Conflicts of interest in the provision of investment services to retail clients: costs and benefits analysis of the current European regulation

Giulia Gobbo
The thesis focuses on the problem of conflicts of interest's exploitation between investment firms and their retail clients in the provision of investment services in light of the new European rules of the Markets in Financial Instruments Directive (Directive 2004/39/EC) and its level-2 measures (Commission Directive 2006/73/EC and Commission Regulation 1287/2006) - collectively, 'MiFID' - as interpreted by CESR's recommendations. I analyse MiFID from a cost-efficient point of view, and seek to answer the question...