By Professor Niamh Moloney
As governments all over the world withdraw from welfare provision and advertise long term discount rates through families throughout the monetary markets, the safety of retail traders has turn into seriously very important. Taking as a case research the wide-ranging EC investor-protection regime which now governs EC retail markets after an extreme reform interval, this serious, contextual and comparative exam of the character of investor security explores why the retail investor may be secure, no matter if retail investor engagement with the markets could be inspired and the way investor safeguard legislation could be designed, quite in mild of the monetary difficulty. The booklet considers the results of the EC's investor safeguard principles 'on the books' but additionally considers investor safety legislations and coverage 'in action', drawing on event from the united kingdom retail marketplace and particularly the monetary companies Authority's wide retail marketplace actions, together with the new Retail Distribution evaluation and the Treating shoppers rather technique.
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Extra resources for How to Protect Investors: Lessons from the EC and the UK (International Corporate Law and Financial Market Regulation)
Zingales, The Future of Securities Regulation (2009), ssrn abstractid=1319648, p. 2. FSA, A Review of Retail Distribution (Discussion Paper No. 07/1, 2007) (‘2007 RDR’), p. 17. FSA, Financial Risk Outlook 2005, pp. 33–40 and 43. FSA, Financial Risk Outlook 2006, pp. 71–4 and Financial Risk Outlook 2007, pp. 77–82. See further ch. 3. 16 The need for stronger financial independence, and for effective and responsive retail markets, has been repeatedly highlighted by the Community institutions. 20 A similar concern has come from the Community’s executive, the European Commission.
4. 77 Notably the MiFID Level 2 Directive. Applying additional rules to passporting actors would be in breach of the relevant directives as well as, potentially, the Treaty free movement guarantees. Member States are, pending further harmonization, allowed to impose more stringent disclosure requirements to those imposed on distance marketing by the Directive (Art. 4(2)). MiFID, however, means that Member States have very limited discretion with respect to investment services disclosure. The Commission’s review of the consumer acquis highlighted the fragmentation risks consequent on minimum harmonization measures and canvassed whether a horizontal, the retail markets and the ec 15 But the MiFID Level 2 Directive, which is pivotal to the regulation of product distribution and advice as well as to trading regulation, provides in Article 4 the clearest example of the extent to which Member States’ regulatory discretion over the retail markets has been restricted.
Comments included ‘I think it’s great that they [the EC] are trying to do something to help the consumer’ (from the UK) and ‘It’s very positive that the [Commission] pays attention to a sector of the financial market where – at least in Italy – so many frauds have damaged thousands of honest citizens who were simply looking to protect their life’s savings’ (from Italy) (p. 117). the retail markets and the ec 19 the reach of the regulatory regime into local markets or the ambition of the EC’s regulatory strategy for the retail markets, underlining the regulatory quality of the harmonized regime.