The Regulation of Retail Investment Services in the EU: Towards the Improvement of Investor RightsReport as inadecuate




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Journal of Consumer Policy

, Volume 33, Issue 4, pp 403–424

First Online: 02 October 2010Received: 08 February 2010Accepted: 15 September 2010

Abstract

Despite the fact that a substantial body of European Community EC law already exists to protect retail investors, the markets in retail investment services and products in the EU remain fragmented. Moreover, the recent financial crisis has undermined investor confidence in financial markets more generally, and -packaged- retail investment products PRIP, such as investment funds or life insurance policies, in particular. To rebuild retail investor confidence in PRIP by empowering retail investors to make active use of their rights, in 2009 the European Commission proposed to extend the provisions of the 2004 Markets in Financial Instruments Directive MiFID to PRIP. Is the MiFID, however, fit for the purpose which the Commission has in mind? This contribution explores to what extent the MiFID actually confers rights on retail investors and empowers them to make use of these rights. The author concludes that investor rights and remedies should be taken more seriously when making European financial services law. The current overhaul of the EC legal framework for the provision of investment services provides a good opportunity to do so.

KeywordsEC securities regulation Retail investment services Investor protection Investor rights MiFID  Download fulltext PDF



Author: Olha O. Cherednychenko

Source: https://link.springer.com/



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