Disclosure Inducements And Suitability Rules For Retail Investors Study
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| Total Pages | : 0 |
| Release | : 2023 |
| Genre | : |
| ISBN | : 9789276997627 |
Financial markets, within and beyond the EU internal market, are characterised by their complexity, with the risk that decisions made by consumers do not necessarily serve their real needs when entering these complex market as (potential) private buyers - but rather benefit the suppliers or intermediaries involved in the sale of financial products. The diversity of the products and the way they are presented makes it challenging for many consumers to perform a thorough and rational screening of information and make an informed decision process by weighing up the (absolute and relative) risks and costs of different investment offers against their (potential) returns. There is therefore a risk that (new) investment decisions are being driven by factors other than rational choice. EU legislation in the area of retail investor protection aims to address, at least partly, challenges stemming from the information asymmetry and lack of product transparency. It aims to make the supply of financial products more easily "navigable" for consumers through pre-contractual disclosure and also to ensure that advisors act in the client's best interests and are able to offer impartial advice on the basis of a clear assessment of the client's needs, objectives and financial situation. It aims to prevent conflicts of interest and ensure sure that potential conflicts of interest are disclosed. In this context, the European Commission commissioned a study to feed into the development of the retail investment strategy announced for 2022, which is one of the actions planned under the Capital Markets Union's Action Plan. The aim of the Retail Investment Strategy is to respond to new challenges in the market, such as the increasing digitalisation of investment advice and the use of digital distribution channels. The objectives of the Retail Investment Strategy as defined in the CMU Action Plan are expected to ensure that retail investors in the EU: - benefit from adequate protection; - are offered bias-free advice and fair treatment; - have access to open markets with a variety of competitive and cost-efficient financial services and products; and - are provided with transparent, comparable and understandable information about products. The CMU Action Plan also defines 16 action areas. Action area 8 - building retail investors' trust in capital markets - covers issues at the core of this study, notably inducements and disclosure.
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| Total Pages | : 0 |
| Release | : 2022 |
| Genre | : |
| ISBN | : 9789276555957 |
This annex offers greater detail on the sample and figures presented in the methods section. It is complemented by a set of annexes: Annex 8 Behavioural experiment results and treatments includes the behavioural experiment treatments displayed for the survey participants. Annex 9 Data collection instruments includes the topic guides for the interviews, the survey questionnaire, and the mystery shopping questionnaires.
| Author | : Niamh Moloney |
| Publisher | : Oxford University Press |
| Total Pages | : 993 |
| Release | : 2023-03-29 |
| Genre | : |
| ISBN | : 0198844875 |
Over the decade or so since the global financial crisis rocked EU financial markets and led to wide-ranging reforms, EU securities and financial markets regulation has continued to evolve. The legislative framework has been refined and administrative rulemaking has expanded. Alongside, the Capital Markets Union agenda has developed, the UK has left the EU, and ESMA has emerged as a decisive influence on EU financial markets governance. All these developments, as well as the Covid-19 pandemic, have shaped the regulatory landscape and how supervision is organized. EU Securities and Financial Markets Regulation provides a comprehensive, critical, and contextual account of the intricate rulebook that governs EU financial markets and its supporting institutional arrangements. It is framed by an assessment of how the regime has evolved over the decade or so since the global financial crisis and considers, among other matters, the post-crisis reforms to key legislative measures, the massive expansion of administrative rulemaking and of soft law, the Capital Markets Union agenda, the development of supervisory convergence as the means for organizing pan-EU supervision, and ESMA's role in EU financial markets governance. Its coverage extends from capital-raising and the Prospectus Regulation to financial market intermediation and the MiFID II/MiFIR and IFD/IFR regimes, to the new regulatory regimes adopted since the global financial crisis (including for benchmarks and their administrators), to retail market regulation and the PRIIPs Regulation, and on to the EU's third country regime and the implications of the UK's departure from the EU. This is the fourth edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Heavily revised from the third edition to reflect developments since the global financial crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, institutional, and international context of the regulatory and supervisory regime.
| Author | : David Ramiro Troitiño |
| Publisher | : Springer Nature |
| Total Pages | : 375 |
| Release | : 2023-06-20 |
| Genre | : Political Science |
| ISBN | : 3031273125 |
This edited volume analyses the digital development of the European Union, presenting an interdisciplinary perspective from the disciplines of political science, international relations, economics, and law. The contributions address the main areas where the EU can, and should act, for creating an efficient and protective digital space in Europe. The book highlights the responsibility of the European Union to work on the future of its digital development, looking for prosperity and defending the European conception of society. It explains how European values must be incorporated into the digital revolution and shows how the digital revolution of the EU will defend the Europeans from new threats. The book's comprehensive approach allows the reader to understand this process without in-depth knowledge of the specific discipline. Therefore, it is a must-read for everybody interested in a better understanding of digital development, European Union policy, and the future of Europe.
