Abstract

Abstract This chapter examines the harmonized EU rules governing the retail markets and retail investor protection, in particular under the Markets in Financial Instruments Directive II/Markets in Financial Instruments Regulation (MiFID II/MiFIR), the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation, and the Investor Compensation Schemes Directive, and including the related administrative rules and the supporting supervisory and enforcement arrangements.The chapter considers the evolution and purpose of the regime, including its treatment of investor protection and investor empowerment, and market developments, including the Gamestop episode and technological innovation. The Chapter then considers the different elements of the regime, including as regards fair treatment, marketing, disclosure, know-your-client, execution-only, investment advice, product governance, and product intervention (including ESMA’s first use in 2018 of its product intervention powers) (MiFID II/MiFIR); summary investment product disclosure (PRIIPs Regulation); and the Investor Compensation Scheme Directive.

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