Anlegerleitbilder und Anlegerschutz der MiFID II

This thesis presents investor models in certain limited areas of MiFID II, and its understanding helps to interpret unclear provisions in this respect.
The author examined capital market law looking for existing investor models. However, he was unable to identify a uniform investor model. Therefore, he developed three investor models based on economic findings: the rational investor, the investor worthy of protection and the incapacitated investor. Using these investor models as its basis, this study examines the regulatory complexes of the investment advice and product governance of MiFID II.
The analysis leads to the conclusion that investor protection which is guaranteed by the investment advice and product governance of MiFID II often does not correspond to the legislative objectives in this respect, especially when taking into account the measures used and their effects in business. Mixing investor models in legislation results in inconsistent interpretation of the provisions in question.