article 4, the controller shall suspend the register for a period of not more than 90 days, after which, by failing to meet the requirements, cancellation.
2. Where it is found that the requirements referred to in Article 4 did not exist at the time of registration, the person responsible shall, in accordance with paragraph 1, or, in the most serious cases, cancel the operator of the telematic sale from the register.
3. It is desirable to delete the telematic sale managers who have served in the service received from judicial offices located in District Courts of Appeal other than those for which they are registered or who violate the obligations laid down in Article 7 .
4. The telematic sales manager canceled from the register can not be re-registered before a two-year cancellation has expired.
5. For the purpose of this Article, the controller may acquire information relating to the activity of telematic sales managers by the same operators and judicial offices in the manner and in the times determined by circulars or equivalent administrative acts.
Obligations of the telematic sale manager
Register of telemarketing jobs
1. Each telematic sale manager shall be required to establish a computerized register of telematics sales, indicating:
(a) the progressive number per year;
(b) the judicial office before which the procedure in respect of which he was appointed is suspended;
c) whether the assignment concerns a forced or expropriated property swaps;
(d) whether it is for sale without enchantment, charm or commission;
(e) proceeds with the sale of synchronous, asynchronous or mixed modes;
(f) the number of lots sold for sale;
(g) for each lot: the price at which the goods were sold for the first time, the number of sales experiments, the selling price;
(h) expenditure and remuneration, for each procedure, cleared by the competent authority.
2. Additional records or annotations may be established with the determination of the manager, communicated to the managers by publication in the public domain of the Ministry's telematic services portal.
3. By 31 January of each year, the operator of the sale of telematics shall transmit to the manager the data indicated in the register and relating to events occurring during the previous year. The transmission shall take place by means of telematic modalities and in accordance with the technical specifications referred to in Article 26.
4. The operator of the sale of telematics is obliged to handle the collected data in compliance with the provisions of Legislative Decree no. 196, entitled 'Code on the protection of personal data'.
Obligations of the manager
1. The operator of the sale of telematics may not participate, even for an interposer, in the sale of the goods subject to the pending proceedings before the judicial offices within the district court of appeal against which he has been registered.
2. The legal representative of the telematic vendor, or his attorney, shall sign a statement stating that the operator is not in conflict of interest with the procedure. The statement is brought to the attention of the court at the time of acceptance of the assignment.
3. Telematic sales managers shall have an operational service manual describing how the services are executed, as well as the prices charged, indicating any differentiation by district or district. The service execution mode and the relevant prices will have to be posted on the sites of telemarketing vendors.
4. In case of breach of the obligations of the telematic sale manager provided for in this decree, the controller shall suspend and, in the most serious cases, delete the operator from the register.
1. The Ministry shall annually carry out statistical monitoring of the telemarketing transactions carried out by the operators, including on the basis of the data transmitted in accordance with Article 9. The Ministry shall, through the Directorate-General for Automated Information Systems and the Directorate-General for statistics, provides for statistical monitoring of the previous period in the manner and timeline established by circulars or equivalent administrative acts.
Method of submitting the offer and the attached documents
1. The offer for the sale of telematics must contain:
(a) the identity of the tenderer, with the express indication of the tax code or VAT number;
(b) the judicial office to which the procedure is pending;
(c) the year and the overall role of the procedure;
(d) the lot number or other identification number of the lot;
(e) the description of the good;
(f) the reference of the procedure reference;
(g) the date and time fixed for the start of the sales operation;
(h) the price offered and the time limit for the payment thereof, except for the application for participation in the auction;
(i) the amount paid as security;
l) the date, time and the CRO number of the transfer made for the payment of the security deposit;
(m) the IBAN code of the account on which the amount of the transfer referred to in point (l) has been charged;
(n) the address of the certified electronic mail box referred to in paragraph 4 or, alternatively, the one referred to in paragraph 5 used to transmit the offer and to receive the communications provided for in this Regulation;
o) the eventual delivery of mobile telephony to receive the communications provided for in this Regulation.
2. Where the tenderer resides outside the territory of the State and the tax code is not assigned, the tax code issued by the tax authority of the country of residence or, failing that, a similar identification code, such as a social security code or an identification code. In any case, the country code must be preceded, in accordance with the technical rules of the International Organization for Standardization standard ISO 3166-1 alpha-2code.
3. The offer for the sale of telematics is drawn up and encrypted by means of software produced by the Ministry in the form of a computer document without any active elements and in accordance with the technical specifications referred to in Article 26 of this Decree. The software referred to in the previous period is made available to interested parties by the telematic sale manager and must automatically provide the data referred to in paragraph 1 (b), (c), (d), (e), (f) eg), as well as the references of certified e-mail service providers for the telematic sale entered in accordance with Article 13, paragraph 4.
4. The offer is transmitted by the e-mail box certified for the sale of telematics. The transmission replaces the advanced electronic signature of the offer, provided that the delivery has taken place requiring full acknowledgment of receipt referred to in Article 6, paragraph 4 of the Decree of the President of the Republic, February 11, 2005, n. 68 and that the operator of the certified email service stating in the message or in an annex that it has released the access credentials in accordance 'with the provisions of Article 13, paragraphs 2 and 3. When the offer and' formulated by more than one person must be attached the proxy issued by the other bidders to the holder of the e-mail box certified for the sale of telematics. The prosecution and '
5. The offer, when signed by a digital signature, may be transmitted by means of a certified e-mail box which also does not meet the requirements of Article 2 (1) (n).
Section 4, third term, applies and the power of attorney is issued to the one who has subscribed to the offer in accordance with this paragraph.
6. Documents shall be attached to the offer in the form of a computer document or computer copy, including image, without any active elements. The enclosed documents shall be encrypted using the software referred to in paragraph 3. The modalities of the conjunction by means of IT tools with the documents to the same Annexes shall be laid down in the technical specifications referred to in Article 26.
Bid Mode
1. The tender and the attached documents shall be sent to a special e-mail address of the Ministry through the certified e-mail box as referred to in Article 12 (1) (n).
2. Each certified e-mail for telematic sale shall also contain, in an annex, the attestation of the E-mail Manager certified for the sale of telematics by having provided the credentials with the prior identification of the applicant in accordance with this Regulation .
3. When identification is carried out by telematic means, the same may take place by means of the transmission to the operator referred to in paragraph 1 of an electronic copy of the image, even if not signed by electronic means, of an analogue identity document, of the applicant. The image copy is free of elements and has the formats provided for in the technical specifications established in accordance with Article 26. Where the tenderer does not have an identity document issued by one of the countries of the European Union, the copy per image must be extracted from the passport.
4. The Head of automated information systems of the Ministry shall verify, at the request of the managers referred to in paragraph 1, that the procedure for issuing access credentials shall be in accordance with the provisions of this Article and shall enter them in a special area public of the Ministry's telematic services portal.
Deposit and transmission of the offer to the operator for the sale of telematics
1. The offer is to be filed at the time the full receipt of the receipt from the certified Ministry of Justice e-mail address is generated.
2. The offer received by e-mail certified under Article 13, paragraph 1, and automatically decrypted 'not before and not one hundred eighty hundred and twenty minutes before the time fixed for the start of sales transactions.
