From Public Law to Private Law – Market Supervision and Contract Law Standards
FINANCIAL SERVICES, FINANCIAL CRISIS, AND GENERAL CONTRACT LAW; FAILURES AND CHALLENGES OF CONTRACTING, S. Grundmann and Y. Atamer, eds., Wolter Kluwer, 2011
Posted: 7 May 2011
Date Written: September 19, 2010
With the rules of conduct of the MiFID being implemented in the national legal systems of the Member States, the question about the relationship between public law and private law is becoming ever more important. This contribution deals with the resulting interplay between market supervision and contract law and explores different possible ways to look at it. It turns out that this interaction cannot fully be grasped by the traditional information model of European consumer law and it is not limited to simple coexistence either. Instead, radiating effects of one field of law on the other have to be specified on an individual basis, so that the market-building force of the private law contract can come to the fore.
Keywords: Markets in Financial Instruments Directive (MiFID), financial crisis, financial services, Investment Services Directive, Single Market, suitability test, Principles-based regulation, Financial Services Authority, investor protection, consumer protection, European contract law
JEL Classification: D18, D82, G21, G28, P46
Suggested Citation: Suggested Citation