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The validity of the financial and banking contract with sole signature

22/05/2018

Through its decision no. 898 of 16 January 2018, the Joint Chambers of the Italian Supreme Court overcame the case law contrast which had previously arisen on the validity of banking contracts signed only by the client (and not by the bank/investment company).

Both articles 23 of legislative decree no. 58 of 24 February 1998 (Financial Act - “TUF”) and 117 of legislative decree no. 385 of 1 September 1993 (Banking Act - “TUB”) require that banking contracts and contracts related to investment and ancillary services must be executed in written form (i.e. with ink signature of the parties) and that  a copy of the relevant contract must be handed to the client; in case of breach of such provisions, the contracts are deemed as null and void.

Publication
CMS Newsletter Italia | 22 maggio 2018
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Authors

Picture of Paolo Bonolis
Paolo Bonolis
Partner
Rome
Gianfabio Florio
Gianfabio Florio
Senior Associate
Rome