3. The software referred to in Article 12, paragraph 3, a further elaborates textual document, with no restrictions for the selection and copying, in a format set by the specifications of Article 26. The report must contain data of the offer, except those referred to in Article 12, paragraph 1, letters a), n) and o).
4. The offer and the document referred to in paragraph 2 shall be transmitted to the operators responsible for their respective sales in accordance with the time limit referred to in paragraph 1.
Lack of functioning of the domain of justice computer services
1. The Head of Automated Information Systems of the Ministry shall inform the telematic sale managers of the planned cases of failure to operate the justice domain information systems. Managers shall notify the parties concerned by means of a notice published on their websites and require that they publish a similar notice to the persons who manage the websites where the advertisement referred to in Article 490 of the Civil Procedure Code is performed. In the cases referred to in this paragraph, tenders shall be made by facsimile at the office of the judicial office whereby the procedure, indicated in the notices referred to in the previous period, is recorded. Not before the previous day,
2. In the event of non-operation of non-programmed or unpublished justice domain information systems pursuant to paragraph 1, the bid shall be filed at the time when the acknowledgment of receipt is issued by the Sender's Certified E-mail Manager . The manager shall be allowed to participate in the sales operations of the tenderer who documents the timely submission of the offer in accordance with the previous period.
Connection Warning
1. At least thirty minutes before the start of the sales operations, the telematic sale manager sends an invitation to connect to its portal to the certified email address indicated in the offer. An excerpt from the call referred to in the preceding period shall be transmitted by the operator, by SMS, to the mobile telephony referred to in Article 12 (1) (o).
2. In order to enable participation in sales operations, the operator shall enter in the box referred to in Article 12 (1) (n) within the time limit referred to in paragraph 1 the credentials for access to his / her own portal.
Operator Checks for Sales Operations
1. Tenderers may participate in the sales operations.
Participants' identification shall take place by means of the credentials referred to in Article 16 (2). 2. The operator shall verify that the certified e-mail message by which the tender has been submitted contains the attestation referred to in Article 16 Article 13, paragraph 2, as well as the actual payment of the security. On the outcome of such verifications, the manager shall immediately inform the judge or the referral of the proceedings.
Admission of bidders to sales operations
1. In the course of the enchantment or deliberation of the offer, in accordance with Article 572 of the Code of Civil Procedure, the judge or the contact of the procedure shall verify the regularity of the offers from the start of the sale operations.
Obligations of the manager for sales operations
1. The telematic sale manager establishes and displays on its portal an automatic system for calculating the deadline for the formulation of rebounds.
2. The launches and observations of each bidder are reported in the portal of the telematic sale manager and made visible to the other participants, to the judge or to the referent of the procedure; likewise, it is for each determination of the latter.
Access to the portal during sales operations
1. The court, the procedural officer and the Registrar may take part in telematic modalities for the sale without enchantment. Other persons may participate in the same procedures if authorized by the judge or the referral of the procedure.
2. In the sale of goods with charm you can assist anyone, by connecting to the internet address indicated in the notice referred to in Article 490 of the Code of Civil Procedure, after registration on the portal.
3. In any case, the portal of the telematic sale manager shall ensure that tenderers are able to access the data contained in the information document referred to in Article 14 (3) and replace the names of the tenderers with aliases or other distinguishing elements capable of ensure anonymity. The judge, the procedural officer and the Registrar may still access all the information contained in the offer referred to in Article 14, paragraph 2.
Modalities of telematic sale
Telematic synchronous sale
1. In the case of synchronous sale, the offer and the application for participation in the auction may only be made by means of telematic modalities in accordance with Articles 12 and 13.
Mixed synchronous sale
1. When the court has it, the offer of purchase and the application for participation in the auction may be made in accordance with Articles 12 and 13 or on an analogue basis by registered office.
2. Those who have formulated the offer or demand with telematic modalities participate in the sales operations with the same modalities. Those who have formulated the offer or question on analogue support participate by appearing before the judge or referral of the procedure.
3. Without prejudice to the provisions of Article 20 (3), the data contained in tenders or requests formulated on an analogue basis as well as the rebates and observations of the participants in the sale transactions appearing before the judge or the referent of the procedure are set out in portal of the manager of the sale telematica and made visible to those who take part in the operations of sale with modalita 'telematiche.
Minutes of synchronous sale and mixed synchronous
1. For the preparation of the minutes, the judge or the referral of the procedure may use the data reported in the portal for the sale of telematics and those entered in the course of the transactions. The aforementioned data are transmitted by the manager to the judge or the processor at the end of the sales operation. In any case, the manager must transmit a list, signed by digital signatures, of the triggers and of those who carried them out, the identification number of the successful tenderer, the security lodged by the latter and the award price, as well as the data identifiers of other bidders, deposits made by them, and details of the bank or postal accounts they were charged with.
Asynchronous sales
1. The court may order that the sale be carried out without any enrichment by means of rebates made within a given timeframe.
2. Tenders shall be submitted by electronic means only in accordance with Articles 12 and 13. The tenders received, the judge or the contact person of the proceedings shall be heard by the parties and the creditors who have not been present, shall carry out the checks referred to in Article 18 and invites tenderers to a tender on the highest bidder with the modalities referred to in paragraph 1. The telematic sale manager communicates to the participants any revocation to the e-mail address referred to in Article 12, paragraph 1, letter n ) and SMS.
3. At the end of the time limit set for the performance of the tender, the telematic sale manager shall, with the modalities referred to in paragraph 2, communicate the highest offer made to all the participants. At the judge or the referral of the procedure, the manager transmits the list of rebates and those who made them, communicates the highest bidder identification data, the security from the latter and the price offered, as well as the identification data of the other bidders, the securities paid out, and the estimate of the bank or postal accounts to which they were charged. The judge or referral of the procedure is to be sold and provides in accordance with Article 574 of the Code of Civil Procedure.
Securities without spell and commission
Modalities of presentation of the offer and of the execution of the sales operations
1. For the submission of a bid for the sale of movable property with asynchronous modalities, the person concerned shall register on the portal of the telemarketing provider, providing the identification data, the tax code, an ordinary e-mail address for the operator communications, the place where he intends to receive stationery communications, mobile phone delivery.
At the end of the registration, the system generates credentials for the participant's participation in the telematic sale for which registration was made and assigns a pseudonym or other distinctive elements that can ensure anonymity.
2. The tender shall be submitted indicating:
(a) the judicial office to which the procedure is pending;
(b) the year and the overall role of the procedure;
(c) the lot number or other identification number of the lot;
(d) the description of the goods;
(e) indication of the contact person of the procedure;
(f) the price offered;
(g) the amount of security lodged.
4. The operator portal shall automatically provide the data referred to in paragraph 3, letters a), b), c), d) and e).
5. The security shall be provided by means of telematic payment systems or debit cards, credit or prepayments, as well as with other means of payment with electronic money available in the banking and postal circuits.
6. When security deposit arrangements are laid down to allow the operator to verify its actual payment by automated means and at the time of submission of the bid, registration may be effected within the time limit set for the submission of tenders. In cases other than those referred to in the preceding period, registration and payment of the security shall be effected at least five days before the start of the time limit for the sale of the goods; the manager will be able to take part in the tender with the bidders who have actually paid the bail.
