MiFID II and private law : enforcing EU conduct of business rules / Federico Della Negra.

Format:

Book

Author/Creator:

Della Negra, Federico, author.

Series:

Hart studies in commercial and financial law ; v. 2.

Hart studies in commercial and financial law ; v. 2

Language:

English

Subjects (All):

Actions and defenses--European Union countries.

Actions and defenses.

Financial institutions--Law and legislation--European Union countries.

Financial institutions.

Physical Description:

1 online resource (287 pages).

Edition:

First edition.

Place of Publication:

Oxford, UK ; Portland, Oregon : Hart Publishing, 2019.

Summary:

"In the wake of the global financial crisis, investors have suffered significant losses as a result of breaches of conduct of business rules in the distribution of financial instruments. MiFID II introduced new disclosure, distribution and product governance rules to strengthen the protection of investors but, like MiFID I, did not harmonise the civil law consequences for their violation. This book asks whether, in spite of the silence of the EU legislators, the MiFID II conduct of business rules may produce civil law effects, enabling investors to enforce them against investment firms before national courts and alternative dispute resolution (ADR) mechanisms. Building on the case law of the CJEU, the book shows the conditions under which the breach of MiFID II conduct of business rules should give rise to a private law remedy, and what remedies would be compatible with EU law. MiFID II and Private Law is an essential contribution to academic research in EU and financial law and will be a key text for policy-makers and legal practitioners working in the field of investor protection regulation and mis-selling litigation."--Bloomsbury Publishing.

Contents:

Introduction

1. The Rise of EU Investor Protection Regulation and the Role of Private Law

I. Harmonisation in EU Securities Markets: From Liberalisation to Regulation

II. The Development of EU Investor Protection Regulation

III. Protecting Investors without Private Law: The Reasons for (The Lack of) Private Law Harmonisation

IV. Bridging EU Conduct of Business Rules and National Private Law via EU General Principles

V. The Interplay between EU Sectoral Regulation and National General Private Law: Towards Hybridisation of National Private Law?

VI. Preliminary Conclusion

2. Regulatory Design of MiFID II's Conduct of Business Rules

I. Rationales of Conduct of Business Rules

II. The Scope of Conduct of Business Rules

III. The Clients' Categorisation Rules

IV. Regulating Investment Firms' Conduct

V. Private Law Duties and Remedies (in the Shadow of) MiFID II

VI. National Conduct of Business Rules

VII. Preliminary Conclusion

3. Civil Law Effects of ESMA's 'Conduct of Business Handbook'

I. Conduct Supervision and Private Law: The Issues at Stake

II. ESMA's Institutional Design

III. ESMA's 'Conduct of Business Handbook'

IV. National Supervisory Models

V. A Comparative Assessment

VI. Shaping Private Law Through Supervisory Standards

4. Civil Law Effects of Conduct of Business Rules in Out-of-Court Proceedings

I. Out-of-Court Retail Dispute Resolution in EU Law

II. The EU Regulatory Framework

III. National Out-of-Court Dispute Resolution Mechanisms

IV. Adjudicative Approach

5. Civil Law Effects of Conduct of Business Rules before National Courts

I. Mis-selling Litigation: An EU Law Issue

II. National Judicial Approaches

III. A Comparative Assessment

IV. Preliminary Conclusion

6. The Emergence of Hybrid Private Law in Retail Financial Markets: Foundations and Legitimacy

I. Anchoring Hybrid Private Law to EU Law

II. Hybrid Private Law Duties

III. Hybrid Private Law Remedies

IV. The Design of Effective Private Law Remedies

V. Horizontal Application of EU of Fundamental Rights

7. Hybrid Enforcement Mechanisms: Future Perspectives

I. Private Enforcement of Conduct Regulation in the EU: Unexpected Importance and Limitations

II. The Goals of Private Enforcement

III. The Risks of Private Enforcement

IV. The Incentives' Design in Retail Clients' Litigation

V. Connecting Public and Private Enforcement: Towards Hybrid Enforcement Mechanisms?

VI. Preliminary Conclusion.

Notes:

Compliant with Level AA of the Web Content Accessibility Guidelines. Content is displayed as HTML full text which can easily be resized or read with assistive technology, with mark-up that allows screen readers and keyboard-only users to navigate easily.

Includes bibliographical references and index.

ISBN:

9781509925322

1509925325

9781509925308

1509925309

OCLC:

1084645269