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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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Conflicts of Interest in Investment Services: The Price and Uncertain Impact of MiFID's Regulatory Framework

Conflicts of Interest in Investment Services: The Price and Uncertain Impact of MiFID's Regulatory Framework

Chapter:
(p.321) 11 Conflicts of Interest in Investment Services: The Price and Uncertain Impact of MiFID's Regulatory Framework
Source:
Investor Protection in Europe
Author(s):

Luca Enriques

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199202911.003.0011

The Markets in Financial Instruments Directive (MiFID) lays down organizational and conduct-of-business rules on conflicts of interest of investment firms and banks providing investment services. It is easy to predict that, as a consequence of the home country control principle, the MiFID will lead to de facto complete harmonization of the rules on conflicts of interest: Member States will refrain from enacting further rules on conflicts of interest so as to avoid putting domestic firms at a competitive disadvantage vis-à-vis EC firms. This chapter inquires into this prospective uniformity, making two points. Firstly, the uniformity will be more apparent than real. Secondly, that the uniform rules on conflicts of interests will lower the degree of investor protection in at least some Member States (namely, Italy) where regulation would be most needed in light of the lower degree of competition in the financial services industry, the lower level of investor education, and the unimpressive record of the financial services authority.

Keywords:   conduct of business rules, conflicts of interest, investment services, organization, identification of conflicts, disclosure, honesty and fair dealing, inducements, harmonization

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