7. In the course of the tender, tenderers shall be identified solely by the pseudonym or other distinguishing features referred to in paragraph 1. By the second day following the closing of the tender, the tenderer shall send the tenderer's list of tenders and identification data of those who did it. It must also report and document the details of bank or postal accounts on which debts accrued on the account account have been debited, credit on the bank account or postal account bound to the policyholder on the deposit paid by the bidder the highest 'and to have released the securities provided by the other bidders, nonche'
8. Article 20, paragraphs 1 and 3 shall apply to access to the portal.
Captain V
Financial and final provisions
1. The Technical Specifications are established by the Head of the Automated Information Systems Department of the Ministry, hearing, limited to the personal data protection profiles, the Personal Data Controller.
2. The specifications referred to in the preceding paragraph shall be made available through publication in the public domain of the Ministry's telematic services portal.
Invariance Clause
1. The implementation of the provisions contained in this decree is carried out within the scope of human, financial and instrumental resources already existing and available to existing legislation and without new or greater public service charges.
Efficiency and information burden
1. The provisions of this Decree shall apply twelve months after its entry into force.
2. The table with the specification of the informative charges set forth in the Decree of the President of the Council of Ministers of 14 November 2012 no. 252 is attached to this Regulation.
This decree, bearing the seal of the State, will be included in the Official Journal of the Italian Legislative Acts. Everyone is obliged to observe and observe it.
Rome, February 26, 2015.
The Minister: Orlando
Seen, Guardian: Orlando.
Recorded at the Court of Auditors on March 16, 2015.
PCM Office Control Office Ministries justice and foreign affairs, reg.ne - prev. n. 676
Opinion on a scheme of decree on rules for the sale of movable and immovable property in telematic mode - May 15, 2014
Register of measures
n. 245 of 15 May 2014
THE GUARANTEE FOR PROTECTION OF PERSONAL DATA
At today's meeting, in the presence of Dr. Antonello Soro, Chairman, of Dr. Augusta Iannini, Vice President of Prof. Licia Califano and Dr. Giovanna Bianchi Clerici, Giuseppe Busia, Secretary-General;
Having regard to the request of the Ministry of Justice;
See Articles 20, paragraphs 2 and 4, 21, subsection 2 and 154, paragraph 1, lett. g) of the Code on the Protection of Personal Data (Legislative Decree No 196 of 30 June 2003);
See the documentation in the files;
Having regard to the Office's observations made by the Secretary-General pursuant to art. 15 of Guarantor Regulation No. 1/2000;
Speaker Dr Augusta Iannini;
1. The Ministry of Justice requested the Guarantor's opinion on a draft decree concerning the "Rules on technical and operational rules for the sale of movable and immovable property in telematic modalities in the cases provided by the Civil Procedure Code , in accordance with Article 161-ter of the provisions for the implementation of the Civil Procedure Code. "
The decree is adopted pursuant to Article 161-ter of the provisions for the implementation of the Code of Civil Procedure (introduced by Article 4, paragraph 8-bis, letter a) of Decree Law 29 December 2009, no. 193, converted, with modifications, by Law 22 February 2010, no. 24), which provides that the Minister of Justice shall establish by decree the technical and operational rules for the sale of movable and immovable property through telematic competition in the cases provided by the Civil Procedure Code (infra cpc), in compliance with the principles competitiveness, transparency, simplification, effectiveness, security, accuracy and regularity of telematic procedures.
2. The Regulation Scheme lays down the rules for the sale of movable and immovable property by means of telematic modalities (Article 1), specifying that "telemarketing transactions" are the activities carried out between the time of the bidder's connection to the portal of the operator of the telematic sale and the award or identification of the best bidder "(Article 2 (1) (a) of the Scheme).
Telematic sales service is attributed to entities outside the structure of the Ministry, that is to market operators defined as "telematic sale managers" as entities constituted in a corporate form authorized by the court to handle, namely, telematic sale (Article 2, paragraph 1 (b) of the scheme).
In order to ensure compliance with the principles of security, transparency and regularity of telematic procedures referred to in Article 171-bis CCP, the draft Regulation establishes, at the Ministry of Justice, the register of telematic who is responsible for the Director-General of Civil Justice. It should be noted that the holder of personal data processing is the Ministry and that the records data and records are continuously updated (Article 3, paragraphs 1, 2 and 3).
The manager shall draw up a list of telematic sale managers entered in the register, containing the identification data of the same and the District Court districts for which they are registered; the aforementioned list is then published on the portal of the Ministry's telematic services (Article 3, paragraph 5).
The schema also envisages requirements for registration in the register, the existence of which must be verified by the registry administrator (Article 4).
In particular, the controller verifies the adoption by the applicant of a "security plan" from which the measures taken to ensure the protection of personal data processed through the portal and the security of operations, their integrity, and the availability of services as well as the measures for the periodic storage of data and their restoration in the event of damage or loss of data and systems (Article 4, paragraph 2). It also verifies the compliance of the operator's portal with the technical requirements to facilitate access to the IT tools of the disabled (dPRN 75 of 2005).
In this respect, it must be considered that the sale procedure is by means of a "manager's portal" defined by the scheme, such as "the telematic system provided by the telematic sale manager accessible to the bidders and the public via the Internet and the court or other legitimate users through the Internet or telematic services of the Ministry "(Article 2, paragraph 1, letter o)).
The controller also verifies the ownership of the "honor requirements" by the directors, statutory auditors and special and general prosecutors of the telematic sale managers; the aforesaid subjects should not have been subject, inter alia, to the personal preventative measures provided by the judicial authority under Legislative Decree no. 159 as well as condemning, by a judgment passed, certain crimes expressly mentioned, save the effects of rehabilitation (Article 4, paragraph 4).
The schema assigns some obligations to the manager.
Firstly, it must have a portal complying with the required requirements; the scheme establishes that portal services are delivered in accordance with SSL / TLS communication protocols and the portal must be provided with a valid authentication certificate issued by an accredited digital signature certifier or an internationally recognized certifier on issuing authentication certificates for SSL / TLS protocols (Article 2, paragraph 1, letter o)).
The operator is then required to establish a register of telematic sales orders received, in which are noted a number of information (judicial office with which the procedure, type of assignment and sale, number of lots sold for sale, the price, the expenses and the fees, etc.) (Article 9, paragraph 1). The aforementioned data must be sent to the manager annually, in accordance with the technical specifications established by the automated information system manager of the Ministry, hearing, limited to the personal data protection profiles, the Guarantor (Article 9, paragraphs 2 and 26 ).
The telematic sale manager is required to process the collected data in compliance with Legislative Decree no. 196, laying down the Code on the Protection of Personal Data (under Code) (Article 9, paragraph 4).
Chapter III of the decree regulates the telematic procedures for the sale of goods, beginning with the way of submitting and transmitting the offer (Articles 12, 13 and 14). The offer must include, inter alia, the identifying data of the tenderer, including the tax code, the reference of the procedure referent, the address of the certified electronic mail box (PEC) used to transmit the offer and to receive communications, any mobile phone where they can be contacted (Article 12, paragraph 1). If the tenderer resides outside the territory of the State and the tax code is not assigned, the tax code issued by the country of residence or, failing that, a similar identification code (Article 12, paragraph 2) must be indicated.
To ensure secrecy, the offer for telematic sale is encrypted using software produced by the Ministry in the form of a non-active IT document and in accordance with the technical specifications referred to in Article 26 (Article 12, paragraph 3) .
