The Italian Supreme Court, through its decision No 13905 of
June 3 2013, has now recognised the right of non-professional
clients to receive wider protection when dealing in financial
instruments or investment services.
Differently from past court precedents, the Supreme Court
now states that financial intermediaries are bound to give
their clients the right of withdrawal to be exercised within
seven days from the date of the entering into of the relevant
transaction, failing which the transaction may be declared
The principle is to be applied to door-to-door promotion and
placement of financial instruments or investment services in a
place other than the registered office or establishment of the
financial intermediary pursuant to the provisions of section 30
of Legislative Decree No 58/1998, as amended.
The principle contained in Decision No 13905 is to be
extended also to the entering into of derivative transactions
for which non-professional clients (including local authorities
when applicable) are entitled to be given the withdrawal right
from the relevant transaction.
With Decision No 13905, the Supreme Court intentionally
recognises a less favourable position to those financial
intermediaries which follow aggressive marketing policies by