The Relationship Between an Investment Service Provider and a Retail Investor: EU and the United States Compared

  • Antonio Marcacci


This chapter compares the single features of the client-service provider relationship under the EU and US laws in order to test to what extent the two systems share similar patterns and verify whether and to what extent the US blueprint may be reproducible in Europe. The result of the comparison highlights the structural difference between the two systems. Whereas the United States rests on a complexly knitted structure of common-law contract law, securities statutes, and self-regulatory organizations’ rules, the EU arrangements for investor protection heavily rely on public-law duties.


  1. Allen, Matthew P. “A Lesson from History, Roosevelt to Obama—the Evolution of Broker-Dealer Regulation: From Self-Regulation, Arbitration, and Suitability to Federal Regulation, Litigation, and Fiduciary Duty.” Entrepreneurial Business Law Journal 5, no. 1 (2009): 1–96.Google Scholar
  2. Alton Box Board Co. V. Goldman Sachs & Co., 560 F.2d 916, 922 (8th Cir. 1977).Google Scholar
  3. Angeloni, Ignazio. “Savings Banks in the European Banking Landscape.” In Financial Meeting of the Confederación Española de Cajas de Ahorros, edited by European Central Bank - Banking Supervision. Madrid, 2014.Google Scholar
  4. Antonucci, Antonella. “Regole Di Condotta E Conflitto Di Interesse.” Banca, borsa e titoli di credito 2009, no. 1 (2009): 9–20.Google Scholar
  5. Avgouleas, Emilios. “The Harmonisation of Rules of Conduct in EU Financial Markets: Economic Analysis, Subsidiarity and Investor Protection.” European Law Journal 6, no. 1 (2000): 72–92.Google Scholar
  6. ———. “What Future for Disclosure as a Regulatory Technique? Lessons from Behavioural Decision Theory and the Global Financial Crisis.” In The Future of Financial Regulation, edited by Iain G MacNeil and Justin O’Brien. Oxford: Hart Publishing, 2010.Google Scholar
  7. Baker, Tom. “On the Genealogy of Moral Hazard.” Texas Law Review 75, no. 2 (1996): 237–92.Google Scholar
  8. Black, Barbara. “Application of Respondeat Superior Principles to Securities Fraud Claims under the Racketeer Influenced and Corrupt Organizations Act (Rico),” edited by Pace Law Faculty Publications - Paper 9, 1984.Google Scholar
  9. Board of Governors of the Federal Reserve System - U.S. Department of the Treasury. “Report to the Congress on Financial Holding Companies under the Gramm–Leach–Bliley Act.” Washington, DC, 2003.Google Scholar
  10. Bonner, Francis A. “The over-the-Counter Market and the Maloney Act.” In Annual Convention of the Investment Bankers’ Association of America, edited by Investment Bankers’ Association of America. White Sulphur Springs, 1938.Google Scholar
  11. Bošković, Tanja, Caroline Cerruti, and Michel Noël. “Comparing European and U.S. Securities Regulations: Mifid Versus Corresponding U.S. Regulations.” In World Bank Publications, edited by The World Bank. Washington, DC, 2010.Google Scholar
  12. Busch, Danny. “Agency and Principal Dealing under the Market in Financial Instruments Directive.” In Agency Law in Commercial Practice, edited by Danny Busch, Laura Macgregor, and Peter Watts. Oxford: Oxford University Press, 2016.Google Scholar
  13. Casey, Jean-Pierre, and Karel Lannoo, eds. The Mifid Revolution: Cambridge University Press, 2009.Google Scholar
  14. Cassazione Civile, Sez. I, 31 Luglio 2017, N. 19013, 2017 (2017).Google Scholar
  15. CESR, Committee of European Securities Regulators. “Best Execution under Mifid. Public Consultation - Cesr/07-050b.” 2007.Google Scholar
  16. Charles Hughes & Co. V. Sec, 139 F.2d 434 (2d Cir. 1943), cert. denied, 321 U.S. 786.Google Scholar
  17. Cherednychenko, Olha O. “Financial Consumer Protection in the EU: Towards a Self-Sufficient European Contract Law for Consumer Financial Services?”. European Review of Contract Law 10, no. 4 (2014a): 476–95.Google Scholar