The offer is transmitted by means of a "e-mail certified for the sale of telematics" box issued by one of the e-mail operators registered in the Ministry's telematic services portal, at a dedicated PEC address of the Ministry of Justice (Articles 12, paragraphs 4 and 13, paragraph 1). The transmission of the offer in such a manner replaces the advanced electronic signature of the offer, provided that the submission is made in accordance with the PEC provisions and that the PEC manager attests in the message that he has issued the access credentials after identification of the applicant. When identification is executed by telematic means, it may take place by means of transmission to the operator of an image copy of an analogue document, identity of the applicant (Article 2 (1) (n), 12 (4) and 13 (2) and (3)). However, the scheme provides that the offer may be transmitted by "ordinary" certified electronic mail provided it is signed with digital signature (Article 12, paragraph 5).
The bid deposit is finalized when the delivery receipt is generated by the PEC manager of the Ministry; In order to ensure transparency, allowing other bidders to know the terms of the bidding, the software processes a duplicate containing the bid, except for the bidder's identification data (Article 14, paragraph 3).
In order to facilitate the participation of bidders, a special invitation to connect (connection notice) sent by PEC and SMS from the operator to the interested party is provided for the purpose of communicating the start of the sales operation (Article 16) .
Of particular importance, from the point of view of personal data protection, is the regulation of access to the portal during sales operations (Article 20). It is anticipated that only the court, the procedure referent and the Registrar (ie the persons authorized by the CCP) can participate in telemarketing without any enchantment, as well as any other persons authorized by the judge or the referent. In the case of the sale with charm, however, given the publicity of the hearings (Article 581 cpc), the operations can assist anyone, by connecting to the internet address indicated in the sales notice, but after registration on the portal.
It is important to point out that, in any case, the portal for the telemarketing provider secures the bidders' access only to the data contained in the "duplicates" of the bids (which do not have tender identifier information, as seen above) by replacing names with pseudonyms or other distinctive elements that can ensure the anonymity of people (Article 20, paragraph 3). This anonymity guarantee is specifically referred to in the subsequent relevant provisions of the Scheme - which, in more detail, govern the methods of telematic, synchronous, asynchronous, mixed sales (Articles 21 to 25) - in order to ensure compliance the confidentiality of the tenderers during the sales operation (Article 22, paragraphs 3 and 25, paragraphs 1, 7 and 8).
3. The opinion is made on a version of the draft decree which takes into account the details and suggestions suggested by the Office of the Guarantor to the relevant offices of the Administration concerned during the meetings and informal contacts aimed at perfecting the text and rendering it fully compliant with the rules on the protection of personal data.
The Office's observations concerned in particular: the portal of the telematic sale manager, the definition of which is now contained in the scheme (Article 2 (1) (a)) and the selectivity of access to it during the sales transactions (Article 20); the tenderer's anonymity guarantees; the procedures for keeping the register of telemarketing operators, the relevance of the information collected for registration and the guarantees for the processing of the judicial data necessary for the verification of the requirements of integrity (see paragraph 4 above) ; the transmission procedures of the offer by e-mail.
The indications made have been fully transposed by the Administration concerned, therefore, from this point of view, the Authority has no further comments to make on the article.
4. The subject matter of today's decree is particularly delicate in terms of the protection of personal data as it may involve the processing of "judicial data" for which special guarantees are provided (Article 4 (1) (e), 20, 21 and 22 of the Code).
In particular, such treatment may be necessary when assessing the Ministry's compliance with the requirements for integrity required for registration in the Register of Telematic Sales Managers (Article 4, paragraphs 4 and 5 of the Scheme) by acquiring the certificate of criminal record, suspended loads and that of the subject to the provision of prevention measures.
The processing of such data is authorized by statutory provisions specifying the purposes of the public interest (Article 21 of the Code), since, on the one hand, the case in question concerns an inscription provided by law, regulation or (Article 68 (2) (g) of the Code) and the application of the discipline in respect of "honor requirements" (Article 69 of the Code) and, secondly, direct consultation , by a public administration, the archives of the certification authority "intended for the control of the substitute statements submitted by the citizens" is considered to be for a purpose of significant public interest (Article 43, paragraph 2, dPRn 445/2000).
The processing of these data also requires, as is well known, the further requirement of the regulatory provision which, in accordance with the same Article 21 of the Code, identifies the types of data and transactions that the competent Administration is authorized to, respectively, treat and carry out.
In this respect, the Guarantor acknowledges that this measure is of a regulatory nature and that, moreover, the Administration has appropriately forwarded, for its opinion, a scheme of integration regulation of the decree of the Minister of Justice of 12 December 2006, no. 306 governing the processing of sensitive and judicial data by the Ministry of Justice, adopted pursuant to Articles 20 and 21 of the Code. With this scheme the card no. 18 annexed to the decree, which now refers to "keeping registers, lists and lists"; the card lists the legal sources of the registers or lists already set up or in the near future (including Article 161-ter of the provisions for the implementation of the Civil Procedure Code, the normative source of this decree establishing the register of telematic sale managers) the regulatory references bearing the relevant public interest objectives pursued, the types of data processed ("judicial" only) and the executable operations. In the description of the treatment it is stated that the data on the requirements of integrity provided for by current legislation can be acquired for the purpose of enrollment and maintenance of the registration in the registers of natural or legal persons.
On April 10, 2014, the Guarantor gave a favorable opinion on this supplementary decree of dmn 306 of 2006, the adoption of which is a necessary prerequisite for carrying out the treatments provided for in this provision.
expresses its favorable opinion on the decree of the Minister of Justice on the "Rules governing the technical and operational rules for the sale of movable and immovable property in telematic modalities in the cases provided by the Code of Civil Procedure, pursuant to Article 161- ter of the provisions for the implementation of the Civil Procedure Code. "
Rome, May 15, 2014
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Introduction CPD: What drives interest View from RLAM Bank CPD
How multi-asset became popular
FTAdviser / Royal London Asset Management
Multi-asset funds have become more popular over the past decade, as investors seek ways to ride out significant fluctuations in global markets.
But there has to be more to choosing a multi-asset fund than a simple need for diversification: cost, suitability and management style are also high on the list of criteria given by advisers as reasons for choosing one fund over another.
By reading this report, you will understand the reasons multi-asset funds have gained in popularity, be able to explore the use of multi-asset funds within a client's overall financial plan and gain an understanding of how anticipated market events might affect investments over the near-term.
CPD: What is driving investor interest and assets into multi-asset products?
Investors want a diverse portfolio
Advisers may recall a time when there were only a few providers offering multi-asset funds or ranges, attracting fairly modest assets.
Now, barely a month goes by without a fund group announcing its foray into the multi-asset space, or the addition of a multi-asset product to its existing range.
Within the three IA Mixed Investment sectors, which includes the 0-35% Shares, 20-60% Shares and 40-85% Shares, there are 343 funds, according to a search of FE
Analytics.
This does not include the Flexible or Unclassified sectors, which many multi-asset funds fall into, nor does it include those funds which do not sit in the Investment Association sectors at all.
The sheer volume of funds suggests there is demand and recent figures point to that demand growing.
Multi-asset investments dominated sales in Fidelity's FundsNetwork in February this year, with the three Mixed Investment sectors claiming the top three spots in its sector sales chart for the month.
