Summary
Pursuant to Article 16 of Regulation (EC) No 44/2001, which is referred to by Article 3(2) of Law No 218/1995, Italian courts have jurisdiction over a claim brought by two individuals residing in Italy against a bank of San Marino for the declaration of invalidity of the purchase orders of Argentinean bonds and for the subsequent restitution of the amount paid, since such contracts fall in the category of consumer contracts pursuant to Section 4 of the Regulation. Moreover, pursuant to Articles 16 and 17 of the Regulation, the clause conferring jurisdiction to the courts of San Marino stipulated by the parties when entering into the depository contract is ineffective.