RISOLUZIONE PER INADEMPIMENTO E RESTITUZIONI NEI CONTRATTI DELL'INTERMEDIAZIONE FINANZIARIA

This doctoral thesis focuses on conditions and effects of termination of contracts for the provision of investments. In light of their different features, investment services seem to be attributable to two different categories: management services, on one side, execution (of orders) services, on the other side, which two different kinds of contract correspond to. In any case, such contracts appear, from a structural point of view, identical; in particular, they seem mutual (“sinallagmatici”) so that, according to Article 1453 of the Italian Civil Code, the non breaching party (usually, the investor) is entitled to terminate it. Furthermore it seems possible for the investor to demand the partial termination of the contract in order to preserve the investments which have been correctly executed before the breach, provided that such breach is serious enough pursuant to Article 1455 of the Italian Civil Code. Partial termination entails that each party is compelled to return what it has received in execution of the terminated part of the contract. Therefore investor shall return financial instruments purchased while financial intermediary shall return their price, both increased of interests or profits accrued since the date of payment.