It reveals the demand among Isa investors was even greater, with four of the top 10 funds being classified within the Mixed Investment sectors.
The Investment Association's (IA) February sales figures tell a similar story, as mixed asset was the best-selling asset class in February 2017, with net retail sales of £813m.
Multi-asset is now a prime route to market, not just a nice-to-have
Trevor Greetham, Royal London Asset Management
Alastair Wainwright, fund market specialist at the IA, says: "Once again our data shows the value that UK investors place on professional asset allocation skills during challenging economic times.
"Mixed asset funds attracted the highest net retail sales in February with the Mixed Investment 40-85% Shares also being the top selling sector."
Catriona McInally, investment specialist at Prudential UK and Europe, observes: "The growth in the multi-asset sector has been driven by investors' desire to exert more control over investment risk and looking to vehicles that provide diversification to dampen the effects of market uncertainty."
It is important to pick the best of the bunch
The macroeconomic backdrop has certainly pushed investors up the risk scale in order to achieve the same level of return as they were several years ago.
Equities and fixed income alone can no longer meet the return and income needs of many investors, which is where the diversification provided by multi-asset investments comes in.
Trevor Greetham, head of multi-asset at Royal London Asset Management, explains: "Equities have proved themselves a good long-term investment that beats inflation by a wide margin but investors can sometimes face large losses in the short term.
"Bonds are much less volatile but central bank policy has pushed yields to record low levels, so you are leaving a lot of potential return on the table if you invest only in bonds.
"By including both asset classes, multi-asset funds can strike a sensible compromise between risk and return."
Ms McInally agrees: "Multi-asset products by their very nature invest in a wide range of asset types across the world, providing true diversification.
"This helps to spread investment risk and can offer savers, who are looking for an alternative to cash and who are prepared to take more risk, the opportunity to receive better returns on their investment."
Multi-asset funds can also seek returns and income from a far wider range of asset classes, with the ability to invest in commodities, property and even more niche assets, which are not correlated with the performance of bonds and equities.
In other words, when bonds and equities experience any downside, alternative assets, such as gold or property, may perform on the upside.
"In addition to all of this, a good tactical asset allocation strategy can make multi-asset funds more than a sum of their parts, adding value over time by moving into or out of different investments as the economic backdrop evolves," suggests Mr Greetham.
"This aspect appeals to investors who don't want to manage their own portfolios."
The evolution of multi-asset products has certainly coincided with an increasing number of advisers choosing to focus on their clients' financial planning requirements, leaving the stockpicking to the asset allocation experts.
Risk is a key thing for investment advisers to highlight to clients
Cost factor
This type of outsourcing is particularly appropriate when advisers have clients who perhaps have less money to invest but want to ensure when it is invested, it is across a range of asset classes.
Investing a client's hard earned money in a separate equity fund, a fixed income fund and another fund which allocates to commodities, for example, would soon add up in costs and charges, eating away at potential returns.
The announcement of a snap general election in the UK will only add further uncertainty.
Catriona McInally, Prudential UK and Europe
Ben Willis, head of research at Whitechurch Securities, acknowledges for advisers with clients who have small sums to invest, multi-asset products are a cost efficient way for the adviser to provide investment advice, and for the client to be invested in a diversified mix of assets.
Fund groups have clocked onto this by offering multi-asset funds with different risk levels or targets.
"We have seen multi-asset funds being independently risk rated, which helps to manage clients' expectations in what they should be expecting from their investment and tick the boxes for the adviser from a suitability perspective," Mr Willis adds.
Mr Greetham points out the shift to risk-rated funds has been driven primarily by regulatory change in the adviser market since the financial crisis, which has encouraged a shift towards risk-conscious investing on the part of individual investors.
"Multi-asset funds fit the bill as they can offer diversification across a wide range of asset classes tailored to a particular level of risk appetite," he says.
"Fund providers understand this and multi-asset is now a prime route to market, not just a nice-to-have."
So the appeal of multi-asset funds is clear and the latest figures indicate there are no signs of the growth of multi-asset abating.
In fact, now that the UK is not only grappling with its departure from the EU, following the triggering of Article 50 but also it will go to the polls on the 8 June after Theresa May called a snap general election, fuelling further investor nervousness.
In short, the markets are only likely to become volatile and unpredictable. This may result in more assets flooding into multi-asset funds and ranges as investors try not to second guess the markets and instead, spread the risk in their portfolios.
Investors should spread the risk in their portfolios
Ms McInally notes: "Many commentators are predicting a market downturn in the run-up to Britain's exit from the European Union.
"Market valuations and geopolitical uncertainties sit at the heart of these concerns, and the announcement of a snap general election in the UK will only add further uncertainty."
She continues: "In periods of market volatility investors' focus turns to the investment risk being undertaken and it becomes more important for investors to consider investment products which offer true asset diversification and perhaps those which have the ability to smooth out any large fluctuations in fund prices."
She forecasts investors will need to look beyond traditional assets and to alternatives in this kind of environment, not only to achieve sustainable investment growth but also to meet any income needs.
As inflation is climbing – it reached 2.3 per cent in February and stayed there in March – savers are even more aware of the effect this has on any money sitting in cash or funds which are not delivering returns.
Multi-asset's ability to outperform cash and help savers prevent inflation from eating away at their money is proven.
Mr Greetham cites research carried out by Royal London which shows in the last decade, £1,000 invested in a cash Isa is now worth around £900 in terms of what it can buy today. The same amount of money invested in a simple multi-asset fund, however, would be worth around £1,500.
"We expect demand for multi-asset funds to stay strong, with total savings levels in the UK set to increase, against a backdrop of ultra-low interest rates on bank deposits," Mr Greetham predicts.
Fund groups and platforms are also bringing to market different types of multi-asset funds to meet the changing needs of advisers' clients, although whether supply is
outstripping demand remains to be seen.
Mr Willis points out among this "newer breed" of multi-asset funds has been the launch of those which also generate an income.
"Diversifying assets also can mean diversifying your income stream and so income focused multi-asset income funds can provide relatively high and sustainable risk-adjusted income returns.
"This also could lead to further demand as long as these relatively new offerings deliver on their target income with the commensurate and appropriate level of risk", he says.
People demand more than off-the-shelf products
Ms McInally agrees: "As the multi-asset market grows and develops we are likely to see further diversification within the sector, with a wider range of active, passive and hybrid multi-asset propositions emerging.
"Additionally, we're seeing an increase in the risk managed multi-asset sector.
"Our latest research among advisers shows that the smoothed multi-asset investment sector is firmly established and that advisers (70 per cent) expect growth to continue or even accelerate."
In spite of the development of multi-asset funds, there are concerns about whether the multi-asset market has reached saturation point.
As Mr Willis notes, they can be accessed via any major platform now and there are so many variations on the multi-asset theme.
"Furthermore, a number of platform providers have seen that offering their own range of multi-asset funds is a good model for attracting new business, and so now virtually all platform providers offer their own multi-asset solutions."
He believes the market has become a bit saturated already, with a plethora of independent multi-asset funds available.
"How do you choose which one is most suitable, as there are a lot of funds out there which are very similar in terms of asset breakdown, investment objective and the level of risk they are taking," he asks.
