MiFID II and Private Law: Enforcing EU Conduct of Business Rules

(Paperback)

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In the wake of the global financial crisis, investors have suffered significant losses as a result of breaches of conduct of business rules in the distribution of financial instruments. MiFID II introduced new disclosure, distribution and product governance rules to strengthen the protection of investors but, like MiFID I, did not harmonise the civil law consequences for their violation. This book asks whether, in spite of the silence of the EU legislators, the MiFID II conduct of business rules may produce civil law effects, enabling investors to enforce them against investment firms before national courts and alternative dispute resolution (ADR) mechanisms. Building on the case law of the CJEU, the book shows the conditions under which the breach of MiFID II conduct of business rules should give rise to a private law remedy, and what remedies would be compatible with EU law. 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.

Reviews

A major strength of Della Negras analysis lies in the fact that it does not only comprise a thorough examination of the relevant EU legislation and case law, but also provides the reader with very insightful and practical national law perspectives... The book has resulted in an original contribution to legal scholarship, which makes for a splendid read that will definitely refine our understanding of this highly pertinent topic. -- Evariest Callens * Common Market Law Review *
EU law has increasingly regulated financial transactions but it has done so without harmonising the national private law which is applicable to these transactions. That leaves challenges on many levels. Federico Della Negras MiFID II and Private Law: Enforcing EU Conduct of Business Rules is the most important scholarly response so far. -- Mads Andenas * Quaderni di Ricerca Giuridica, Banca dItalia *
Della Negra sets out the critical issues with clarity, providing extensive empirical case studies and a comparative methodology. At the same time, he exposes the civil law implications of such rules and the underlying 'Europeanisation of private law', providing practitioners and scholars with a new and comprehensive interpretation of EU financial regulations. -- Marta Cantero Gamito * European Review of Contract Law *

Author Bio

Federico Della Negra obtained his PhD in Law at the European University Institute.