Contratti derivati su azioni proprie: profili di disciplina societaria

[Autom. eng. transl.] The article analyzes some types of derivative contracts, whose common denominator is constituted by the fact that the underlying products are shares issued by a company that is simultaneously also one of the parts of the derivative contract itself. Since they refer in an indirect way to treasury shares, these contracts require the interpreter to identify which aspects of the company law on the purchase of treasury shares are to be applied to them analogously, in light of the rationale of the individual rules provided for in articles 2357 ss. cc and the function of the contractual forms taken into consideration, ie call and put options, as well as forwards and futures in their different versions (with settlement by delivery of the securities or by payment of the differential, concerning individual shares or indices including treasury shares) . The solution is articulated, in that the interests protected by the regulatory code on the purchase of treasury shares are touched to varying degrees and in different ways by each of the financial instruments specifically analyzed.