But Ms McInally predicts multi-asset products, in particular smoothed multi-asset products which had a strong year in 2016, will continue to see demand given the ongoing investment market volatility and low interest rate environment.
There may always be advisers who prefer to make their own asset allocation decisions for clients, and clients who want that service from their adviser.
But for those who are prepared to outsource, for cost or performance reasons, the multi-asset space is providing products to meet most client needs, whether that's a more cautious approach to deliver slow and steady growth, or higher-risk funds to deliver on income requirements.
Ellie Duncan is deputy content plus editor at FTAdviser.com
View from RLAM:
Smooth operators - the growing popularity of multi-asset funds
Trevor Greetham, head of multi-asset and lead manager of Royal London Asset Management's Global Multi Asset Portfolio (GMAP) range, provides an overview of key considerations for investors.
The number and range of multi asset funds available has increased dramatically in recent years.
Since their inception, these funds have evolved from simple balanced equity and bond strategies into highly diversified funds.
They are encompassing ever-broader opportunity sets and deploying increasingly sophisticated approaches to asset allocation, including quantitative modelling to improve strategic and tactical decision making.
Multi asset funds are currently enjoying significant inflows, and in this article we look at some of the key reasons behind this increase in interest and investment in this sector.
The aim of most multi asset funds is, broadly speaking, to maximise returns within a given level of risk, using diversification to reduce correlation with any individual asset class and minimise volatility.
The focus on risk-adjusted returns has made multi asset funds a popular choice for pension investors, who are seeking to protect their capital over the long term from the eroding effects of inflation.
Multi asset funds offer an easy and relatively low-cost way to achieve a well-diversified portfolio and benefit from active management
Managers use asset allocation to balance risk and return over the long term, based on individual fund objectives and risk tolerance.
Active fund managers also aim to add value by moving money between relatively attractive assets over the short to medium term.
The wide variety of funds available means investors can select a fund that matches their risk appetite and time horizons, and adjust their investments to generate attractive real returns as they approach retirement.
For other individual investors, including Isa investors, who do not have access to bespoke portfolio solutions, multi asset funds offer an easy and relatively low-cost way to achieve a well-diversified portfolio and benefit from active management.
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The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the amount originally invested. For funds that use derivatives, their use may be beneficial, however, they also involve specific risks. Derivatives may alter the economic exposure of a fund over time, causing it to deviate from the performance of the broader market. Sub-investment grade bonds have characteristics which may result in a higher probability of default than investment grade bonds and therefore a higher risk. For more information concerning the risks of investing, please refer to the Prospectus and Key Investor Information Document (KIID).
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Baryon acoustic oscillations in the Sloan Digital Sky Survey Data Release 7 galaxy sample
Will J. Percival, Beth A. Reid, Daniel J. Eisenstein, Neta A. Bahcall, Tamas Budavari, Joshua A. Frieman, Masataka Fukugita, James E. Gunn, Željko Ivezić, Gillian R. Knapp, Richard G. Kron, Jon Loveday, Robert H. Lupton, Timothy A. McKay, Avery Meiksin, Robert C. Nichol, Adrian C. Pope, David J. Schlegel, Donald P. Schneider, David N. Spergel
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Chris Stoughton, Michael A. Strauss, Alexander S. Szalay, Max Tegmark, Michael S. Vogeley, David H. Weinberg, Donald G. York, Idit Zehavi
Astrophysical Sciences
1213 Scopus citations
The spectroscopic Sloan Digital Sky Survey (SDSS) Data Release 7 (DR7) galaxy sample represents the final set of galaxies observed using the original SDSS target selection criteria. We analyse the clustering of galaxies within this sample, including both the luminous red galaxy and main samples, and also include the 2-degree Field Galaxy Redshift Survey data. In total, this sample comprises 893 319 galaxies over 9100 deg2. Baryon acoustic oscillations (BAO) are observed in power spectra measured for different slices in redshift; this allows us to constrain the distance-redshift relation at multiple epochs. We achieve a distance measure at redshift z = 0.275, of r s(zd)/DV(0.275) = 0.1390 ± 0.0037 (2.7 per cent accuracy), where rs(zd) is the comoving sound horizon at the baryon-drag epoch, DV(z) ≡ [(1 + z) 2D2Acz/H(z)]1/3, DA(z) is the angular diameter distance and H(z) is the Hubble parameter. We find an almost independent constraint on the ratio of distances DV(0.35)/ DV(0.2) = 1.736 ± 0.065, which is consistent at the 1.1σ level with the best-fitting Λ cold dark matter model obtained when combining our z = 0.275 distance constraint with the Wilkinson Microwave Anisotropy Probe 5-year (WMAP5) data. The offset is similar to that found in previous analyses of the SDSS DR5 sample, but the discrepancy is now of lower significance, a change caused by a revised error analysis and a change in the methodology adopted, as well as the addition of more data. Using WMAP5 constraints on Ωbh2 and Ωc h 2, and combining our BAO distance measurements with those from the Union supernova sample, places a tight constraint on Ωm = 0.286 ± 0.018 and H0 = 68.2 ± 2.2 km s-1 Mpc -1 that is robust to allowing Ωk ≠ 0 and w ≠ -1. This result is independent of the behaviour of dark energy at redshifts greater than those probed by the BAO and supernova measurements. Combining these data sets with the full WMAP5 likelihood constraints provides tight constraints on both Ωk = -0.006 ± 0.008 and w = -0.97 ± 0.10 for a constant dark energy equation of state.
Cosmology: observations
Distance scale
Large-scale structure of Universe
Fingerprint Dive into the research topics of 'Baryon acoustic oscillations in the Sloan Digital Sky Survey Data Release 7 galaxy sample'. Together they form a unique fingerprint.
baryons Physics & Astronomy
acoustics Earth & Environmental Sciences
oscillation Earth & Environmental Sciences
Microwave Anisotropy Probe Physics & Astronomy
anisotropy Earth & Environmental Sciences
microwave Earth & Environmental Sciences
oscillations Physics & Astronomy
Percival, W. J., Reid, B. A., Eisenstein, D. J., Bahcall, N. A., Budavari, T., Frieman, J. A., Fukugita, M., Gunn, J. E., Ivezić, Ž., Knapp, G. R., Kron, R. G., Loveday, J., Lupton, R. H., McKay, T. A., Meiksin, A., Nichol, R. C., Pope, A. C., Schlegel, D. J., Schneider, D. P., ... Zehavi, I. (2010). Baryon acoustic oscillations in the Sloan Digital Sky Survey Data Release 7 galaxy sample. Monthly Notices of the Royal Astronomical Society, 401(4), 2148-2168. https://doi.org/10.1111/j.1365-2966.2009.15812.x
Percival, Will J. ; Reid, Beth A. ; Eisenstein, Daniel J. ; Bahcall, Neta A. ; Budavari, Tamas ; Frieman, Joshua A. ; Fukugita, Masataka ; Gunn, James E. ; Ivezić, Željko ; Knapp, Gillian R. ; Kron, Richard G. ; Loveday, Jon ; Lupton, Robert H. ; McKay, Timothy A. ; Meiksin, Avery ; Nichol, Robert C. ; Pope, Adrian C. ; Schlegel, David J. ; Schneider, Donald P. ; Spergel, David N. ; Stoughton, Chris ; Strauss, Michael A. ; Szalay, Alexander S. ; Tegmark, Max ; Vogeley, Michael S. ; Weinberg, David H. ; York, Donald G. ; Zehavi, Idit. / Baryon acoustic oscillations in the Sloan Digital Sky Survey Data Release 7 galaxy sample. In: Monthly Notices of the Royal Astronomical Society. 2010 ; Vol. 401, No. 4. pp. 2148-2168.
