Advertisement

EU Investor

  • Michele SiriEmail author
  • Shanshan Zhu
Chapter

Abstract

This chapter aims to define the current investor protection regime under European Union (EU) rules. The reforming process that involved the entire financial regulatory framework in the last decade clearly signed a shift towards a more ‘paternalistic’ approach, intended to prevent further episodes of financial misbehaviour. In particular, the objective of the recent cross-sectorial reforms can be identified in the attempt to establish an investor protection regime harmonised in all banking, investment and insurance sectors that encompasses the largest number of financial services and instruments. This paper analyses the main regulatory innovations concerning (1) the disclosure of product information, (2) conduct of business (COB) rules, (3) product governance and intervention and (4) financial education.

References

  1. Barberis, N., & Thaler, R. (2003). A survey of behavioural finance. In G. Constantinides, M. Harris, & R. M. Stulz (Eds.), Handbook of the economics of finance: Financial markets and asset pricing (pp. 1051–1121). Amsterdam: North-Holland.  https://doi.org/10.1016/S1574-0102(03)01027-6
  2. Brenncke, M. (2017). Commentary on MiFID II conduct of business rules, Arts 21-30 MiFID II. In M. Lehmann & C. Kumpan (Eds.), Financial Services Law (1st ed.). Oxford, UK: Hart Publishing.Google Scholar
  3. Busch, D. (2017). Product governance and product intervention under MiFID II/MiFIR. In D. Busch & G. Ferrarini (Eds.), Regulation of the EU financial markets: MiFID II and MiFIR (pp. 123–146). Oxford, UK: Oxford University Press.Google Scholar
  4. Clark, R. C. (1976). The soundness of financial intermediaries. Yale Law Journal, 86(1), 1–102.CrossRefGoogle Scholar
  5. Colaert, V. (2017). Building blocks of investor protection: All-embracing regulation tightens its grip. Journal of European Consumer and Market Law, (6), 229–244.Google Scholar
  6. Davies, R., Dufour, A., & Scott-Quinn, B. (2006). The MiFID: Competition in a new European equity market regulatory structure. In G. Ferrarini & E. Wymeersch (Eds.), Investor protection in Europe: Corporate law making, the MiFID and beyond (pp. 163–198). Oxford, UK: Oxford University Press.CrossRefGoogle Scholar
  7. Enriques, L., & Gargantini, M. (2017). The overarching duty to act in the best interest of the client in MiFID II. In D. Busch & G. Ferrarini (Eds.), Regulation of the EU financial markets: MiFID II and MiFIR (pp. 85–122). Oxford, UK: Oxford University Press.Google Scholar
  8. Enriques, L., & Gilotta, S. (2015). Disclosure and financial market regulation. In N. Moloney, E. Ferran, & J. Payne (Eds.), The Oxford handbook on financial regulation (pp. 511–536). Oxford, UK: Oxford University Press.Google Scholar
  9. Giudici, P. (2017). Independent financial advice. In D. Busch & G. Ferrarini (Eds.), Regulation of the EU financial markets: MiFID II and MiFIR (pp. 147–163). Oxford, UK: Oxford University Press.Google Scholar
  10. Grundmann, S., & Hacker, P. (2017). Conflict of interest. In D. Busch & G. Ferrarini (Eds.), Regulation of the EU financial markets (pp. 165–204). Oxford, UK: Oxford University Press.Google Scholar
  11. Herbst, J. (2015). A practitioner’s guide to MiFID II (2nd ed.). London, England: Sweet & Maxwell/Thomas Reuters.Google Scholar
  12. Möllers, T. M. J. (2016). European legislative practice 2.0: Dynamic harmonisation of capital markets law – MiFID II and PRIIP. Banking & Finance Law Review, 31(1), 141–176.Google Scholar
  13. Moloney, N. (2010). How to protect investors: Lessons from the EC and the UK. Cambridge, UK: Cambridge University Press.CrossRefGoogle Scholar
  14. Moloney, N. (2015). Regulating the retail markets. In N. Moloney, E. Ferran, & J. Payne (Eds.), The Oxford handbook of financial regulation (pp. 736–765). Oxford, UK: Oxford University Press.CrossRefGoogle Scholar
  15. Paredes, T. A. (2003). Blinded by the light: Information overload and its consequences for securities regulation. Washington University Law Quarterly, 81, 417–485.Google Scholar
  16. Silverentand, L., Sprecher, J., & Simons, L. (2017). Inducements. In D. Busch & G. Ferrarini (Eds.), Regulation of the EU financial markets: MiFID II and MiFIR (pp. 205–225). Oxford, UK: Oxford University Press.Google Scholar
  17. Tuch, A. F. (2015). Conduct of business regulation. In N. Moloney, E. Ferran, & J. Payne (Eds.), The Oxford handbook on financial regulation (pp. 537–567). Oxford, UK: Oxford University Press.Google Scholar

Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  1. 1.University of GenoaGenoaItaly

Personalised recommendations