Investor Protection under Mifid: A Survey of Greek Case Law

Abstract:

There is a debate in the national and the European legal theory concerning the legal nature of Conduct of Business (CoB) rules and the organizational requirements provided for under MiFID. This paper deals with the impact of CoB rules and organizational requirements on private relationships and provides a survey of the relevant case law in Greece. It also analyses (a) the interrelation between CoB rules and organizational requirements and (b) aspects of contractual and non-contractual liability of an investment firm pursuant to Greek case law. Furthermore, we argue that the establishment of a single rulebook at the European level (MiFID II) will not impact on the current doctrinal analysis of CoB rules and organizational requirements in private relationships in Greece. Nevertheless, on a practical level, the new regulatory provisions are expected to strengthen civil law protection of investors.