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Regulation of the EU Financial Markets - MiFID II and MiFIR edited by Busch, Danny; Ferrarini, Guido (12th January 2017)

Part II Investment Firms and Investment Services, 4 The Overarching Duty to Act in the Best Interest of the Client in MiFID II

Luca Enriques, Matteo Gargantini

From: Regulation of the EU Financial Markets: MiFID II and MiFIR

Edited By: Danny Busch, Guido Ferrarini

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 27 May 2020

Subject(s):
Conduct of business regulation — Enforcement — Investment business — Market abuse — Regulated activities — Supervision

This chapter analyses the scope, contents, and implications of MiFID II’s new framework as regards the duty to act in client’s best interest. It considers the duty as an autonomous source of obligations for investment firms and as a guidance principle for both EU bodies in charge of implementing MiFID II and judges and supervisory authorities interpreting more specific duties. It also discusses the implications of extending the duty to intrinsically at arm’s length activities such as dealing on own account and self-placement.

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