@article{72de6cbb2eb8410b82f7b72ef861635c,
title = "Baryon acoustic oscillations in the Sloan Digital Sky Survey Data Release 7 galaxy sample",
abstract = "The spectroscopic Sloan Digital Sky Survey (SDSS) Data Release 7 (DR7) galaxy sample represents the final set of galaxies observed using the original SDSS target selection criteria. We analyse the clustering of galaxies within this sample, including both the luminous red galaxy and main samples, and also include the 2-degree Field Galaxy Redshift Survey data. In total, this sample comprises 893 319 galaxies over 9100 deg2. Baryon acoustic oscillations (BAO) are observed in power spectra measured for different slices in redshift; this allows us to constrain the distance-redshift relation at multiple epochs. We achieve a distance measure at redshift z = 0.275, of r s(zd)/DV(0.275) = 0.1390 ± 0.0037 (2.7 per cent accuracy), where rs(zd) is the comoving sound horizon at the baryon-drag epoch, DV(z) ≡ [(1 + z) 2D2Acz/H(z)]1/3, DA(z) is the angular diameter distance and H(z) is the Hubble parameter. We find an almost independent constraint on the ratio of distances DV(0.35)/ DV(0.2) = 1.736 ± 0.065, which is consistent at the 1.1σ level with the best-fitting Λ cold dark matter model obtained when combining our z = 0.275 distance constraint with the Wilkinson Microwave Anisotropy Probe 5-year (WMAP5) data. The offset is similar to that found in previous analyses of the SDSS DR5 sample, but the discrepancy is now of lower significance, a change caused by a revised error analysis and a change in the methodology adopted, as well as the addition of more data. Using WMAP5 constraints on Ωbh2 and Ωc h 2, and combining our BAO distance measurements with those from the Union supernova sample, places a tight constraint on Ωm = 0.286 ± 0.018 and H0 = 68.2 ± 2.2 km s-1 Mpc -1 that is robust to allowing Ωk ≠ 0 and w ≠ -1. This result is independent of the behaviour of dark energy at redshifts greater than those probed by the BAO and supernova measurements. Combining these data sets with the full WMAP5 likelihood constraints provides tight constraints on both Ωk = -0.006 ± 0.008 and w = -0.97 ± 0.10 for a constant dark energy equation of state.",
keywords = "Cosmology: observations, Distance scale, Large-scale structure of Universe",
author = "Percival, {Will J.} and Reid, {Beth A.} and Eisenstein, {Daniel J.} and Bahcall, {Neta A.} and Tamas Budavari and Frieman, {Joshua A.} and Masataka Fukugita and Gunn, {James E.} and {\v Z}eljko Ivezi{\'c} and Knapp, {Gillian R.} and Kron, {Richard G.} and Jon Loveday and Lupton, {Robert H.} and McKay, {Timothy A.} and Avery Meiksin and Nichol, {Robert C.} and Pope, {Adrian C.} and Schlegel, {David J.} and Schneider, {Donald P.} and Spergel, {David N.} and Chris Stoughton and Strauss, {Michael A.} and Szalay, {Alexander S.} and Max Tegmark and Vogeley, {Michael S.} and Weinberg, {David H.} and York, {Donald G.} and Idit Zehavi",
Percival, WJ, Reid, BA, Eisenstein, DJ, Bahcall, NA, Budavari, T, Frieman, JA, Fukugita, M, Gunn, JE, Ivezić, Ž, Knapp, GR, Kron, RG, Loveday, J, Lupton, RH, McKay, TA, Meiksin, A, Nichol, RC, Pope, AC, Schlegel, DJ, Schneider, DP, Spergel, DN, Stoughton, C, Strauss, MA, Szalay, AS, Tegmark, M, Vogeley, MS, Weinberg, DH, York, DG & Zehavi, I 2010, 'Baryon acoustic oscillations in the Sloan Digital Sky Survey Data Release 7 galaxy sample', Monthly Notices of the Royal Astronomical Society, vol. 401, no. 4, pp. 2148-2168. https://doi.org/10.1111/j.1365-2966.2009.15812.x
Baryon acoustic oscillations in the Sloan Digital Sky Survey Data Release 7 galaxy sample. / Percival, Will J.; Reid, Beth A.; Eisenstein, Daniel J.; Bahcall, Neta A.; Budavari, Tamas; Frieman, Joshua A.; Fukugita, Masataka; Gunn, James E.; Ivezić, Željko; Knapp, Gillian R.; Kron, Richard G.; Loveday, Jon; Lupton, Robert H.; McKay, Timothy A.; Meiksin, Avery; Nichol, Robert C.; Pope, Adrian C.; Schlegel, David J.; Schneider, Donald P.; Spergel, David N.; Stoughton, Chris; Strauss, Michael A.; Szalay, Alexander S.; Tegmark, Max; Vogeley, Michael S.; Weinberg, David H.; York, Donald G.; Zehavi, Idit.
In: Monthly Notices of the Royal Astronomical Society, Vol. 401, No. 4, 02.2010, p. 2148-2168.
T1 - Baryon acoustic oscillations in the Sloan Digital Sky Survey Data Release 7 galaxy sample
AU - Percival, Will J.
AU - Reid, Beth A.
AU - Eisenstein, Daniel J.
AU - Bahcall, Neta A.
AU - Budavari, Tamas
AU - Frieman, Joshua A.
AU - Fukugita, Masataka
AU - Gunn, James E.
AU - Ivezić, Željko
AU - Knapp, Gillian R.
AU - Kron, Richard G.
AU - Loveday, Jon
AU - Lupton, Robert H.
AU - McKay, Timothy A.
AU - Meiksin, Avery
AU - Nichol, Robert C.
AU - Pope, Adrian C.
AU - Schlegel, David J.
AU - Schneider, Donald P.
AU - Spergel, David N.
AU - Stoughton, Chris
AU - Strauss, Michael A.
AU - Szalay, Alexander S.
AU - Tegmark, Max
AU - Vogeley, Michael S.
AU - Weinberg, David H.
AU - York, Donald G.
