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Antonio Marcacci

Regulating Investor Protection under EU Law

The Unbridgeable Gaps with the U.S. and the Way Forward

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ISBN: 978-3-030-07985-7
Verlag: Springer International Publishing
Format: Flexibler Einband
XVII, 394 Seiten; 21 cm x 14.8 cm, Softcover reprint of the original 1st ed. 2018, 2019


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 that is essentially different and autonomous from the domestic legal orders.  In this regard, 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. To fully highlight the existing gaps and measure how self-sufficient the EU system is against its American counterpart, the Union/Federal level as such is analyzed – i.e., detached from the national (in EU terms) and State (in US terms) level. Regulating Investor Protection under EU Law also showcases the unique intra-firm perspective from a European investment firm and analyzes how EU-produced public-law rules become a set of compliance requirements for investment services providers. This “within-the-firm” angle gauges the self-sufficiency of the EU system of retail investor protection from the standpoint of an EU-regulated entity. The book is intended for both compliance professionals and academic scholars interested in this topic while also including illustrative sections intended to provide a broader regulatory view for less-experienced readers.


Introduction.- Chapter One: Towards a European Investor Protection Law.- First Part: The Law on the Books.- Chapter Two: The Evolution of the EU Law of Financial Markets.- Chapter Three: The Relationship Between an Investment Service Provider and a Retail Investor: EU and US compared.- Second Part: The Law in Action.- Chapter Four: Public Enforcement.- Chapter Five: Private Enforcement.- Chapter Six: The Compliance Function as Embedder of the Law-on-the-Book and as Enforcement Frontliner.- Chapter 7. Conclusions: The Unbridgeable Gaps with the US and the Emergence of an Increasingly Self-Sufficient EU Regulatory Investor Protection Law.

Biografische Anmerkung zu den Verfassern

Antonio Marcacci, a compliance professional in a leading European GSIB (Global Systemically Important Bank) since 2013, is interested in the interface between academic research and professional banking and finance. He was awarded with a PhD in Law by the European University Institute (EUI), Florence. During his PhD, Antonio interned at the World Bank in Washington, DC and was a visiting fellow at the Faculty of Law of Humboldt-Universität zu Berlin (Germany) and at the Law School of the University of Wisconsin-Madison (United States). Besides conducting professional training, he teaches EU and US Banking and Financial Law at the University of Passau (Germany), and at the University of Leipzig (Germany).