How to protect investors: lessons from the EC and the UK
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge
Cambridge Univ. Press
2010
|
| Edition: | 1. publ. |
| Series: | International corporate law and financial market regulation
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXVI, 474 S. |
| ISBN: | 9780521888707 0521888700 |
Staff View
MARC
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| 100 | 1 | |a Moloney, Niamh |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a How to protect investors |b lessons from the EC and the UK |c Niamh Moloney |
| 250 | |a 1. publ. | ||
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Record in the Search Index
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| adam_text |
CONTENTS
Preface
and acknowledgments page
xiii
Table of cases
xvii
Table of treaties and legislation
xviii
List of abbreviations
xxv
1
The retail investor and the EC
1
I. The importance of the retail markets
1
II. The retail markets and the EC
5
1.
The development of a retail market agenda
5
2.
Scope: the reach of EC investor protection law and policy
13
3.
Beyond the cross-border context
18
4.
But room for local 'law on the books' and for 'law in action': the
UK example
22
5.
Examining retail investor protection through the EC lens
29
III. Who is the EC investor?
30
1.
Characterizing the target of investor protection
30
2.
The average EC investor: an elusive target?
31
3.
Investors or consumers?
39
IV. The financial crisis and EC retail market policy
41
2
Designing a retail investor protection regime
45
I. Why intervene in the retail markets? Encouraging the empowered
investor, shielding the irrational investor or supporting the trusting
investor?
45
1.
Characterizing investor protection
45
2.
The retail investor as an agent of public policy and the
empowered investor
47
3.
The irrational and uninformed investor
67
4.
The trusting investor
81
II. The risks of retail market intervention
92
1.
Regulatory and retail market agenda risks
92
vii
CONTENTS
2.
Regulation and the retail markets: 'laws on the books' and 'laws in
action'
95
3.
Responding to the drivers of retail market engagement
97
4.
Centralization risks
100
III. How to intervene on the retail markets?
102
1.
The regulatory toolbox and self-regulation
102
2.
Achieving retail market outcomes
106
3.
Principles-based regulation and the retail markets
108
4.
Evidence-based policy formation and rule-making
114
5.
Controlling risk-taking and segmentation techniques
118
6.
Diversification
122
3
Product regulation
134
I. Product regulation and the retail markets
134
1.
The EC and product regulation
134
2.
The benefits of CIS product regulation
137
3.
The risks of CIS product regulation
142
4.
An integrated model
151
II. The UCITS investor protection regime and product regulation
152
1.
Inbuilt diversification and liquidity
152
2.
Inbuilt governance: the depositary and the management
company
153
III. The UCITS III product and design risks
157
1.
The UCITS III regime
157
2.
UCITS III and the risks of
facultative
product design
162
3.
Beyond UCITS III: alternative investments and product
design risks
168
4.
Beyond product regulation: the product provider and the
provider/distributor relationship
176
IV. Structured and substitute products
179
1.
The substitute product market and structured products
179
2.
A segmented product regime and its risks
184
3.
Developing a response
187
4
Investment advice and product distribution
192
I. Intermediation, its risks and regulation
192
1.
The benefits of advice
192
2.
The risks
193
3.
Regulating advice
196
II. Scope of the advice and product distribution regime
200
1.
The advice and distribution regime
200
2.
MiFID's scope: a wide range of instruments and services
202
CONTENTS
IX
3. MiFID's
scope: the pivotal investment advice definition
203
4.
MiFID's scope: supporting access to advice?
204
5.
MiFID's scope: the nature of investor protection 'on the books'
207
III. Regulatory design choices
209
1.
Regulatory design choice
(1):
maximum harmonization
209
2.
Regulatory design choice
(2):
principles-based regulation
212
3.
Regulatory design choice
(3):
shaping firm conduct and the
eclipsing of disclosure
213
IV. Regulatory technique
(1):
the fairness principle and 'law in action'
215
1.
The fair treatment principle
215
2.
The risks of'fairness'
217
3.
Fairness and the TCF model:'law in action'
219
4.
The implications of the TCF model
223
V. Regulatory technique
(2):
marketing risks
224
1.
Marketing risks
224
2.
Delivery-specific protection: online and distance contacts
226
3.
Horizontal protection: consumer protection directives
227
4.
Investment-specific protections: MiFID
231
VI. Regulatory technique
(3):
quality of advice and suitability
235
1.
Suitability and objective advice
235
2.
The suitability regime: suitability and appropriateness
237
3.
Suitability 'in action'
240
VII.