| Author | : Danny Busch |
| Publisher | : Oxford Eu Financial Regulation |
| Total Pages | : 0 |
| Release | : 2017 |
| Genre | : Law |
| ISBN | : 9780198767671 |
PART I: GENERAL ASPECTS 1: Introduction, Danny Busch and Guido Ferrarini PART II: INVESTMENT FIRMS AND INVESTMENT SERVICES 2: The Scope of MiFID II, Kitty Lieverse 3: Governance of Investment Firms under MiFID II, Jens-Hinrich Binder 4: The Overarching Duty to Act in the Best Interest of the Client in MiFID II, Luca Enriques and Matteo Gargantini 5: Product Governance and Product Intervention, Danny Busch 6: Independent Financial Advice, Paolo Giudici 7: Conflicts of Interest, Stefan Grundmann and Philipp Hacker 8: Inducements, Larissa Silverentand, Jasha Sprecher, and Lisette Simons 9: Agency and Principal Dealing Under MiFID, Danny Busch 10: MiFID II/MiFIR's Regime for Third-Country Firms, Danny Busch & Marije Louisse PART III: TRADING 11: TGovernance and Organization of Trading Venues: The Role of Financial Market Infrastructures Groups, Guido Ferrarini & Paolo Saguato 12: EU Financial Governance and Transparency Regulation: A Test for the Effectiveness of Post-Crisis Administrative Governance, Niamh Moloney 13: SME Growth Markets, Carmine di Noia & Rudiger Veil 14: Dark Trading Under MiFID II, Peter Gomber & Ilya Gvozdevskiy 15: Derivatives: Trading, Clearing, STP, Indirect Clearing, and Portfolio Compression, Rezah Stegeman & Aron Berket 16: Commodity Derivatives, Antonella Sciarrone Alibrandi & Edoardo Grossule 17: Algorithmic Trading and High Frequency Trading, Pierre-Henri Conac 18: An American perspective, Merritt Fox PART IV: SUPERVISION AND ENFORCEMENT 19: Public Enforcement of MiFID II, Christos Gortsos 20: The Private Law Effect of MiFID: the Genil Case and Beyond, Danny Busch PART V: THE BROADER VIEW AND THE FUTURE OF MIFID 21: MiFID II: Picking up the Crumbs of a Piecemeal Approach, Veerle Colaert 22: Shadow Banking and the Functioning of Financial Markets, Eddy Wymeersch 23: Investment-based Crowdfunding: Is MiFID II enough?, Guido Ferrarini & Eugenia Macchiavello.
| Author | : Mirzha de Manuel Aramendía |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2012 |
| Genre | : Business & Economics |
| ISBN | : 9789461381804 |
The Alternative Investment Fund Managers Directive (AIFMD), adopted in 2011, aims to reshape the asset management industry in Europe. Despite often being depicted as the "hedge-fund directive," the AIFMD embodies in substance the basic Europe. The directive paves the ground for investment funds and investment mandates to grow in size and importance as Europe reduces its historical reliance on banks. This report provides a comprehensive assessment of the future of the investment management industry in Europe after the subprime crisis and the subsequent regulatory response. It considers in four separate chapters - Selected issues of financial stability related to investment funds - Product structuring and the use of derivatives in mutual funds - Distribution; investor choice; and investor protection, including disclosure and investment advice; and the contribution of asset management to economic growth, including long-term and responsible investing
| Author | : Pierpaolo Marano |
| Publisher | : Springer Nature |
| Total Pages | : 439 |
| Release | : 2021 |
| Genre | : Bank marketing |
| ISBN | : 3030527387 |
This open access volume of the AIDA Europe Research Series on Insurance Law and Regulation offers the first comprehensive legal and regulatory analysis of the Insurance Distribution Directive (IDD). The IDD came into force on 1 October 2018 and regulates the distribution of insurance products in the EU. The book examines the main changes accompanying the IDD and analyses its impact on insurance distributors, i.e., insurance intermediaries and insurance undertakings, as well as the market. Drawing on interrelations between the rules of the Directive and other fields that are relevant to the distribution of insurance products, it explores various topics related to the interpretation of the IDD - e.g. the harmonization achieved under it; its role as a benchmark for national legislators; and its interplay with other regulations and sciences - while also providing an empirical analysis of the standardised pre-contractual information document. Accordingly, the book offers a wealth of valuable insights for academics, regulators, practitioners and students who are interested in issues concerning insurance distribution.--
| Author | : Karel Lannoo |
| Publisher | : Rowman & Littlefield |
| Total Pages | : 201 |
| Release | : 2015-09-30 |
| Genre | : Business & Economics |
| ISBN | : 1783484292 |
The financial crisis has led to a far-reaching redesign of the European regulatory and supervisory framework. Following the commitments made in the context of the G-20, but also reacting to internal shortcomings, the EU engaged in a massive program to re-regulate financial markets. The EU furthermore redesigned the structure for supervisory cooperation, initially through the European Supervisory Authorities, and later in its ambition to form the Banking Union. In The Great Financial Plumbing, Karel Lannoo systematically assesses the new regulatory and supervisory framework. The book’s structure follows the big questions on the agenda: 1) What is Banking Union? 2) How have the concerns of the G-20 been addressed by the EU (oversight of credit-rating agencies, better capital for banks, the re-regulation of securities and derivatives markets, asset management, depositor protection and bank resolution)? 3) How were uniquely EU rules on state aid applied to the banking sector? This book is designed to give professionals, policy-makers and students a better understanding of the new regulatory framework and insights into the policy context that has led to the new rules governing financial markets in Europe.
| Author | : C. King Chanetsa |
| Publisher | : BRILL |
| Total Pages | : 105 |
| Release | : 2019-08-26 |
| Genre | : Law |
| ISBN | : 9004413057 |
In Securities and Capital Markets Regulation: A Contemporary View, the author takes a critical look at regulation of the sector in South Africa primarily in view of efforts to accommodate international standards, policy considerations, and the transition to a new regulatory framework (Twin Peaks).
| Author | : CFA Institute |
| Publisher | : |
| Total Pages | : |
| Release | : 2014-06 |
| Genre | : |
| ISBN | : 9780938367857 |