  18. ———. “Freedom of Contract in the Post-Crisis Era: Quo Vadis?”. European Review of Contract Law 10, no. 3 (2014b): 390–421.Google Scholar
  19. ———. “Public Supervision over Private Relationships: Towards European Supervision Private Law?”. European Review of Private Law 22, no. 1 (2014c): 37–68.Google Scholar
  20. ———. “The Regulation of Retail Investment Services in the EU: Towards the Improvement of Investor Rights?”. Journal of Consumer Policy 33, no. 4 (2010): 403–24.Google Scholar
  21. Chirico, Alessandra. “Suitability and Appropriateness under Mifid: ‘Faithful Watchdogs’ or ‘Terrible Twins’?” In ECMI Policy Brief - No. 9/September 2007: Centre for European Policy Studies - CEPS, 2007.Google Scholar
  22. Chiu, Iris H.-Y. “Examining the Justifications for Mandatory Ongoing Disclosure in Securities Regulation.” The Company Lawyer 26, no. 3 (2007): 67–74.Google Scholar
  23. Choi, Stephen J., and A. C. Pritchard. Securities Regulations: The Essentials. New York, NY: Aspen Publishers, 2008.Google Scholar
  24. Commission Delegated Directive 2017/593/Eu.Google Scholar
  25. Commission Delegated Regulation 2017/565/Eu.Google Scholar
  26. Commission Directive 2006/73/Ec.Google Scholar
  27. Conte, Tobias, and Matthias Burghardt. “A Process Model for Best Execution.” In Enterprise applications and services in the finance industry: 3rd international workshop. Montreal: FinanceCom 2007, 2007.Google Scholar
  28. Council Regulation 1215/2012.Google Scholar
  29. Cox, Christopher. “Chairman Cox Announces End of Consolidated Supervised Entities Program.”.
  30. D’Alessandro, Francesco. Regolatori Del Mercato, Enforcement E Sistema Penale. Torino: Giappichelli, 2014.Google Scholar
  31. D’Hondt, Catherine, and Jean-René Giraud. “Mifid: The (in)Famous European Directive?” EDHEC Position Paper, 2007.Google Scholar
  32. DellaNegra, Federico. “The Private Enforcement of the Mifid Conduct of Business Rules. An Overview of the Italian and Spanish Experiences.” European Review of Contract Law 10, no. 4 (2014): 571–95.Google Scholar
  33. DeMott, Deborah. “Beyond Metaphor: An Analysis of Fiduciary Obligation.” Duke Law Journal 1988, no. 37 (1988): 879–924.Google Scholar
  34. Directive 93/22/Eec.Google Scholar
  35. Directive 2014/59/Eu.Google Scholar
  36. Directive 2014/65/Eu.Google Scholar
  37. Directive 2016/97/Eu.Google Scholar
  38. Doak, Robin S. Black Tuesday: Prelude to the Great Depression. Compass Point Books, 2008.Google Scholar
  39. Dodd-Frank Wall Street Reform and Consumer Protection Act.Google Scholar
  40. Easterbrook, Frank H., and Daniel R. Fischel. “Mandatory Disclosure and the Protection of Investors.” Virginia Law Review 70, no. 4 (1984): 669–715.Google Scholar
  41. EFAMA, European Fund and Asset Management Association. “European Mifid Template (Emt).” 2017.Google Scholar
  42. Enriques, Luca. “Conflicts of Interest in Investment Services: The Price and Uncertain Impact of Mifid’s Regulatory Framework.” In Investor Protection in Europe, edited by Guido Ferrarini and Eddy Wymeersch. New York: Oxford University Press, 2006.Google Scholar
  43. Enriques, Luca, and Sergio Gilotta. “Disclosure and Financial Market Regulation.” In The Oxford Handbook of Financial Regulation, edited by Niamh Moloney, Eilís Ferran, and Jennifer Payne. Oxford: Oxford University Press, 2015.Google Scholar
  44. ESAs, Joint Committee of the European Supervisory Authorities. “Joint Esas Consumer Protection Day.”.
  45. ESMA, European Securities and Markets Authorities. “Final Report - Guidelines on Complex Debt Instruments and Structured Deposits - Esma/2015/1783.” 2015.Google Scholar
  46. ESMA, European Securities and Markets Authority. “Guidelines on Cross-Selling Practices.” 2016.Google Scholar
  47. ———. “Remuneration Policies and Practices (Mifid) - Esma/2013/606.”