AU - Zehavi, Idit
N2 - The spectroscopic Sloan Digital Sky Survey (SDSS) Data Release 7 (DR7) galaxy sample represents the final set of galaxies observed using the original SDSS target selection criteria. We analyse the clustering of galaxies within this sample, including both the luminous red galaxy and main samples, and also include the 2-degree Field Galaxy Redshift Survey data. In total, this sample comprises 893 319 galaxies over 9100 deg2. Baryon acoustic oscillations (BAO) are observed in power spectra measured for different slices in redshift; this allows us to constrain the distance-redshift relation at multiple epochs. We achieve a distance measure at redshift z = 0.275, of r s(zd)/DV(0.275) = 0.1390 ± 0.0037 (2.7 per cent accuracy), where rs(zd) is the comoving sound horizon at the baryon-drag epoch, DV(z) ≡ [(1 + z) 2D2Acz/H(z)]1/3, DA(z) is the angular diameter distance and H(z) is the Hubble parameter. We find an almost independent constraint on the ratio of distances DV(0.35)/ DV(0.2) = 1.736 ± 0.065, which is consistent at the 1.1σ level with the best-fitting Λ cold dark matter model obtained when combining our z = 0.275 distance constraint with the Wilkinson Microwave Anisotropy Probe 5-year (WMAP5) data. The offset is similar to that found in previous analyses of the SDSS DR5 sample, but the discrepancy is now of lower significance, a change caused by a revised error analysis and a change in the methodology adopted, as well as the addition of more data. Using WMAP5 constraints on Ωbh2 and Ωc h 2, and combining our BAO distance measurements with those from the Union supernova sample, places a tight constraint on Ωm = 0.286 ± 0.018 and H0 = 68.2 ± 2.2 km s-1 Mpc -1 that is robust to allowing Ωk ≠ 0 and w ≠ -1. This result is independent of the behaviour of dark energy at redshifts greater than those probed by the BAO and supernova measurements. Combining these data sets with the full WMAP5 likelihood constraints provides tight constraints on both Ωk = -0.006 ± 0.008 and w = -0.97 ± 0.10 for a constant dark energy equation of state.
AB - The spectroscopic Sloan Digital Sky Survey (SDSS) Data Release 7 (DR7) galaxy sample represents the final set of galaxies observed using the original SDSS target selection criteria. We analyse the clustering of galaxies within this sample, including both the luminous red galaxy and main samples, and also include the 2-degree Field Galaxy Redshift Survey data. In total, this sample comprises 893 319 galaxies over 9100 deg2. Baryon acoustic oscillations (BAO) are observed in power spectra measured for different slices in redshift; this allows us to constrain the distance-redshift relation at multiple epochs. We achieve a distance measure at redshift z = 0.275, of r s(zd)/DV(0.275) = 0.1390 ± 0.0037 (2.7 per cent accuracy), where rs(zd) is the comoving sound horizon at the baryon-drag epoch, DV(z) ≡ [(1 + z) 2D2Acz/H(z)]1/3, DA(z) is the angular diameter distance and H(z) is the Hubble parameter. We find an almost independent constraint on the ratio of distances DV(0.35)/ DV(0.2) = 1.736 ± 0.065, which is consistent at the 1.1σ level with the best-fitting Λ cold dark matter model obtained when combining our z = 0.275 distance constraint with the Wilkinson Microwave Anisotropy Probe 5-year (WMAP5) data. The offset is similar to that found in previous analyses of the SDSS DR5 sample, but the discrepancy is now of lower significance, a change caused by a revised error analysis and a change in the methodology adopted, as well as the addition of more data. Using WMAP5 constraints on Ωbh2 and Ωc h 2, and combining our BAO distance measurements with those from the Union supernova sample, places a tight constraint on Ωm = 0.286 ± 0.018 and H0 = 68.2 ± 2.2 km s-1 Mpc -1 that is robust to allowing Ωk ≠ 0 and w ≠ -1. This result is independent of the behaviour of dark energy at redshifts greater than those probed by the BAO and supernova measurements. Combining these data sets with the full WMAP5 likelihood constraints provides tight constraints on both Ωk = -0.006 ± 0.008 and w = -0.97 ± 0.10 for a constant dark energy equation of state.
KW - Cosmology: observations
KW - Distance scale
KW - Large-scale structure of Universe
Percival WJ, Reid BA, Eisenstein DJ, Bahcall NA, Budavari T, Frieman JA et al. Baryon acoustic oscillations in the Sloan Digital Sky Survey Data Release 7 galaxy sample. Monthly Notices of the Royal Astronomical Society. 2010 Feb;401(4):2148-2168. https://doi.org/10.1111/j.1365-2966.2009.15812.x


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Where have all the plastic chippings gone?
By Paul Empson
Basket chippings
Waste crime continues to be a pressing issue for businesses operating in the materials handling and logistics industry – the plastics industry in particular. But where is this stolen equipment eventually ending up? And do the end receivers of the chippings from such stolen equipment actually know that the source could indeed be theft?
Who remembers the UK's Environment Agency's major investigation in 2018 into claims of fraud in the UK's recycling exports system? And a subsequent investigation from Unearthed which found recognisable packaging from a number of brands found on UK supermarket shelves found strewn across multiple illegal dumps as far stretching as Malaysia – one in particular standing 10 feet tall on a site measuring nearly three acres!
The export of household recycling is one thing, but the illegal recycling of plastics has also been well documented in recent years; that is, people stealing plastic bread baskets (like ours) and sending them to unscrupulous recycling operations where they get shredded for sale back to the plastics manufacturing industry. But where are they sending those chippings?
The organised theft of recyclable equipment, taken individually, may not be that valuable, but, in large quantities, it can quickly add up to colossal sums. It's not just a serious environmental issue, but a business one too.
There are two scenarios taking place here – either they are being shipped abroad and ending up in a whole other supply chain there or remaining in the UK. And if they are in the UK, they are going into illegal supply chains. That means that someone somewhere is taking stolen goods – with or without the knowledge of doing so. Do they know the source is theft? Possibly not. But do they check where it's come from? Is every piece of plastic correctly accredited with an audit trail and checked back to the original source?
The plastics company that Bakers Basco works with to supply our bread baskets and dollies to bakeries across the UK have their own audit trail of where our plastics come from. And of course, if every business in the UK followed that same practice, then our chippings wouldn't end up in the supply chain – yet they are. Something isn't adding up.
It's one thing not to know it's stolen, it's another to be aware of it and allowing it to take place. If that's the case, then you are no better than the illegal recyclers themselves. Regardless of the size or percentage that you may receive it counts as illegal and every ton matters to businesses and the environment in general.
The plastics recycling industry already adheres to various standards, requirements, tax and legislation on particular aspects of their operations, notably around environmental principles and materials. But don't overlook what could potentially play an important part in stamping out waste crime.
It's our job as responsible businesses to be vigilant about any such activity to be able to ensure this isn't happening. So where do we go from here?
I urge any company in the business of receiving plastic chippings to challenge their source for full details about where it is coming from. Request an audit trail. Quiz them about the steps that got it into your hands – and make sure you play your part in improving transparency across the full supply chain. It's not only for the benefit of your business – but your customers too and ultimately the environment.
Paul Empson is the general manager at Bakers Basco, UK.
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First thing you should do is look in through your cabinet. If you find any of these brands, you can key in information into this page and find out if yours is affected by the recall.
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I'm looking for ideas, not a big commitment or anything.
I live in CA. My Parents, siblings and their kids are all in Yorkshire, England. And I don't have the money to send them all gifts, and it's more my style to do something a bit different. So I want to make a present that they can enjoy, design a scavenger hunt.
It ultimately has to lea to something, and I'm thinking that could be some kind of physical gift for my two nieces. 7 & 4 yr olds. But to getting that they have to solve a series of puzzles.
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For example. I could create a series of screenshots from a movie so that they have to watch the movie and find what words are aid at that exact screenshot. And that would lead them to the next puzzle.
If I can tie it into some real world thing so they have to take a day out somewhere nice that's be cool too.
You could purchase gifts online and have them held at a store near where they live, having the final clue lead them there.
Video clues could give them the letters in the name of the store?


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