2023 Annual Conference
REGULATING ‘ATYPICAL’ FINANCIAL PRODUCTS IN THE EU
RISKS AND OPPORTUNITIES OUTSIDE MICA, MIFID AND AIFMD
Friday, 6 October 2023
Athens Chamber of Small and Medium Industries (Βιοτεχνικό Επιμελητήριο Αθήνας)
18 Akadimias Street, Athens 106 71 – 1st floor
Dear Members and Friends of the European Society for Banking and Financial Law and the Hellenic Association for Civil Law,
The European Society for Banking and Financial Law (AEDBF/ESBFL), the Hellenic Association for Financial Law (Ελληνική Ένωση Χρηματοοικονομικού Δικαίου), affiliated to the AEDBF/ESBFL and the Hellenic Association for Civil Law (Ένωση Αστικολόγων) are organising an international Conference in Athens entitled: “Regulating ‘atypical’ financial products in the EU – Risks and opportunities outside MiCA, MiFID and AIFMD”.
The expansive policies adopted by the monetary authorities of the Eurozone and many other countries to combat first the Great Financial and Sovereign Debt Crisis and then the Coronavirus pandemic have led to a long period in which interest rates. This phenomenon prompted many investors, including retail investors, to seek more profitable “atypical” investments.
These “atypical” investments do not often qualify as financial instruments or PRIIPS and, therefore, do not fall within the scope of the European rules on public offerings and investment services currently in force (most notably, MiFID II). The rules on the offer and circulation of crypto-assets in the recently approved Markets in Crypto-Assets Regulation (MiCA) will also not apply to all tokens (e.g., NFTs). This regulatory gap has impelled national legislators and supervisory authorities to adopt new rules or adapt existing ones to new products to ensure investor protection and safeguard against the risk of money laundering.
The Conference aims to analyse and compare these attempts at regulation, placing them in the context of the European legislation in force and in the process of being approved, and to incite discussions on whether the notion of financial instrument contained in the MiFID II should be amended to include at least some of such new products.
Beyond the question of whether it is appropriate to consider a standard set of rules of conduct for the marketing of these atypical assets, the Conference will also be an opportunity to discuss and compare the liability regime – under current European law and case law- of intermediaries involved in the subscription of these products, whether they are investment advisors or credit institutions that provide payment.
The quality and experience of the high-level speakers will highlight the importance of these new regulations for the protection of financial clients.
A guided tour of the Acropolis Museum and a gala dinner will close the Conference.
The brochure with the detailed programme will be distributed in the coming days.
We hope to see many of you at this event.