  48. European Securities and Markets Authority - ESMA. “Mifid Practices for Firms Selling Complex Products - Esma/2014/146.” Paris, FR, 2014.Google Scholar
  49. Farnsworth, Allan. “The Concept of Good Faith in American Law.” In Good Faith and Fault in Contract Law, edited by Jack Beatson and Daniel Friedmann, 153–70. Clarendon Press, 1997.Google Scholar
  50. Fass, Allison. “One Year Later, the Impact of Sarbanes-Oxley.” Forbes, 2003.Google Scholar
  51. Fausti, Kristina A. “A Fiduciary Duty for All.” Duquesne Business Law Journal 2009–2010, no. 2 (2010).Google Scholar
  52. Federal Reserve Bank of San Francisco. “Banking Information: Overview of the Gramm-Leach-Bliley Act.” San Francisco, CA, 2000.Google Scholar
  53. Financial Industry Regulatory Authority - FINRA. “2110. Recommendations - 2111. Suitability.” 2002.Google Scholar
  54. FINRA, Financial Industry Regulatory Authority. “2010. Standards of Commercial Honor and Principles of Trade.” 2008a.Google Scholar
  55. ———. “2310. Recommendations to Customers (Suitability).” 1996a.Google Scholar
  56. FINRA, Financial Industry Regulatory Authority. “About Finra.”.
  57. FINRA, Financial Industry Regulatory Authority. “Arbitration and Mediation.”.
  58. FINRA, Financial Industry Regulatory Authority. “Finra Rule 2111 (Suitability) Faq.” 2008b.Google Scholar
  59. FINRA, Financial Industry Regulatory Authority. “Finra Website - Uniform Practice Code (Upc).”.
  60. FINRA, Financial Industry Regulatory Authority. “Im-2310-3. Suitability Obligations to Institutional Customers.” 1996b.Google Scholar
  61. ———. “Sec Approval of Finra Funding Portal Rules and Related Forms. January 2016.”
  62. FINRA, Financial Industry Regulatory Authority. “What We Do.”.
  63. FSA, Financial Services Authority. “Fg12/09, Retail Product Development and Governance – Structured Product Review.” 2012.Google Scholar
  64. Garn–St. Germain Depository Institutions Act.Google Scholar
  65. Gramm-Leach-Bliley Act.Google Scholar
  66. Haas, Jeffrey J., and Steven Howard. Investment Adviser Regulation in a Nutshell. Eagan, MN: Thomson West, 2008.Google Scholar
  67. Hanly V. Sec, 415 F.2d 589, 596 (2d Cir. 1969).Google Scholar
  68. Harvard Law Review Note. “Churning by Securities Dealers.” Harvard Law Review 80, no. 4 (1967): 869–86.Google Scholar
  69. Hed-Hofmann, Tamar. “The Maloney Act Experiment.” Boston College Law Review 6, no. 2 (1965): 187–218.Google Scholar
  70. Henryk De Kwiatkowski, Plaintiff-Appellee, V. Bear, Stearns & Co., Inc., Bear, Stearns Securities Corporation, and Bear Stearns Forex Inc., Defendants-Appellants, Andalbert J. Sabini, Defendant, 306 F.3d 1293 (2d Cir. 2002), 306 F.3d 1293 (2d Cir. 2002).Google Scholar
  71. Hung, Angela, Noreen Clancy, Jeff Dominitz, Eric Talley, Claude Berrebi, and Farrukh Suvankulov. “Investor and Industry Perspectives on Investment Advisers and Broker-Dealers.” edited by RAND Institute for Civil Justice, 2008.Google Scholar
  72. Investment Advisers Act.Google Scholar
  73. Jackson, Howell. “The Trilateral Dilemma in Financial Regulation.” In Overcoming the Saving Slump: How to Increase the Effectiveness of Financial Education and Saving Programs, edited by Anna Maria Lusardi, 82–118. Chicago: University of Chicago Press, 2009.Google Scholar
  74. James, Laylin K. “The Securities Act of 1933.” Michigan Law Review 32, no. 5 (1934).Google Scholar
  75. Jennings, Richard W. “Self-Regulation in the Securities Industry: The Role of the Securities and Exchange Commission.” Law and Contemporary Problems 29 (1964): 663–90.Google Scholar
  76. Johnsen, D. Bruce. “The Sec’s 2006 Soft Dollar Guidance: Law and Economics”, edited by George Mason Law & Economics Research Paper No. 08-25, 2008.Google Scholar
  77. Johnson, Carrie. “Sec Approves One Watchdog for Brokers Big and Small.” The Washington Post July 27, 2007.Google Scholar
  78. Jumpstart Our Business Startups Act.Google Scholar
  79. Karmel, Roberta S. “Is the Shingle Theory Dead.” Washington and Lee Law Review 52, no. 4 (1995): 1271.Google Scholar
  80. Krippner, Greta R. Capitalizing on Crisis: The Political Origins of the Rise of Finance. Cambridge, MA: Harvard University Press, 2011.Google Scholar
