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The EU Directive which regulates brokers and financial markets move has been implemented by the Italian Government The Council of Ministers Regulation to transpose MiFID Transparency of financialmarket, introducing the new European standard which provides for intermediaries, in addition to the limits within which they can move to avoid conflicts of interest, are introducing a new service from consultancy and redraws the protection 'the other is between investor and redefined the concept of "execution order at the best conditions." To foster competition between trading venues and, thus promoting the reduction of costs is no longer required to concentrate on regulated markets and also for new venues which will operate in parallel to regulated markets. Objectives are introduced to the oversight 'activities and drawing up new standards in regulation and new forms are introduced for collaboration between supervisors and this thanks to a Memorandum of Understanding for the coordination of supervisory tasks. The control of stability, which in ¨ entrusted to means that the "functional model" based on which room online, reduce the risk of overlapping jurisdictions and the fairness and transparency of behavior also introduces the "Regulation Unit "to the authorities, ever on the issue on supervision. Under the new regulation will also set up the register of financial advisers that will be held by an association which eventually will be responsible for the supervision of consultants. The type of customers is defined: eligible counterparties, professional clients and customers to dettagblio. The new regulation for transparency in financial markets introduces anchecompetenze supervision 'Energy Authority, in coordination with the

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