Regulating Investor Protection under EU Law The Unbridgeable Gaps wi
This book analyzes the legal system for the protection of retail investors under the European Union law of investment services. It identifies the regulatory leitmotiv driving the EU lawmaker and ascertains whether and to what extent such a system is
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THE UNBRIDGEABLE GAPS WITH THE U.S. AND THE WAY FORWARD
Regulating Investor Protection under EU Law
Antonio Marcacci
Regulating Investor Protection under EU Law The Unbridgeable Gaps with the U.S. and the Way Forward
Antonio Marcacci European University Institute Alumnus Compliance Professional at a Global Systemically Important Bank Milan, Italy
ISBN 978-3-319-90296-8 ISBN 978-3-319-90297-5 (eBook) https://doi.org/10.1007/978-3-319-90297-5 Library of Congress Control Number: 2018941826 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: MariaTkach, iStock / Getty Images Plus Printed on acid-free paper This Palgrave Macmillan imprint is published by the registered company Springer International Publishing AG part of Springer Nature. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To Valentina, in her loving memory.
Preface
This book analyzes the legal system for the protection of retail investors under the European Union law of investment services. It identifies the regulatory leitmotiv driving the EU lawmaker and ascertains whether and to what extent such a system is self-sufficient, using a set of EU-made and EU-enforced rules essentially different and autonomous from the Member States’ legal orders. The book takes a double perspective: comparative and intra-firm. Given the federal dimension of the US legal system and, thus, the “role-model” it plays vis-à-vis the EU, the book compares the two systems. The Union/Federal level as such— that is, detached from the national (in EU terms) and state (in US terms) level—is taken into account in order to fully highlight the existing gaps and measure the completeness/self-sufficiency of the EU system against its American counterpart. Alongside this, the book brings to the table
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