  81. Krugman, Paul. “Reagan Did It.” The New York Times, May 31, 2009.Google Scholar
  82. Krugman, Paul R. The Return of Depression Economics. London: Penguin UK, 2008.Google Scholar
  83. Kruithof, Marc. “A Differentiated Approach to Client Protection: The Example of Mifid.” In Financial Services, Financial Crisis and General European Contract Law: Failure and Challenges of Contracting, edited by Stefan Grundmann and Yesim M Atamer, 105–62. New York: Kluwer Law International, 2011.Google Scholar
  84. Kruithof, Marc, and Walter VanGerven. “A Differentiated Approach to Client Protection: The Example of Mifid.” edited by Financial Law Institute - Universiteit Gent, 2010.Google Scholar
  85. Kumpan, Christoph, and Patrick C. Leyens. “Conflicts of Interest of Financial Intermediaries - Towards a Global Common Core in Conflicts of Interest Regulation.” European Company and Financial Law Review 4, no. 1 (2008): 72–100.Google Scholar
  86. Labor, Employee Benefits Security Administration - Department of. “Definition of the Term “Fiduciary”; Conflict of Interest Rule-Retirement Investment Advice.”.
  87. Laby, Arthur B. “Fiduciary Obligations of Broker-Dealers and Investment Advisers.” Villanova Law Review 55 (2010a): 701–42.Google Scholar
  88. ———. “Reforming the Regulation of Broker-Dealers and Investment Advisers.” The Business Lawyer 65, no. 2 (2010b): 395–440.Google Scholar
  89. Langevoort, Donald C. “Brokers as Fiduciaries.” University of Pittsburgh Law Review 71, no. 3 (2010).Google Scholar
  90. Langevoort, Donald C., and Robert B. Thompson. “‘Publicness’ in Contemporary Securities Regulation after the Jobs Act.” Georgetown Law Journal 101 (2013): 337–86.Google Scholar
  91. Lee-Hazen, Thomas. “Are Existing Stock Broker Standards Sufficient? Principles, Rules and Fiduciary Duties.” Columbia Business Law Review 2010, no. 3 (2010): 709–62.Google Scholar
  92. ———. Broker-Dealer Regulation in a Nutshell. Thomson/West, 2003.Google Scholar
  93. ———. Principles of Securities Regulation, Revised. St. Paul: West Academic, 2017.Google Scholar
  94. Loss, Louis, and Joel Seligman. Fundamentals of Securities Regulation. Aspen, 2004.Google Scholar
  95. Macey, Jonathan R., and Maureen O’Hara. “The Law and Economics of Best Execution.” Journal of Financial Intermediation 6 (1997): 188–223.Google Scholar
  96. Madison, Allen D. “Derivatives Regulation in the Context of the Shingle Theory”. Columbia Business Law Review 1999 (1999): 271–328.Google Scholar
  97. Marcacci, Antonio. “European Regulatory Private Law Going Global? The Case of Product Governance.” European Business Organization Law Review 18, no. 2 (2017): 305–32.Google Scholar
  98. ———. “Public Supervision of Securities Markets in Europe: Still Running Behind the US?”. Federalismi 2015, no. 15 (2015).Google Scholar
  99. Messer V. E.F. Hutton & Co., 833 F.2d 909 (11th Cir. 1987).Google Scholar
  100. Micklitz, Hans-Wolfgang. “The Internal Vs. The External Dimension of European Private Law—a Conceptual Design and a Research Agenda.” In EUI Working Paper Law 2015/35, edited by European University Institute. Florence, 2015.Google Scholar
  101. ———. “Jack Is out of the Box – the Efficient Consumer-Shopper.” Juridiska Föreningen i Finland 3, no. 4 (2009a): 417–36.Google Scholar
  102. ———. “Social Justice and Access Justice in Private Law.” In EUI Working Paper Law 2011/2, edited by European University Institute. Florence, 2011.Google Scholar
  103. ———. “The Visible Hand of European Regulatory Private Law—the Transformation of European Private Law from Autonomy to Functionalism in Competition and Regulation.” Yearbook of European Law 28, no. 1 (2009b): 3–59.Google Scholar
  104. Moloney, Niamh. “Building a Retail Investment Culture through Law: The 2004 Markets in Financial Instruments Directive.” European Business Organization Law Review 6, no. 3 (2005): 341–421.Google Scholar
  105. ———. EU Securities and Financial Markets Regulation. Oxford: Oxford University Press, 2014.Google Scholar
  106. ———. “Regulating the Retail Markets.” In The Oxford Handbook of Financial Regulation, edited by Niamh Moloney, Eilís Ferran, and Jennifer Payne. Oxford: Oxford University Press, 2015.Google Scholar
