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Investeringsrådgivning - bankernas skyldigheter

Olsson, Linda LU (2010) JURM01 20101
Department of Law
Abstract (Swedish)
Finansmarknaden genomgick stora förändringar innan 2000-talet och placeringsrådgivning kom att spela en allt viktigare roll. Tidigare hade det inte funnits lagstiftning på området, vilket man nu införde. Först kom Lag (2003:862) om finansiell rådgivning till konsumenter (FRL), därefter utfärdades ett EG-direktiv. Direktivet införlivades i svensk rätt genom Lag (2007:528) om värdepappersmarknaden (VML).

Idag är det VML som, tillsammans med Finansinspektionens föreskrifter om värdepappersrörelse 2007:16 (FFVR), innehåller skyldigheterna vid investeringsrådgivning. Enligt 8 kap. 1 § VML ska kundernas intressen tillvaratas och banken ska handla hederligt, rättvist och professionellt. Banken ska i övrigt handla på ett sätt så att... (More)
Finansmarknaden genomgick stora förändringar innan 2000-talet och placeringsrådgivning kom att spela en allt viktigare roll. Tidigare hade det inte funnits lagstiftning på området, vilket man nu införde. Först kom Lag (2003:862) om finansiell rådgivning till konsumenter (FRL), därefter utfärdades ett EG-direktiv. Direktivet införlivades i svensk rätt genom Lag (2007:528) om värdepappersmarknaden (VML).

Idag är det VML som, tillsammans med Finansinspektionens föreskrifter om värdepappersrörelse 2007:16 (FFVR), innehåller skyldigheterna vid investeringsrådgivning. Enligt 8 kap. 1 § VML ska kundernas intressen tillvaratas och banken ska handla hederligt, rättvist och professionellt. Banken ska i övrigt handla på ett sätt så att allmänhetens förtroende för värdepappersmarknaden upprätthålls. Övriga bestämmelser i 8 kap. utgår sedan ifrån kapitlets första paragraf. Bankerna har, enligt 8 kap. 15 § VML, en skyldighet att kategorisera sina kunder. Kategoriseringen påverkar i sin tur vilka skyddsbestämmelser som är tillämpliga på kunden. Krav på kompetens ställs på rådgivaren vid investeringsrådgivning i 16 kap. 2-8 §§ FFVR. Banken ska se till att rådgivaren har tillräcklig kompetens i förhållande till rådgivningens inriktning, omfattning samt svårighetsgrad. Bankerna har en skyldighet, enligt 8 kap. 21 § VML, att identifiera intressekonflikter och förhindra att kundens intressen påverkas negativt. Information som lämnas till kunden måste uppfylla kraven i 8 kap. 22 § VML. Råd som lämnas till kunden ska, enligt 8 kap. 23 § VML, anpassas efter dennes behov. Enligt 8 kap. 26 § VML ska investeringsrådgivningen dokumenteras. En rapportering ska, enligt 8 kap. 27 § VML, lämnas till kunden om de tjänster som banken har utfört till kunden. 8 kap. 28 § VML säger att banken, vid utförandet av kunds order, ska vidta alla rimliga åtgärder för att uppnå bästa möjliga resultat för kunden. Till sist har banken en skyldighet, enligt 8 kap. 33 § VML, att utföra kundens order snabbt, effektivt och rättvist utan att kunden missgynnas.

Enligt författaren finns det problem på rättsområdet som bör diskuteras. Problemen är att begreppet konsument används i 16 kap. FFVR, huruvida det finns en avrådningsplikt i VML samt införandet av bestämmelser om god rådgivningssed och förbud mot att i förekommande fall ge rekommendationer. Författaren menar att anledningen till de flesta av problemen är att bestämmelserna i 16 kap. FFVR inte har anpassats till VML utan fortfarande har samma utformning som bestämmelserna hade när de kompletterade FRL.

