In the wake of the global financial crisis, retail clients have filed numerous claims against banks and investment firms for breaches of conduct of business rules in the distribution of financial instruments.
A key issue in litigation has concerned which private law remedies can be used by investors to obtain compensation for the losses caused by breaches of these rules, in the absence of an EU law harmonisation of private law remedies and duties.
MiFID II sheds new light on the interplay between conduct of business rules and national private law. Building on the case law of national courts and the decisions of alternative dispute resolution mechanisms in the UK, France, Italy and Spain, this monograph shows how the new MiFID II conduct of business rules can drive the interpretation of national private law, giving rise to 'hybrid' private law duties and remedies that will enable investors to compensate losses caused by mis-selling of financial instruments.
The book argues, through a comprehensive analysis of the case law of Union courts, that 'hybrid' private law will increase the deterrent effect of the EU conduct of business rules, strengthen the protection of retail clients and re-build the investors' confidence in the EU financial markets.
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.