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Investor Protection in EuropeCorporate Law Making, The MiFID and Beyond$
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Guido Ferrarini and Eddy Wymeersch

Print publication date: 2006

Print ISBN-13: 9780199202911

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199202911.001.0001

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The Eclipse of Contract Law in the Investment Firm-Client-Relationship: The Impact of the MiFID on the Law of Contract from a German Perspective

The Eclipse of Contract Law in the Investment Firm-Client-Relationship: The Impact of the MiFID on the Law of Contract from a German Perspective

Chapter:
(p.299) 10 The Eclipse of Contract Law in the Investment Firm-Client-Relationship: The Impact of the MiFID on the Law of Contract from a German Perspective
Source:
Investor Protection in Europe
Author(s):

Peter O. Mülbert

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199202911.003.0010

Articles 19 to 24 of the Markets in Financial Instruments Directive (MiFID) establish a new regulatory framework for the legal relationship between an investment firm and its clients. At first glance, the regulatory framework and the contractual framework are completely independent of each other. In particular, Article 19 (7) only recognizes that investment services are provided on a contractual basis by requiring an investment firm to establish a documentary record regarding the contractual terms, but does not mandate any specific contents of such a contract. However, a more detailed analysis shows the MiFID framework to have a profound impact on the structure and contents of the respective contractual relationships. In this respect, Article 20 dealing with the provision of services received through the medium of another investment firm, and Articles 31 and 32 providing for maximum harmonization of the conduct of business rules, are of particular importance.

Keywords:   conduct of business rules, firm-client relationship, German law, contractual law, investment advice, investment services, investment firms

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