Skadestånd bestäms utifrån olika bestämmelser beroende på om avtalsförhållande föreligger eller inte mellan parterna. Om kunden är konsument har han eller hon rätt till skadestånd, enligt 6 § FRL, om han eller hon reklamerar inom skälig tid oavsett om avtalsförhållande föreligger eller inte. Är kunden näringsidkare och avtalsförhållande föreligger, kan denne hävda avtalsbrott alternativt att FRL ska tillämpas analogt. Skulle avtalsförhållande inte föreligga har kunden rätt till skadestånd enligt 2 kap. 2 § SkL om brott föreligger. Om brott inte föreligger har kunden rätt till skadestånd enligt en analog tillämpning av FRL då kontraktsliknande förhållande föreligger samt enligt culpa in contrahendo då parterna har en lojalitetsplikt gentemot varandra. Andra sanktioner kan ges av Finansinspektionen samt av SwedSec om rådgivaren är licensierad där. Största problemet med skadeståndsbestämmelserna är att VML inte innehåller några regler om skadestånd. Men även att begreppet konsument används är ett problem.

Intervjuerna som författaren har gjort visar att reglerna tillämpas i det praktiska livet. Praktikerna vet däremot oftast inte vilken lag som är tillämplig på deras verksamhet. Att bankerna anpassat sig till den nya regleringen visar även Finansinspektionens rapport 2009:5.

En diskussion förs om skyldigheterna vid investeringsrådgivning är utformade på ett optimalt sätt ur ett rättsekonomiskt perspektiv. (Less)
Abstract
The Financial Market went through significant changes before the 2000’s and investments advisory played an increasingly important role. Earlier there had not been any legislation on the subject which there is now. The first legislation was the act of financial advisory and after that the Markets in Financial Instruments Directive, MiFID came from the EU. MiFID was implemented into Swedish law through the act of capital market.

Today it is the act of capital market which, together with Financial Supervisory Authorities instruction FFVR, contains the obligations for investments advisory. According to chapter 8 § 1 the act of capital market, the customers interests should be protected by the banks and the banks should act honestly,... (More)
The Financial Market went through significant changes before the 2000’s and investments advisory played an increasingly important role. Earlier there had not been any legislation on the subject which there is now. The first legislation was the act of financial advisory and after that the Markets in Financial Instruments Directive, MiFID came from the EU. MiFID was implemented into Swedish law through the act of capital market.

Today it is the act of capital market which, together with Financial Supervisory Authorities instruction FFVR, contains the obligations for investments advisory. According to chapter 8 § 1 the act of capital market, the customers interests should be protected by the banks and the banks should act honestly, impartial and professional. The banks should beside that, act in a manner so that the public confidence in the capital market is maintained. Other provisions in chapter 8 in the act of capital market originate in this provision. The banks have an obligation to categorize its customer. The categorization affects which protection provisions are applicable to the customer. Requirements on qualification are placed on the adviser. The banks shall ensure that the adviser has sufficient qualifications in relations to the advisories direction, proportions and difficulty. The banks have an obligation to identify conflicts of interest and prevent that clients’ interests are adversely affected. Information provided to the customer has to fulfill the demands in the act of capital market. The advice to the customer shall be adjusted for him or her. The investment advisory shall be documented and a report should be handed to the customer about the services that the bank has done to him or her. The banks shall by the performance of a customer’s order take all reasonable measure to achieve best possible results for the customer. At last the banks have an obligation to perform the customer’s order quickly, effective and fair without the customer treats unfairly.

The author means that there are some problems in the legal area that needs to be discussed. The problems are that the concept consumer is used in chapter 16 in Financial Supervisory Authorities instruction, whether there is any obligation of advising against investment in the act of capital market and also the insertion of satisfactory advisory custom and ban to whenever applicable give recommendations. The author means that the reasons for most of the problems are that the provisions in chapter 16 in the Financial Supervisory Authorities instruction have not been adjusted to the act of capital market. The provisions have the same contents that the provisions had when they supplemented the act of financial advisory.

Damage is sometimes determined by different provisions depending on whether a contractual relationship exists or not between the parties. If the customer is a consumer he or she has a right to damage, according to the act of financial advisory, if he or she complains to the bank within a reasonable time, no matter if contractual relationship exists or not. If the customer is a trader and a contractual relationship exists, the trader can claim that a breach of contract has been made or that the act of financial advisory analogy shall be applied. If there is not any contractual relationship the trader has a right to damages according to the act of damages, if a crime has been committed. If there hasn’t been any crime the customer has a right to damage according to an analogy applied of the act of financial advisory because a contract-like relationship exists and according to culpa in contrahendo because the parties have a duty of loyalty to each other. Other sanctions can be given by Financial Supervisory Authorities and by SwedSec if the adviser is licensed there. The biggest problem with the damages provisions is the fact that the act of financial markets doesn’t contain any provisions about damages. Even the fact that the concept consumer is used is a problem.

