.tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wpv-view-output[data-toolset-views-view-editor="4b8cea5e8c7594153cc999f55fcee34a"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wpv-view-output[data-toolset-views-view-editor="4b8cea5e8c7594153cc999f55fcee34a"] .js-wpv-loop-wrapper > .tb-grid { grid-template-columns: minmax(0, 1fr);grid-column-gap: 0px;grid-auto-flow: row } .wpv-pagination-previous-next-buttons[data-toolset-views-view-pagination-block="517baeefb291a562a82190251d8b165d"] { text-align: center;text-align: center; } .wpv-pagination-previous-next-buttons[data-toolset-views-view-pagination-block="517baeefb291a562a82190251d8b165d"] > a, .wpv-pagination-previous-next-buttons[data-toolset-views-view-pagination-block="517baeefb291a562a82190251d8b165d"] > span { margin-top: 35px; } .wpv-block-loop-item[data-toolset-views-view-template-block="2ec117ee54cc45cbe8f7b5ad704ae875"] { padding-bottom: 15px;border-top: 0px dashed rgba( 0, 0, 0, 1 );border-right: 0px dashed rgba( 0, 0, 0, 1 );border-bottom: 1px dashed rgba( 117, 117, 117, 1 );border-left: 0px dashed rgba( 0, 0, 0, 1 ); } .tb-field[data-toolset-blocks-field="75099b9842056997322a2bbdc8cdd62c"] { line-height: 1.2em;text-align: center;padding-bottom: 0px;margin-bottom: 0px; }  .tb-field[data-toolset-blocks-field="75099b9842056997322a2bbdc8cdd62c"] a { color: rgba( 169, 157, 20, 1 ); } .tb-field[data-toolset-blocks-field="75099b9842056997322a2bbdc8cdd62c"] a:hover { color: rgba( 226, 232, 240, 1 ); } .tb-field[data-toolset-blocks-field="8cc1e3e59322359f47b801899cadef23"] { font-size: 23px;font-family: Frank Ruhl Libre;font-weight: regular;text-align: center;color: rgba( 255, 255, 255, 1 );margin-bottom: 35px; }   .tb-button{color:#f1f1f1}.tb-button--left{text-align:left}.tb-button--center{text-align:center}.tb-button--right{text-align:right}.tb-button__link{color:inherit;cursor:pointer;display:inline-block;line-height:100%;text-decoration:none !important;text-align:center;transition:all 0.3s ease}.tb-button__link:hover,.tb-button__link:focus,.tb-button__link:visited{color:inherit}.tb-button__link:hover .tb-button__content,.tb-button__link:focus .tb-button__content,.tb-button__link:visited .tb-button__content{font-family:inherit;font-style:inherit;font-weight:inherit;letter-spacing:inherit;text-decoration:inherit;text-shadow:inherit;text-transform:inherit}.tb-button__content{vertical-align:middle;transition:all 0.3s ease}.tb-button__icon{transition:all 0.3s ease;display:inline-block;vertical-align:middle;font-style:normal !important}.tb-button__icon::before{content:attr(data-font-code);font-weight:var(--tb-button-icon-weight, normal) !important}.tb-button__link{background-color:#444;border-radius:0.3em;font-size:1.3em;margin-bottom:0.76em;padding:0.55em 1.5em 0.55em} .tb-button[data-toolset-blocks-button="d245e8ce1148ebb01e98f01b895df915"] { text-align: center; } .tb-button[data-toolset-blocks-button="d245e8ce1148ebb01e98f01b895df915"] .tb-button__link { background-color: rgba( 169, 157, 20, 1 );padding-top: 5px;margin-top: 15px;font-size: 16px; } .tb-button[data-toolset-blocks-button="d245e8ce1148ebb01e98f01b895df915"] .tb-button__link:hover { background-color: rgba( 30, 41, 59, 1 );font-size: 16px; } .tb-button[data-toolset-blocks-button="d245e8ce1148ebb01e98f01b895df915"] .tb-button__icon { font-family: FontAwesome; } .tb-button[data-toolset-blocks-button="d245e8ce1148ebb01e98f01b895df915"] .tb-button__icon::before { content: '\f1c1'; } .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wpv-view-output[data-toolset-views-view-editor="3b6d7f11497ef1f4c5088ab0e9773f84"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wpv-view-output[data-toolset-views-view-editor="3b6d7f11497ef1f4c5088ab0e9773f84"] .js-wpv-loop-wrapper > .tb-grid { grid-template-columns: minmax(0, 1fr);grid-column-gap: 0px;grid-row-gap: 0px;grid-auto-flow: row } @media only screen and (max-width: 781px) { .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wpv-view-output[data-toolset-views-view-editor="4b8cea5e8c7594153cc999f55fcee34a"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wpv-view-output[data-toolset-views-view-editor="4b8cea5e8c7594153cc999f55fcee34a"] .js-wpv-loop-wrapper > .tb-grid { grid-template-columns: minmax(0, 1fr);grid-auto-flow: row }    .tb-button{color:#f1f1f1}.tb-button--left{text-align:left}.tb-button--center{text-align:center}.tb-button--right{text-align:right}.tb-button__link{color:inherit;cursor:pointer;display:inline-block;line-height:100%;text-decoration:none !important;text-align:center;transition:all 0.3s ease}.tb-button__link:hover,.tb-button__link:focus,.tb-button__link:visited{color:inherit}.tb-button__link:hover .tb-button__content,.tb-button__link:focus .tb-button__content,.tb-button__link:visited .tb-button__content{font-family:inherit;font-style:inherit;font-weight:inherit;letter-spacing:inherit;text-decoration:inherit;text-shadow:inherit;text-transform:inherit}.tb-button__content{vertical-align:middle;transition:all 0.3s ease}.tb-button__icon{transition:all 0.3s ease;display:inline-block;vertical-align:middle;font-style:normal !important}.tb-button__icon::before{content:attr(data-font-code);font-weight:var(--tb-button-icon-weight, normal) !important}.tb-button__link{background-color:#444;border-radius:0.3em;font-size:1.3em;margin-bottom:0.76em;padding:0.55em 1.5em 0.55em}.tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wpv-view-output[data-toolset-views-view-editor="3b6d7f11497ef1f4c5088ab0e9773f84"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wpv-view-output[data-toolset-views-view-editor="3b6d7f11497ef1f4c5088ab0e9773f84"] .js-wpv-loop-wrapper > .tb-grid { grid-template-columns: minmax(0, 1fr);grid-auto-flow: row }  } @media only screen and (max-width: 599px) { .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wpv-view-output[data-toolset-views-view-editor="4b8cea5e8c7594153cc999f55fcee34a"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wpv-view-output[data-toolset-views-view-editor="4b8cea5e8c7594153cc999f55fcee34a"] .js-wpv-loop-wrapper > .tb-grid { grid-template-columns: minmax(0, 1fr);grid-auto-flow: row }    .tb-button{color:#f1f1f1}.tb-button--left{text-align:left}.tb-button--center{text-align:center}.tb-button--right{text-align:right}.tb-button__link{color:inherit;cursor:pointer;display:inline-block;line-height:100%;text-decoration:none !important;text-align:center;transition:all 0.3s ease}.tb-button__link:hover,.tb-button__link:focus,.tb-button__link:visited{color:inherit}.tb-button__link:hover .tb-button__content,.tb-button__link:focus .tb-button__content,.tb-button__link:visited .tb-button__content{font-family:inherit;font-style:inherit;font-weight:inherit;letter-spacing:inherit;text-decoration:inherit;text-shadow:inherit;text-transform:inherit}.tb-button__content{vertical-align:middle;transition:all 0.3s ease}.tb-button__icon{transition:all 0.3s ease;display:inline-block;vertical-align:middle;font-style:normal !important}.tb-button__icon::before{content:attr(data-font-code);font-weight:var(--tb-button-icon-weight, normal) !important}.tb-button__link{background-color:#444;border-radius:0.3em;font-size:1.3em;margin-bottom:0.76em;padding:0.55em 1.5em 0.55em}.tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wpv-view-output[data-toolset-views-view-editor="3b6d7f11497ef1f4c5088ab0e9773f84"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wpv-view-output[data-toolset-views-view-editor="3b6d7f11497ef1f4c5088ab0e9773f84"] .js-wpv-loop-wrapper > .tb-grid { grid-template-columns: minmax(0, 1fr);grid-auto-flow: row }  } 

