Liability of Asset Managers

Given the international nature of the asset management industry, lawyers representing investors, asset managers, and regulators are often confronted with asset management agreements governed by foreign law. This book provides the necessary points of law and practice in the leading jurisdictions allowing lawyers to identify the main pitfalls concerning the foreign law in question. This book is the only comparative analysis of the law of asset manager liability in the major European jurisdictions, the United States, and Canada, each written by specialists from the relevant jurisdiction. This is a much-needed guide on the disparate regulation of asset manager liability in these countries highlighting the absence of uniformity in this area of law despite the implementation of MiFID in Europe. The section on European law provides an overview of the regulation in this field regionally and provides the context in which the national chapters explore the regulation at country level. The comparative evaluation at the end of the book provides a thoughtful assessment of the impact of regulatory frameworks on asset managers private law duties and liabilities. The Introduction situates the country-by-country material within the broader context of questions about regulatory design and effectiveness.

Danny Busch is Professor of Financial Law at Radboud University Nijmegen and Attorney-at-law at De Brauw Blackstone Westbroek. He practices banking and securities law, and his research interests also include general private international law and comparative law. He has also written on contract law.

Deborah DeMott is Professor of Law at Duke University School of Law. She has written on corporate law, takeovers and acquisitions, and fiduciary obligations.

I: Introduction
1. Introduction, Busch and DeMott
II: EU LAW
2. The Markets in Financial Instruments Directive and Asset Management, Grundmann-van de Krol
III: Civil Law Legal Systems
3. France, Couret, Goutay and Zabala
4. Germany, Casper and Altgen
5. Italy, Giudici and Bet
6. Luxembourg, Riassetto and Richard
7. The Netherlands, Busch and Silverentand
8. Poland, Kawecki
9. Spain, Ruiz Bachs and Diaz Ruiz
10. Switzerland, Thevenoz and Bretton-Chevalier
IV: Common Law Legal Systems
11. Ireland, Bates and Clarke
12. England and Wales, Van Setten and Plews
13. United States, DeMott and Laby
V: Mixed Legal Systems
14. Scotland, Cabrelli
15. Canada, Hughes and Jordan
VI: Conclusions
16. Comparative Analysis of the Jurisdictions, Busch and DeMott