The interviews that the author has done suggest that the rules are applied in practice, although the practical adviser does not know which act applies on their activity. That the banks have adjust to the new rules are also showed by Financial Supervisory Authorities report 2009:5.

It will be discussed whether the obligations at investment advisory are optimally designed from a legal-economic perspective. (Less)
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author
Olsson, Linda LU
supervisor
organization
course
JURM01 20101
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Bankrätt
language
Swedish
id
1628271
date added to LUP
2010-07-16 09:57:16
date last changed
2010-07-16 09:57:16
@misc{1628271,
  abstract     = {The Financial Market went through significant changes before the 2000’s and investments advisory played an increasingly important role. Earlier there had not been any legislation on the subject which there is now. The first legislation was the act of financial advisory and after that the Markets in Financial Instruments Directive, MiFID came from the EU. MiFID was implemented into Swedish law through the act of capital market. 

Today it is the act of capital market which, together with Financial Supervisory Authorities instruction FFVR, contains the obligations for investments advisory. According to chapter 8 § 1 the act of capital market, the customers interests should be protected by the banks and the banks should act honestly, impartial and professional. The banks should beside that, act in a manner so that the public confidence in the capital market is maintained. Other provisions in chapter 8 in the act of capital market originate in this provision. The banks have an obligation to categorize its customer. The categorization affects which protection provisions are applicable to the customer. Requirements on qualification are placed on the adviser. The banks shall ensure that the adviser has sufficient qualifications in relations to the advisories direction, proportions and difficulty. The banks have an obligation to identify conflicts of interest and prevent that clients’ interests are adversely affected. Information provided to the customer has to fulfill the demands in the act of capital market.  The advice to the customer shall be adjusted for him or her. The investment advisory shall be documented and a report should be handed to the customer about the services that the bank has done to him or her. The banks shall by the performance of a customer’s order take all reasonable measure to achieve best possible results for the customer. At last the banks have an obligation to perform the customer’s order quickly, effective and fair without the customer treats unfairly.

The author means that there are some problems in the legal area that needs to be discussed. The problems are that the concept consumer is used in chapter 16 in Financial Supervisory Authorities instruction, whether there is any obligation of advising against investment in the act of capital market and also the insertion of satisfactory advisory custom and ban to whenever applicable give recommendations. The author means that the reasons for most of the problems are that the provisions in chapter 16 in the Financial Supervisory Authorities instruction have not been adjusted to the act of capital market. The provisions have the same contents that the provisions had when they supplemented the act of financial advisory.

Damage is sometimes determined by different provisions depending on whether a contractual relationship exists or not between the parties. If the customer is a consumer he or she has a right to damage, according to the act of financial advisory, if he or she complains to the bank within a reasonable time, no matter if contractual relationship exists or not. If the customer is a trader and a contractual relationship exists, the trader can claim that a breach of contract has been made or that the act of financial advisory analogy shall be applied. If there is not any contractual relationship the trader has a right to damages according to the act of damages, if a crime has been committed. If there hasn’t been any crime the customer has a right to damage according to an analogy applied of the act of financial advisory because a contract-like relationship exists and according to culpa in contrahendo because the parties have a duty of loyalty to each other. Other sanctions can be given by Financial Supervisory Authorities and by SwedSec if the adviser is licensed there. The biggest problem with the damages provisions is the fact that the act of financial markets doesn’t contain any provisions about damages. Even the fact that the concept consumer is used is a problem.

The interviews that the author has done suggest that the rules are applied in practice, although the practical adviser does not know which act applies on their activity. That the banks have adjust to the new rules are also showed by Financial Supervisory Authorities report 2009:5.

It will be discussed whether the obligations at investment advisory are optimally designed from a legal-economic perspective.},
  author       = {Olsson, Linda},
  keyword      = {Bankrätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Investeringsrådgivning - bankernas skyldigheter},
  year         = {2010},
}