This study focuses on self-placement of complex financial instruments to retail clients which is often associated with mis-selling practices. Recent case law in Greece concerning distribution Of “Coco” bonds by a Cypriot bank to its clients reveals, on the one hand, the stand Of Greek Courts concerning the interpretation of certain ambiguous MiFID I Conduct of Business (COB) rules and, on the other, their interplay with civil law duties and the intricacies that arise in order to substantiate a civil liability claim for breach of the COB rules, such as the difficulty to prove causation in securities litigation. The study further evaluates the new MiFID II/MiFIR provisions that relate to the practice of self-placement and supports the adoption of a civil liability regime at the EU level, as well as other alternatives to further enhance retail investor protection.

中文翻译：

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银行向零售客户自行放置复杂的金融工具和民事责任问题–希腊案例法概述

这项研究的重点是将复杂的金融工具自动放置在零售客户身上，这通常与销售不当的做法有关。希腊最近关于塞浦路斯银行向其客户分配“可可”债券的判例法揭示了一方面，希腊法院对某些歧义的《 MiFID I商业行为》（COB）规则的解释，以及其他方面，它们与民法责任之间的相互作用以及为证实违反COB规则而引起的民事责任索赔（例如难以证明证券诉讼中的因果关系）而产生的复杂性。这项研究进一步评估了与自我安置做法相关的新MiFID II / MiFIR规定，并支持在欧盟一级采用民事责任制度，