This study will furnish the reader with general and specific investment advice as taken from questionnaires sent to a group of men who specialize in giving investment and financial advice -- financial analysts.

Bakgrund: MiFID II implementerades 3:e januari 2018 med syftet att öka skyddet för investerare. Institutioner, myndigheter och kommissioner har tidigare belyst vikten av det nya direktivet. Det har i tidigare studier inte analyserats hur rådgivarna upplever effekterna av direktivets införande eller hur direktivet kan underlätta investerares beslutsfattande. Vidare finns ingen forskning på om och i så fall hur direktivet ämnar reducera den kunskaps- och informationsasymmetri som ofta råder i relationen mellan investerare och rådgivare. Syfte: Studiens syfte är att ge en djupare förståelse för vilka rådgivarna upplever är de viktigaste aspekterna av MiFID II, och hur dessa påverkat rådgivarrollen. Vidare ämnar studien undersöka och analysera hur rådgivarna upplever investerarens beslutsfattande efter införandet och se hur effekterna av regleringen har påverkat informations- och kunskapsasymmetrin mellan rådgivaren och investeraren. Genomförande: En kvalitativ metod används för att besvara studiens utforskande syfte. Vidare har studien ett deduktivt förhållningssätt där sju semistrukturerade intervjuer genomfördes för att kunna fånga studiens fenomenologiska perspektiv och besvara studiens forskningsfrågor. Slutsats: Studien visar att flera delar av MiFID II har påverkat rådgivarrollen och gett effekter för deras dagliga arbete, då de upplever ett mer tidskrävande och inramat arbete. Dessutom visar studien att direktivet kan ha minskat informationsasymmetrin då mer och tydligare information ges, vilket minskar risken för opportunism i den principal-agent problematik som råder i relationen mellan rådgivare och investerare. Vad gäller de asymmetrier som råder dem emellan, konstateras det att dessa inte kommer att utjämnas fullt ut till följd av införandet. En upplevd ökad paketering av investerare och produkter, bristfälliga bedömningsvertyg och majoriteten av rådgivarnas okunskap om beteendeekonomiska biases medför att investerarens risktolerans kan missbedömas, vilket får konsekvenser för beslutsfattandet. / Background: MiFID II was implemented on 3 January 2018 with the aim of increasing investor protection. Institutions, authorities and commissions have previously highlighted the importance of the new directive. In previous studies, it has not been analyzed how advisors perceive the effects on the directive's introduction or how the directive could facilitate investor decision-making. Furthermore, there is no research on whether and, if so, how the Directive aims to reduce the knowledge and information asymmetry often found in the relationship between investors and advisors Aim: The purpose of the study is to provide a deeper understanding of what the advisors perceive are the most important aspects of MiFID II and how it has influenced the role of the advisor. Furthermore, the study intends to investigate and analyze how advisors perceive the investor's decision-making after the introduction and see how the effects of the regulation have affected information and knowledge asymmetry between the advisor and the investor. Completion: A qualitative method is used to answer the study's exploratory purpose. Furthermore, the study has a deductive approach in which seven semi-structured interviews were conducted to answer the research questions of the study. Conclusion: The study shows that several parts of MiFID II have influenced the advisory role and given effects for their daily work, as they experience more time-consuming and framed work. In addition, the study shows that the directive may have reduced information asymmetries as more and more transparent information is given, which might reduce the risk of opportunism in the principal agent related issues between advisors and investors. As far as the asymmetries between them are concerned, it is stated that these will not be fully equalized as a consequence of the introduction. An experienced increased packaging of investors and products, inadequate tools for assessment and the majority of advisors' ignorance of behavioral biases, implies that the investor's risk tolerance can be misjudged, which has consequences for decision making.

Legal aspects of activities of an investment intermediary Abstract This thesis deals with the institute of an investment intermediary and selected legal aspects associated with its activities. The aim of the thesis is mainly to define an investment intermediary, its role in the capital market and to analyze some of the duties connected with its activities. The first chapter of the general part of this thesis is devoted to the concepts of the capital market, the services provider in the capital market and the investment service and ancillary service. The current legislation regulating provision of the investment services and activities is outlined. The second chapter conceptually defines investment intermediary and puts it into the context of the capital market. Some problematic issues related to the conceptual characteristics of the investment intermediary are noticed in this part. Especially, the requirements related to the professional competence of the investment intermediary are analyzed in this part and the conclusion in an inappropriate setting of these requirements is presented to the readers. Chapter three analyzes a very frequent cooperation of an investment intermediary and another entity, the tied agent. Certain problematic aspects of this cooperation are noticed, as well as their negative impact...

Cette thèse porte sur le régime de protection des consommateurs qui vise à prévenir les ventes abusives dans les services de conseil en investissement. Elle examine les conflits d'intérêts dus au comportement des conseillers financiers qui peuvent entraîner des ventes abusives. Le fait que la rationalité du consommateur puisse être limitée signifie que les consommateurs financiers traditionnellement considérés comme des clients de détail ou des investisseurs de détail sont en effet exposés au risque de conflits d'intérêts dans le processus de conseil en investissement et nécessitent donc une protection accrue. La directive MIF a récemment renforcé son dispositif afin de protéger plus efficacement les consommateurs contre le problème persistant des ventes abusives. La modification de la réglementation de la protection des consommateurs est significative en ce qu'elle renforce le régime général de protection des consommateurs de la directive MIF en mettant l'accent sur la vulnérabilité réelle des consommateurs. Elle contribue en outre à la promotion du système de protection du consommateur en imposant des devoirs de comportement aux sociétés financières qui doivent gérer des conflits d'intérêts spécifiques dans le cadre du grand principe de la protection des consommateurs. Cependant, même si l’intention à l’origine de son introduction est largement reconnue, la mise en place et la mise en œuvre pratiques de certains règlements devraient rencontrer des difficultés et donc nécessiter que des mesures supplémentaires soient prises. / The thesis deals with the consumer protection scheme which aims to prevent mis-selling in investment advice services. It examines the conflicts of interest which appear in the behavior of investment advisors which may ultimately cause mis-selling scandals. The research findings of behavioral economics that the consumer’s rationality can be bounded indicate that financial consumers who are traditionally considered as retail clients or retail investors are indeed vulnerable to the risk of conflicts of interest in investment advisory processes and thus need enhanced consumer protection. MiFID I has recently strengthened its scheme with a view to protecting consumers more effectively from persistent problems of mis-selling. The amendment of the consumer protection regulation is meaningful in that it strengthens the overall consumer protection scheme within the MiFID with a focus on the actual vulnerability of consumers. Furthermore, it contributes to the fostering of the consumer protection system by imposing behavioral duties on financial firms which manage specific conflicts of interest under the important principle of consumer protection. However, even though the intention at the origin of its introduction is widely recognized, it is expected that some difficulties will arise when some of the regulations are virtually introduced and implemented, and thus supplementary measures will have to be established.

The legal framework of investment services provision This thesis deals with the issue of legal framework of investment services provision. The aim of the thesis is to theoretically define and analyse the issue of selected investment services and rules governing their provision. The first two chapters of the thesis are devoted to general theoretical issues related to the topic, among others to the reasons of regulation of investment services provision and impact of the EU law on the present topic. The third chapter deals with the characteristics and structuring of investment services. The chapter four characterises the investment services and activities and analyses the investment service reception and transmission of orders in relation to financial instruments. The chapter five is devoted to investment advice. The chapter six analyses the legal instruments of protection of the client as an investment services addressee. Finally, the draft of measures designed to increase the level of client protection is proposed. Within the whole thesis, the author presents his interpretation of the disputable questions of the present topic.