MiFID II in Relation to Other Investor Protection Regulation : Picking Up the Crumbs of a Piecemeal Approach

The study of the interaction between different pieces of EU financial legislation becomes ever more important – and difficult. In this contribution the author explores the relationship between MiFID II and other recent EU legislation aiming at investor protection, such as the Insurance Distribution Directive, the PRIIPs Regulation and the UCITS Directive.The analysis reveals numerous inconsistencies and interpretation difficulties. The author argues that while some of the shortcomings are inherent to the EU piecemeal approach, other problems should and could have been avoided, by adopting a holistic approach of financial regulation and supervision