Implementation of MiFID II investor protection provisions by private banks within the European Union

Purpose With the introduction of Markets in Financial Instruments Directive (MiFID), financial institutions are faced with many investor protection provisions; this has a major impact on day-to-day operations private banks, which provide investment services to predominately retail or non-professional investors. The purpose paper is determine how MiFID provisions regarding respect suitability complied practice by banks. Design/methodology/approach Based interviews 25 representatives banks from 10 different European Union (EU) member states, researchers have determined these fulfilled and associated risks mitigated. Mapping out requirements comparing them been operationalised, we arrive at question whether leads level playing field Findings Although trying achieve between EU study shows that not achieved all areas. Investor interpreted operationalised differently. differences sometimes small, they larger affect way served determined. Originality/value This research provides unique insight into Europe implemented II gives best practices. For future, can serve as prelude in-depth follow-up implementation provisions.