On 18 June 2009, the Bank of Italy has enacted the provisions that give life to the referee banks and financial institutions, the system of court settlement of disputes relating to transactions and banking and financial services. Banks and financial institutions will be submitted to arbitration all disputes concerning the establishment of rights, obligations and entitlements, up to an amount of € 100,000 and subject started after 1 January 2007. The new decision-making body will be divided into three colleges located in Milan, Rome and Naples. Each of the colleges will consist of five members: two expressions of the parties (intermediaries and clients), and three, including the president, chosen by the Bank of Italy
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