Bilancio Comunità Persona

No items found

Contratti derivati, meritevolezza degli interessi ed “effettività” dell’operazione economica

Gianluca Tarantino Dottrina

Leggi e scarica l’articolo completo

Abstract

Il saggio esamina la natura giuridica dei contratti derivati, con particolare riferimento alla nozione di causa e alla meritevolezza degli interessi ex art. 1322 c.c. Dopo un excursus storico-giuridico sull’evoluzione del concetto di causa, si analizza il contratto di interest rate swap (IRS) quale paradigma di strumento finanziario complesso. Viene affrontata la distinzione tra finalità speculativa e di copertura, sostenendo che la valutazione della validità del contratto non può basarsi solo sull’intento dichiarato delle parti, ma deve fondarsi sull’effettiva idoneità dell’operazione a realizzare la funzione economica perseguita. L’autore propone un superamento della prospettiva meramente individualistica, ponendo la meritevolezza degli interessi nel contesto più ampio dell’efficienza del mercato. Si afferma che i derivati, seppur legalmente atipici, sono socialmente tipici e vanno interpretati nel quadro dei contratti d’impresa. Particolare attenzione è riservata alla disciplina degli enti locali, alla razionalità dell’operazione economica e ai criteri di contabilità, rafforzando l’idea di una meritevolezza legata alla funzione sistematica del contratto nel mercato.

Abstract[En]

Derivative contracts, interest worthiness and <> of the economic operation
This essay explores the legal nature of derivative contracts, focusing on the concept of contractual cause and the legitimacy of interests under Article 1322 of the Italian Civil Code. After a historical-legal review of how the notion of cause evolved, the paper analyzes interest rate swaps (IRS) as a representative model of complex financial instruments. It addresses the distinction between hedging and speculative purposes, arguing that contract validity should depend not merely on parties’ intent but on the actual effectiveness of the transaction in achieving its stated economic purpose. The author advocates shifting from an individualistic viewpoint to one centered on market efficiency. Derivatives, although legally atypical, are socially typical and should be understood within the framework of enterprise contracts. Special attention is given to local authorities, economic rationality, and accounting standards, reinforcing the idea that legitimacy is rooted in the systemic function of the contract within the market context.