Who we are

formazione ACEPI


ACEPI (Italian Association of Certificates and Investment Products) was founded, following the example of other European countries such as Germany and Switzerland, in order to promote in Italy a culture of investment products focusing on certificates.


ACEPI’s aim is to promote interest and knowledge of certificates and investment products among investors, taking the necessary measures for fostering the development of efficient and transparent markets (primary and secondary) for these products.

In order to achieve it, ACEPI:

  • Promotes the circulation of information concerning certificates and investment products among Associates, as well as financial intermediaries and retail investors.
  • Promotes, supports and implements activities such as studies, researches, market news and consultancy in the field of certificates and investment products.
  • Works together with italian and foreign Regulatory Authorities for the development of the domestic and european legislation.
  • Cooperates with the exchanges (both regulated and not) on which certificates and investment products are listed for a sustainable development of the market.
  • Protects the common interests of the Associates, representing them in Italy and abroad.
  • Promotes any additional and useful initiative, to improve investors protection through transparent and efficient markets for certificates and investment products.


ACEPI members, are natural and legal persons, which can be divided as follows:

  • Ordinary Members. Ordinary Members are duly authorized banks and investment companies which issue certificates and investment products. They have the right to sit and vote at Assembly.
  • Aderents (or Partecipant) Members. They are companies and societies which perform organizational, commercial, distributional and promotional activities in the field of certificates and investment products or that pursue a purpose similar to ACEPI's one. They can be invited by the President and/or Secretary, if appointed, to assist to the Assembly with the right to intervene but not to vote . They can participate, only if invited by the President and/or Secretary, to the meeting of the Technical Commissions established by the Board of Directors.
  • Honorary Members. Honorary Members are the entities, institutions, organizations, associations, companies, natural persons and professionals that, due to their economic and administrative relevance, position hold, functions, activities performed, competence, ability, experience and individual titles acquired also in scientific or cultural field, can contribute to the achievement of ACEPI’s associative purposes. They can be invited by the President and/or Secretary, if appointed, to attend the Assembly with the right to intervene but not to vote (granted only to Ordinary Members). They can participate, only if invited by the President and/or Secretary, to the meeting of the Technical Commissions.

Actually are members of ACEPI the issuers Banca AkrosBanca Cesare PontiBNP ParibasIntesa Sanpaolo, Leonteq,  MediobancaSociété GénéraleUniCredit and Vontobel, the adherent Intermonte and IWBank and the honorary members AIBE and AIPB.

formazione ACEPI


Representing the members towards the regulatory authorities in order to promote the knowledge of the products, aiming to offer an higher degree of transparency and efficiency to the sector.

Developing relationships among members with societies and entities subject to their professional interest. Candidating itself as a meeting point for experts of the sector in order to allow every market operator to be updated on the evolution of the knowledge in the field. Organizing researches, studies, conferences, seminars and carrying out the publishing of informative and formative material, becoming in this way an acknowledged interlocutor in the market. Promoting at a pan-European level these activities through partnerships with the institutions having the same purposes (ACEPI is member of European association EUSIPA).

Read the statute ad the bottom of the page.


Certificates are investment products created as an alternative to the most traditional forms of investment, aiming to be a valid solution to portfolio diversification, offering in particular an high degree of protection in market phases characterized by high volatility. In this sense, they are becoming more acknowledged as integrative and complementary instruments to mutual funds for private and retail investors. The growing trend is even more evident looking at the results obtained in the primary market, where the association has the objective to offer an official statistics concerning size and turnover. Today various types of certificates are available in the market, created to offer different investment solutions for different risk-return profiles and holding periods.