  107. Nader, Ralph. “Opening the Door to New Taxpayer Bailouts.”.
  108. Nickson, Charles G. “The Regulation of Investment Advice: Subscription Advisers and Fiduciary Duties.” Michigan Law Review 63, no. 7 (1965): 1220–39.Google Scholar
  109. Norris & Hirshberg, Inc. V. Sec, 21 S.E.C. 865, 890 (1946), Afd Norris & Hirshberg, Inc, V. Sec, 177 F.2d 228 (D.D.C. 1949).Google Scholar
  110. Over-the-Counter Market Act.Google Scholar
  111. Owens, Hugh F. “Investment Adviser Regulation: A Subject Too Long Neglected.” Financial Analysts Journal 29, no. 1 (1973): 12–14, 18, 86–87.Google Scholar
  112. Pan, Eric. “Organizing Regional Systems: The US Example.” In The Oxford Handbook of Financial Regulation, edited by Niamh Moloney, Eilís Ferran, and Jennifer Payne. Oxford: Oxford University Press, 2015.Google Scholar
  113. Pan, Eric J. “Harmonization of US–EU Securities Regulation: The Case for a Single European Securities Regulator.” Law & Policy of International Business 34, no. 2 (2003): 499–536.Google Scholar
  114. Ramirez, Steven A. “The Professional Obligations of Securities Brokers under Federal Law: An Antidote for Bubbles?”. University of Cincinnati Law Review 70, no. 2 (2002).Google Scholar
  115. Regulation 593/2008.Google Scholar
  116. Regulation 1286/2014/Eu.Google Scholar
  117. Romano, Roberta. “Empowering Investors: A Market Approach to Securities Regulation.” The Yale Law Journal 107, no. 5 (1998): 2359–430.Google Scholar
  118. Sarbanes-Oxley Act.Google Scholar
  119. SEC, Securities and Exchange Commission. “17 Cfr Parts 200, 201, Et al. - Regulation Nms; Final Rule.” 2005a.Google Scholar
  120. ———. “Admin. Proc. File No. 3-8370 - in the Matter of Donald A. Roche - Rel. No. 38742.” 1997.Google Scholar
  121. ———. “Administrative Proceeding Advisers Act Rel. No. 232.” Washington, DC, 2002.Google Scholar
  122. ———. “Broker Dealer Registration.”
  123. ———. “Certain Broker-Dealers Deemed Not to Be Investment Advisers - Release Nos. 34-51523; Ia-2376; File No. S7-25-99.” 2005b.Google Scholar
  124. ———. “Concept Release on the U.S. Proxy System - Release Nos. 34-62495; Ia-3052; Ic-29340; File No. S7-14-10.” 2010.Google Scholar
  125. ———. “Disclosure by Investment Advisers Regarding Soft Dollar Practices - Release No. 34-35375; Ia-1469; S7-5-95.” 1995.Google Scholar
  126. ———. “Duties of Brokers, Dealers, and Investment Advisers (Release No. 34-69013; Ia-3558; File No. 4-606).” Washington, DC, 2013a.Google Scholar
  127. ———. “Exchange Act Release No. 76324 (October 20, 2015).” 2015.Google Scholar
  128. ———. “Exchange Act Release No. 34-37835, October 17, 1996.” Washington, DC, 1996.Google Scholar
  129. ———. “F.J. Kaufman and Co., Exchange Act Release No. 27535, 50 Sec164 - December 13, 1989.” Washington, DC, 1989.Google Scholar
  130. ———. “Failure to Disclose Material Facts - Securities Act Rel. No. 8333 / Securities Exchange Act Rel. No. 48758.” 2003a.Google Scholar
  131. ———. “Final Rule: Proxy Voting by Investment Advisers - Release No. Ia-2106; File No. S7-38-02.” 2003b.Google Scholar
  132. ———. “Form Adv.” 2013b.Google Scholar
  133. ———. “Inspection Report on the Soft Dollar Practices of Broker-Dealers, Investment Advisers and Mutual Funds.” edited by SEC Office of Compliance Inspections and Examinations, 1998.Google Scholar
  134. ———. “Interpretive Release Concerning the Scope of Section 28(E) of the Securities Exchange Act of 1934 and Related Matters - Exchange Act Release No. 23170 (April 23, 1986).” 1986.Google Scholar
  135. SEC, Securities and Exchange Commission. “Public Comments from Retail Investors and Other Interested Parties on Standards of Conduct for Investment Advisers and Broker-Dealers - Submitted Comments.”.
