Investor Protection under Mifid: A Survey of Greek Case Law

Abstract

There is a debate in the national and the European legal theory concerning the legal nature of Conduct of Business (CoB) rules and the organizational requirements provided for under MiFID. This paper deals with the impact of CoB rules and organizational requirements on private relationships and provides a survey of the relevant case law in Greece. It also analyses (a) the interrelation between CoB rules and organizational requirements and (b) aspects of contractual and non-contractual liability of an investment firm pursuant to Greek case law. Furthermore, we argue that the establishment of a single rulebook at the European level (MiFID II) will not impact on the current doctrinal analysis of CoB rules and organizational requirements in private relationships in Greece. Nevertheless, on a practical level, the new regulatory provisions are expected to strengthen civil law protection of investors.

Implementation of MiFID II investor protection provisions by private banks within the European Union

“…They indicate that the obligation to profile investors to guarantee that they have sufficient knowledge, experience and information is particularly beneficial to investors with limited experience in financial markets and will contribute to increasing sustainable growth and confidence. Tountopoulos (2016) is of the opinion that investor rights cannot be enforced with the principle of uniformity without a common standard on civil remedies and procedures. These civil remedies should be determined at EU level, rather than different national rules.…”