Self-placement of Complex Financial Instruments by Banks to Retail Clients and Civil Liability Issues – An Overview of Greek Case-Law

O. Mitsou Anna
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O. Mitsou Anna: Dr. Jur. Adjunct Lecturer at the Hellenic Open University; Attorney-at-Law, Athens Bar. Patra Greece

European Company and Financial Law Review, 2021, vol. 18, issue 1, 34-75

Abstract: This study focuses on self-placement of complex financial instruments to retail clients which is often associated with mis-selling practices. Recent case law in Greece concerning distribution Of “Coco” bonds by a Cypriot bank to its clients reveals, on the one hand, the stand Of Greek Courts concerning the interpretation of certain ambiguous MiFID I Conduct of Business (COB) rules and, on the other, their interplay with civil law duties and the intricacies that arise in order to substantiate a civil liability claim for breach of the COB rules, such as the difficulty to prove causation in securities litigation. The study further evaluates the new MiFID II/MiFIR provisions that relate to the practice of self-placement and supports the adoption of a civil liability regime at the EU level, as well as other alternatives to further enhance retail investor protection.

Date: 2021
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DOI: 10.1515/ecfr-2021-0003

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