Anlegerschutz durch Verhaltenspflichten der Marktintermediäre - Eine rechtsvergleichende Untersuchung des deutschen, europäischen und russischen Rechts -

Abstract

This thesis is devoted to the rules of professional conduct of capital markets intermediaries as one of the key means of ensuring stability of capital markets by way of establishing investors trust and protecting of interests of investors, especially private individuals, who lack information, knowledge and experience related to securities trading and thus are particularly vulnerable to capital markets malpractice. The rules of professional conduct subject such professional participants of capital markets as brokers, dealers and portfolio managers to the requirement to treat their clients fairly, professionally, to act to the best interests of their clients, particularly by making sure that transactions are executed on terms most favourable to the client, to avoid conflicts of interests between themselves and their clients as well as among their clients, to provide investors with relevant, objective, complete and up-to-date information on the financial instruments, as well as with competent advice based on their experience and professional knowledge. Comparative analysis of rules of professional conduct set forth by European, German and Russian law helps to discover strengths and weak points of different rules and approaches and to learn the lessons from the way such rules function in different economic and political surroundings.