Regulatory technique
(4):
conflict-of-interest management
244
1.
Conflict-of-interest risks
244
2.
MiFID and retail market conflict-of-interest risk
245
VIII.
Regulatory technique
(5):
the investment firm/investor contract
247
IX. Segmentation risks
250
1.
The UCITS regime
250
2.
Structured and substitute products
252
X. Advice or sales? Addressing the 'right risks'
256
1.
Delivering high-quality investment advice
256
2.
Incentive and commission risks: advice or sales?
257
3.
MiFID and commission risk
263
XL Fee-based investment advice: segmenting regulated advice
266
1.
Delivering independent investment advice: the UK Retail
Distribution Review and other international experience
266
2.
An EC model?
273
XII.
Access to mass market advice and the sales problem
278
1.
Access to advice
278
2.
A mass market advice regime and MiFID: generic advice
279
3.
Access to advice and the UK experience
279
4.
The EC and access to advice
285
CONTENTS
5
Disclosure
288
I. Disclosure and EC investor protection
288
1.
The retail market disclosure regime
288
2.
The investor understanding problem
290
3.
The risks of disclosure
296
4.
Disclosure 'in action'
300
II. Investment product disclosure
(1):
the UCITS regime
304
1.
Designing CIS disclosure: the challenge
304
2.
The EC laboratory
312
HI. Investment product disclosure
(2):
the substitute products
challenge
322
1.
A fragmented regime
322
2.
Developing a response
330
IV. Disclosure in the distribution and advice context
333
1.
Marketing communications
333
2.
General investment firm and services disclosure: MiFID
Article
19(2)
and
(3) 334
3.
Conflicts of interest and commissions
337
6
The trading process
345
I. Promoting access to trading
345
1.
Better diversification and lower trading costs
345
2.
The risks and execution-only services
350
II. Investor protection in the trading process
354
1.
A matrix of rules
354
2.
Best execution
355
3.
Trading and issuer disclosure
363
7
Education and governance
374
I. Investor education
374
1.
Investor education
374
2.
Building an investor education strategy: the UK example
384
3.
Investor education and EC retail market policy
389
II. Retail investor involvement in policy formation and law-making
398
1.
Retail investor involvement
398
2.
Retail governance and the EC
399
3.
Improving investor governance
413
4.
CESR and the retail markets
419
8
Supervision, enforcement and redress
426
I. Public supervision and enforcement in the retail markets
426
1.
Public supervision and enforcement in the retail markets
426
CONTENTS Xl
2.
The EC regime
426
3.
Risks to the retail markets
429
4.
CESR, the retail markets and supervisory convergence
436
5.
Investor compensation schemes
440
II. Investor redress
442
1.
Access to justice and the retail investor
442
2.
Direct retail investor action
444
3.
Collective action
458
Index
464 |
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| spelling | Moloney, Niamh Verfasser aut How to protect investors lessons from the EC and the UK Niamh Moloney 1. publ. Cambridge Cambridge Univ. Press 2010 XXVI, 474 S. txt rdacontent n rdamedia nc rdacarrier International corporate law and financial market regulation Europäische Union (DE-588)5098525-5 gnd rswk-swf Anlegerschutz (DE-588)4002106-3 gnd rswk-swf Großbritannien (DE-588)4022153-2 gnd rswk-swf Europäische Union (DE-588)5098525-5 b Anlegerschutz (DE-588)4002106-3 s Großbritannien (DE-588)4022153-2 g b DE-604 Digitalisierung UB Bamberg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020329209&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Moloney, Niamh How to protect investors lessons from the EC and the UK Europäische Union (DE-588)5098525-5 gnd Anlegerschutz (DE-588)4002106-3 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4002106-3 (DE-588)4022153-2 |
| title | How to protect investors lessons from the EC and the UK |
| title_auth | How to protect investors lessons from the EC and the UK |
| title_exact_search | How to protect investors lessons from the EC and the UK |
| title_full | How to protect investors lessons from the EC and the UK Niamh Moloney |
| title_fullStr | How to protect investors lessons from the EC and the UK Niamh Moloney |
| title_full_unstemmed | How to protect investors lessons from the EC and the UK Niamh Moloney |
| title_short | How to protect investors |
| title_sort | how to protect investors lessons from the ec and the uk |
| title_sub | lessons from the EC and the UK |
| topic | Europäische Union (DE-588)5098525-5 gnd Anlegerschutz (DE-588)4002106-3 gnd |
| topic_facet | Europäische Union Anlegerschutz Großbritannien |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020329209&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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