Finanzmarktregulierung zwischen öffentlichem Recht und Privatrecht

National legislation and case law regard the conduct of business obligations of MiFID II as purely public law and reject any influence on private law. This paper examines whether this is the case. It shows that a different result can be justified on the basis of the will of the Union legislator and the harmonization concept of MiFID II. The author supports her findings with a comparison that refers, among other things, to the implementation of other Member States. Consequently, the conduct obligations do not only serve collective investor protection, but also individual investor protection. This is not a purely dogmatic problem, as the national implementation falls short of the Union's requirements.