  136. SEC, Securities and Exchange Commission. “Release No. 34-56145.” Washington, DC, 2007.Google Scholar
  137. SEC, Securities and Exchange Commission. “Self-Regulatory Organization Rulemaking.”.
  138. SEC, Securities and Exchange Commission. “Statement by Sec Commissioners Kathleen L. Casey and Troy A. Paredes: Statement Regarding Study on Investment Advisers and Broker-Dealers.” Washington, DC, 2011a.Google Scholar
  139. ———. “Study on Investment Advisers and Broker-Dealers.” Washington, DC, 2011b.Google Scholar
  140. Sec V. Capital Gains Research Bureau, Inc., 375 U.S. 180, 191 (1963).Google Scholar
  141. Sec V. Texas Gulf Sulphur Co., 401 F.2d 833 (2d Cir. 1968).Google Scholar
  142. Sec. V. Capital Gains Research Bureau, Inc, 375 U.S. 180, 191 (1963).Google Scholar
  143. Securities and Exchange Commission - SEC. “Sec’s Oversight of Bear Stearns and Related Entities: The Consolidated Supervised Entity Program.” 2008.Google Scholar
  144. Securities and Exchange Commission V. W. J. Howey Co., 328 U.S. 293 (1946).Google Scholar
  145. The Securities Exchange Act.Google Scholar
  146. Securities Industry and Financial Markets Association - SIFMA. “Sifma Submits Comments to the Sec on the Sec Study to Comply with Section 913 of Dodd-Frank Act.” 2011.Google Scholar
  147. Securities Investor Protection Act.Google Scholar
  148. Securities Investor Protection Corporation - SIPC. “Sipc Mission.”.
  149. Seipp, David J. “Trust and Fiduciary Duty in the Early Common Law.” Boston University Law Review 91 (2011): 1011–37.Google Scholar
  150. Seligman, Joel. “Cautious Evolution or Perennial Irresolution: Stock Market Self-Regulation During the First Seventy Years of the Securities Exchange Commission.” Business Lawyer 59, no. 4 (2004): 1347–87.Google Scholar
  151. ———. The Transformation of Wall Street: A History of the Securities and Exchange Commission and Modern Corporate Finance, 3rd ed. New York: Aspen Publishers, 2003.Google Scholar
  152. Svetiev, Yane, and Annetje Ottow. “Financial Supervision in the Interstices between Private and Public Law.” European Review of Contract Law 10, no. 4 (2014): 496–544.Google Scholar
  153. The Committee of Wise Men - Lamfalussy Committee. “Final Report of the Committee of Wise Men on the Regulation of European Securities Markets.” 2001.Google Scholar
  154. Treasury, Department of the. “Blueprint for a Modernized Financial Regulatory Structure.” Washington, DC, 2008.Google Scholar
  155. Treccani - Dizionario di Economia e Finanza. “Sarbanes-Oxley Act.” 2012.Google Scholar
  156. The Truth in Securities Act. May 27, 1933.Google Scholar
  157. Tuch, Andrew. “Conduct of Business Regulation.” In The Oxford Handbook of Financial Regulation, edited by Niamh Moloney, Eilís Ferran, and Jennifer Payne. Oxford: Oxford University Press, 2015.Google Scholar
  158. Wilsey, H. Lawrence. “The Investment Advisers Act of 1940.” The Journal of Finance 4, no. 4 (1949): 286–97.Google Scholar

Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Antonio Marcacci
    • 1
  1. 1.European University Institute Alumnus - Compliance Professional at a Global Systemically Important BankMilanItaly

Personalised recommendations