Interest rate swap e contratto di credito: profili interpretativi e disciplina applicabile

[Machine translation] Credit contracts and derivative financial contracts traded outside regulated markets (so-called over-the counter) are increasingly giving rise to integrated operations. In particular, this dynamic makes it possible to observe the interest rate swap contract — peacefully counted among financial contracts — from the perspective of banking discipline, insofar as it contributes to the deployment of the credit function of the relationship to which it is linked. The Court of Cassation has addressed the issue of the applicability of the transparency legislation referred to in Title VI of the Consolidated Banking Act to interest rate swap contracts, in particular, the obligation to write contracts and to deliver a copy to customers pursuant to art. 117 t.u.b. The solution adopted to radically exclude the relevance of the above-mentioned legislation with regard to IRS contracts is not fully convincing, especially with respect to “hybrid” economic transactions, i.e. composed of several contracts that are mutually integrated and can be legally placed in the area of two different banking and financial sectors). In these cases, in fact, unitary banking-type disciplinary treatment is desirable and more appropriate.