Protecting investors in financial times : the design and functioning of the legal protection of retail investors
Title: Protecting investors in financial times : the design and functioning of the legal protection of retail investors
Author: MARCACCI, Antonio
Citation: Florence : European University Institute, 2013
Series/Number: EUI PhD theses; Department of Law
This thesis studies and analyzes the current paradigm governing the legal protection of retail investors in the United States and the European Union, by framing both of the legal systems within the transnational financial regulatory arena. In order to do so, the thesis carries out an evolutionary analysis of the European and American statutes dealing with financial markets regulation and gives an account, also grounded on the previous professional experience of the author, concerning the relationship between a retail investor and an investment services provider. It, then, examines whether and how far the US and EU legal systems either are affected by or affect transnational financial regulation, namely those (soft-law) rules adopted by the International Organization of Securities Commissions IOSCO, in particular as regards the protection of retail investors. Subsequently, the thesis describes the Organization’s governance structure, the decision-making process, the content of its financial rules and how far these are implemented into national domestic legislation. The third and last part of the thesis gives an analysis of the different legal tools provided by the European and American systems for public and collective private enforcement mechanisms, with the purpose to check whether a set of tools is preferred over the other (private VS public), and how far retail investors have the chance to concretely protect their rights. At the end, an assessment will be provided regarding the workability of the current paradigm from the point of view of retail investors.
LC Subject Heading: Investments -- Law and legislation -- United States; Investments -- Law and legislation -- European Union countries; Banking law -- United States; Banking law -- European Union countries; International finance -- Law and legislation
Examining Board: Professor Hans-Wolfgang Micklitz, European University Institute (EUI Supervisor) Professor Giorgio Monti, European University Institute Professor Mads Andenæs, Universiteteti Oslo Professor Jan Wouters, Katholieke Universiteit Leuven.; Defence date: 3 July 2013
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