A bank’s duty of care Busch dam (eds ) (2017)

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A bank’s duty of care Busch  dam (eds )    (2017)

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A bank’s duty of care Busch dam (eds ) (2017) A bank’s duty of care Busch dam (eds ) (2017) A bank’s duty of care Busch dam (eds ) (2017) A bank’s duty of care Busch dam (eds ) (2017) A bank’s duty of care Busch dam (eds ) (2017) A bank’s duty of care Busch dam (eds ) (2017)

A BANK’S DUTY OF CARE In recent years, an increasing number of clients and third parties have filed claims against banks such as for mis-selling financial products, poor financial advice, insufficient disclosure of and warning about financial risks The scope of a bank’s duty of care seems to expand, not only to include protection of consumers against unclear risks of complicated products but also protection of professional parties against more obvious risks of relatively straightforward products This topic raises many questions, both at a theoretical and practical level This book provides a rich source of information about how various jurisdictions ­(Germany, Austria, France, Italy, Spain, the Netherlands, England and Wales, ­Ireland, and the United States of America) deal with these questions and how answers are found or embedded in their national legal systems The book also contains a detailed chapter on the MiFID I and II conduct-of-business provisions Finally, the book provides a thorough comparative analysis and perspective A Bank’s Duty of Care Edited by Danny Busch and Cees van Dam OXFORD AND PORTLAND, OREGON 2017 Hart Publishing An imprint of Bloomsbury Publishing Plc Hart Publishing Ltd Kemp House Chawley Park Cumnor Hill Oxford OX2 9PH UK Bloomsbury Publishing Plc 50 Bedford Square London WC1B 3DP UK www.hartpub.co.uk www.bloomsbury.com Published in North America (US and Canada) by Hart Publishing c/o International Specialized Book Services 920 NE 58th Avenue, Suite 300 Portland, OR 97213-3786 USA www.isbs.com HART PUBLISHING, the Hart/Stag logo, BLOOMSBURY and the Diana logo are trademarks of Bloomsbury Publishing Plc First published 2017 © Danny Busch and Cees van Dam 2017 Danny Busch and Cees van Dam have asserted their right under the Copyright, Designs and Patents Act 1988 to be identified as Authors of this work All rights reserved No part of this publication may be reproduced or transmitted in any form or by any means, ­electronic or mechanical, including photocopying, recording, or any information storage or retrieval system, ­without prior permission in writing from the publishers While every care has been taken to ensure the accuracy of this work, no responsibility for loss or damage occasioned to any person acting or refraining from action as a result of any statement in it can be accepted by the authors, e­ ditors or publishers All UK Government legislation and other public sector information used in the work is Crown Copyright © All House of Lords and House of Commons information used in the work is Parliamentary Copyright © This information is reused under the terms of the Open Government Licence v3.0 (http://www nationalarchives.gov.uk/doc/open-government-licence/version/3) except where otherwise stated All Eur-lex material used in the work is © European Union, http://eur-lex.europa.eu/, 1998–2017 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library ISBN: HB: 978-1-84946-811-4 ePDF: 978-1-50991-263-6 ePub: 978-1-50991-261-2 Library of Congress Cataloging-in-Publication Data Names: Busch, Danny, editor.  |  Dam, C C van, editor Title: A bank’s duty of care / edited by Danny Busch and Cees van Dam Description: Oxford [UK] ; Portland, Oregon : Hart Publishing, 2017.  |  Includes bibliographical references and index.  |  Description based on print version record and CIP data provided by publisher; resource not viewed Identifiers: LCCN 2017013635 (print)  |  LCCN 2017014024 (ebook)  |  ISBN 9781509912612 (Epub)  |  ISBN 9781849468114 (hardback : alk paper) Subjects: LCSH: Financial institutions—Law and legislation.  |  Financial services industry— Law and legislation.  |  Banking law.  |  Consumer protection—Law and legislation.  |  Bank failures—Law and legislation.  |  Banks and banking, International—Law and legislation Classification: LCC K1066 (ebook)  |  LCC K1066 B366 2017 (print)  |  DDC 346/.082—dc23 LC record available at https://lccn.loc.gov/2017013635 Typeset by Compuscript Ltd, Shannon To find out more about our authors and books visit www.hartpublishing.co.uk Here you will find extracts, author information, details of forthcoming events and the option to sign up for our newsletters TABLE OF CONTENTS List of Contributors�������������������������������������������������������������������������������������������������� vii Abbreviations������������������������������������������������������������������������������������������������������������ ix Part I: Introduction Introduction������������������������������������������������������������������������������������������������������3 Danny Busch and Cees van Dam Part II: EU Law Conduct-of-Business Rules under MiFID I and II����������������������������������������11 Danny Busch Part III: Civil Law Legal Systems Germany����������������������������������������������������������������������������������������������������������61 Jens-Hinrich Binder Austria�������������������������������������������������������������������������������������������������������������85 Julian Ring and Martin Spitzer France������������������������������������������������������������������������������������������������������������109 Thierry Bonneau Italy����������������������������������������������������������������������������������������������������������������135 Filippo Rossi and Marco Garavelli Spain��������������������������������������������������������������������������������������������������������������167 Manuel Ángel López Sánchez, Eduardo Valpuesta Gastaminza, Pedro José Bueso Guillén and Jorge Noval Pato Netherlands���������������������������������������������������������������������������������������������������201 