INVESTMENT SERVICES AND PROTECTION OF THE RETAIL CLIENT

Martin Hobza

Abstract


The paper deals with selected legal instruments of protection of retail client in connection with provision of investment services in the financial market. The area of investment services is widely harmonized by European Law. The content of this paper is mainly categorization of particular instruments, their characterization and analysis of selected issues associated with their application. The paper focuses on analysis of the conduct of business rules. The effect of the most important rules is illustrated by the example of investment advice. Attention is also given to Private Law instruments of protection for the aggrieved investor in disputes with investment services providers. Within the paper the author presents several proposals that may help to increase the level of protection for retail clients. Certain problems are analysed based upon the example of the Czech Republic, the conclusions however can be applied also in other Member States, thanks to the harmonized regime of provision of investment services.

Keywords


investment services, retail clients, conduct of business rules

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