Danny Busch, Cees van Dam and Bart van der Wiel Part IV: Common Law Legal Systems England and Wales����������������������������������������������������������������������������������������249 Kern Alexander 10 Ireland������������������������������������������������������������������������������������������������������������285 Blanaid Clarke vi  Table of Contents 11 United States of America������������������������������������������������������������������������������329 George C Harris, Hannibal Travis and Sabrina Larson Part V: Comparative Conclusions 12 A Bank’s Duty of Care: Perspectives from European and Comparative Law�����������������������������������������������������������������������������������373 Danny Busch and Cees van Dam Index�����������������������������������������������������������������������������������������������������������������������447 LIST OF CONTRIBUTORS Kern Alexander is Professor of Banking and Financial Market Law at the University of Zurich and a Senior Research Fellow in Legal and Financial Risk at the Cambridge Judge Business School Jens-Hinrich Binder is Professor of Private Law, Commercial Law, Company and Securities Law at Eberhard Karls University, Tübingen, Germany Thierry Bonneau is Professor of law at University Panthéon-Assas (Paris, France) Danny Busch is Professor of Financial Law and Director of the Institute for ­Financial Law (IFL), University of Nijmegen, the Netherlands, Visiting ­Professor at Università degli Studi di Genova, Visiting Professor at Università Cattolica del Sacro Cuore di Milano and Member of the Dutch Banking Disciplinary Committee (Tuchtcommissie Banken) Blanaid Clarke holds the McCann FitzGerald Chair of Corporate Law, Trinity College Dublin Marco Garavelli is Senior Associate at Lombardi Segni Law Firm in Milan and Teaching Assistant of Company and Business Law at Bocconi University in Milan Eduardo Valpuesta Gastaminza is Professor of Commercial Law at University of Navarra Pedro-José Bueso Guillén is Professor of Commercial and Business Law at the University of Zaragoza George C Harris is Senior Counsel at Morrison & Foerster LLP in San Francisco, California Sabrina Larson is an associate at Morrison & Foerster LLP Jorge Noval Pato is Senior Lecturer of Commercial Law at University of Navarra Julian Ring is assistant lecturer at the chair of Martin Spitzer at the Wirtschaftsuniversität in Vienna Filippo Rossi is Partner at Lombardi Segni Law Firm in Milan Manuel Ángel López Sánchez is Professor of Commercial Law at University of Navarra viii  List of Contributors Martin Spitzer is Professor of Civil Law and Civil Procedure Law at the Wirtschaftsuniversität in Vienna Hannibal Travis is Professor of Law at Florida International University College of Law Cees van Dam is Professor of European Tort Law at Maastricht University, ­Professor of International Business and Human Rights at the Rotterdam School of Management, Erasmus University, and Visiting Professor at King’s College London Bart van der Wiel is advocaat in Amsterdam at Houthoff Buruma ABBREVIATIONS ABF ABGB ABS ACF ADR AIFs AktG BaFin BBA BFA BGH BGHS BörseG CCA CCA CDO CDS CFPB CIBC CLNs CMHC COBS CPC CRD CRR CRSM CX DCC EBA ECJ EFTA ESMA EU Arbitro Bancario Finanziario (Banking-Financial Arbitrator) Allgemeines Bürgerliches Gesetzbuch (Austrian General Civil Code) asset-backed securities Arbitro per le Controversie Finanziarie (Financial Disputes Arbitrator) alternative dispute resolution alternative investment funds Aktiengesetz (Stock Corporations Act) Bundesanstalt für Finanzdienstleistungsaufsicht British Bankers Association Banco Financiero de Ahorros Bundesgerichtshof (Federal Supreme Court) Bezirksgericht für Handelssachen Wien (Vienna Commercial District Court) Börsegesetz (Stock Exchange Act) Camera di Conciliazione e Arbitrato (Conciliation and Arbitration Chamber) Consumer Credit Act structured finance notes credit default swaps Consumer Financial Protection Bureau Canadian Imperial Bank of Commerce Credit Linked Notes Commission for Monitoring Hybrid Capital and Subordinated Debt Instruments Conduct of Business Sourcebook Ceylon Petroleum Corporation Capital Requirements Directive Capital Requirements Regulation Cassa di Risparmio della Repubblica di San Marino Catalunya Caixa Dutch Civil Code (Burgerlijk Wetboek) European Banking Authority European Court of Justice Electronic Fund Transfer Act European Securities and Markets Authority European Union ... and Wales (Chapter 9), Ireland (Chapter 1 0) and the United States of America (Chapter 1 1) Part V contains a chapter on a bank’s duty of care from a European and comparative law perspective (Chapter... Vienna Hannibal Travis is Professor of Law at Florida International University College of Law Cees van Dam is Professor of European Tort Law at Maastricht University, ­Professor of International... Milan Eduardo Valpuesta Gastaminza is Professor of Commercial Law at University of Navarra Pedro-José Bueso Guillén is Professor of Commercial and Business Law at the University of Zaragoza George

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  • Table of Contents

  • List of Contributors

  • Abbreviations

  • Part I Introduction

    • 1

      • Introduction

        • I. Introduction

        • II. Scope and Terminology

        • III. MiFID

        • IV. The National Legal Systems Studied

        • V. Methodology

        • VI. Structure of the Book

        • Part II EU Law

          • 2

            • Conduct-of-Business Rules under MiFID I and II

              • I. Introduction

              • II. 'Investment Firm'

              • III. Reclassification of Dealing on own Account to Dealing on Behalf of the Client

              • IV. Client Classification

              • V. General Duty of Loyalty

              • VI. Information Obligations

              • VII. Know your Customer Rules: Appropriateness Assessment

              • VIII. Know your Customer Rules: Suitability Assessment

              • IX. Best Execution

              • X. Client Order Handling

              • XI. Conflicts of Interest

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