Fundamental Rights, Contract Law and the Protection of the Weaker Party

Transcription

1 Schriften zur Europäischen Rechtswissenschaft /European Legal Studies /Etudes juridiques européenes 5 Fundamental Rights, Contract Law and the Protection of the Weaker Party A Comparative Analysis of the Constitutionalisation of Contract Law, with Emphasis on Risky Financial Transactions Bearbeitet von Olha Cherednychenko 1. Auflage Taschenbuch. XXVI, 629 S. Paperback ISBN Format (B x L): 22,4 x 14,1 cm Gewicht: 850 g Recht > Europarecht, Internationales Recht, Recht des Auslands > Rechtsvergleichung Zu Leseprobe schnell und portofrei erhältlich bei Die Online-Fachbuchhandlung beck-shop.de ist spezialisiert auf Fachbücher, insbesondere Recht, Steuern und Wirtschaft. Im Sortiment finden Sie alle Medien (Bücher, Zeitschriften, CDs, ebooks, etc.) aller Verlage. Ergänzt wird das Programm durch Services wie Neuerscheinungsdienst oder Zusammenstellungen von Büchern zu Sonderpreisen. Der Shop führt mehr als 8 Millionen Produkte.

2 Fundamental Rights, Contract Law and the Protection of the Weaker Party

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4 Fundamental Rights, Contract Law and the Protection of the Weaker Party A Comparative Analysis of the Constitutionalisation of Contract Law, with Emphasis on Risky Financial Transactions Olha O. Cherednychenko Schriften zur Europäischen Rechtswissenschaft / European Legal Studies / Etudes juridiques européennes Band 5 / Volume 5 / Volume 5 European Legal Studies Institute, Osnabrück Molengraaff Institute for Private Law, Utrecht Amsterdam Institute for Private Law Institute of European and Comparative Law, Oxford Sellier. European Law Publishers

5 Schriften zur Europäischen Rechtswissenschaft / European Legal Studies / Etudes juridiques européennes herausgegeben im European Legal Studies Institute, Osnabrück von Christian von Bar im Molengraaff Institute for Private Law, Utrecht von Ewoud Hondius im Amsterdam Institute for Private Law von Martijn W. Hesselink im Institute of European and Comparative Law, Oxford von Stefan Vogenauer Ph.D. Thesis of Olha O. Cherednychenko, born in 1978 in Kiev (Ukraine), for the award of a doctorate degree at Utrecht University on the authority of the Vice-Chancellor Prof. Dr. W. H. Gispen in accordance with the decision of the Ph.D. Board as defended in public on Wednesday 18 April (Ph.D. Thesis Supervisor: Prof. Dr. F. W. Grosheide, Utrecht University). CRC-prepared by: G. J. Wiarda Institute, Utrecht University Institute for Legal Studies, Boothstraat 6, 3512 BW Utrecht, The Netherlands. ISBN Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografi sche Daten sind im Internet über dnb.d-nb.de abrufbar by Sellier. European Law Publishers GmbH, München. Dieses Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlages unzulässig und strafbar. Das gilt insb. für Vervielfältigungen, Übersetzungen, Mikroverfi lmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen. Gestaltung: Sandra Sellier, München. Herstellung: Karina Hack, München. Druck und Bindung: AZ-Druck und Datentechnik, Kempten. Gedruckt auf säurefreiem, alterungsbeständigem Papier. Printed in Germany.

6 Preface During my student years I became increasingly interested in the interrelationship between public and private law in different legal systems. The subjects which I followed as a student therefore ranged from (European) contract law and (European) company law to (comparative) constitutional law and European substantive law. The research project devoted to the constitutionalisation of contract law was an ideal opportunity for me to combine the knowledge of different fields which I obtained during my studies in order to further explore the interrelationship between public and private law which had fascinated me for a long time. Are there cross-links between fundamental rights and contracts which we conclude with each other? If so, how do fundamental rights and contract law relate to each other? Should it be possible for an individual who has lost all his or her property while speculating on the stock exchange to invoke the fundamental right to free development of his or her personality against the bank who has not prevented him or her from doing so? Or should it be possible for the wife who stood surety for the debts of her husband to invoke her right to family life against the bank who claims the possession of the family home after the husband has become bankrupt? Not only are these issues located on the borderline between (European) constitutional law and international human rights law, on the one hand, and private law and contract law, on the other, but they are also impossible to grasp without a comparative approach. These considerations motivated me to embark on research on the constitutionalisation of contract law, with emphasis on risky financial transactions, and to write this book. I would like to acknowledge those people who have contributed to the completion of this book and who have made the process of its writing not only possible, but also highly inspiring and enjoyable. In the first place, I would like to express my genuine appreciation to my supervisor, Professor Willem Grosheide, for the opportunity to write this book, for his confidence in me and for making me believe in my academic self by constantly guiding and encouraging me through the whole process of working on this book. I would also like to thank the esteemed members of the evaluating committee, Professor Ewoud Hondius, Professor Jan Smits, Professor Stefan Grundmann, Professor Hector MacQueen and Professor Henk Kummeling, for their willingness to sit on this committee and for their valuable comments. In addition I am also grateful to Professor Wilco Oostwouder and Professor Kamiel Mortelmans for agreeing to comment on the book and for their very constructive remarks.

7 VI Fundamental Rights, Contract Law and the Protection of the Weaker Party A word of gratitude is also due to my colleagues. I would like to thank my old colleagues from the Molengraaff Institute for Private Law who were with me during the four years of this research. Dear Molengravers, it was a great experience and a great pleasure to work with you. In particular, I would like to thank Esther Engelhard and Jerzy Koopman for their willingness to support me during the public defence of my thesis and for their friendship. At the final stage of working on this book I am very grateful for the support which I received at the private law department of the Free University of Amsterdam. I would like to thank my new colleagues at this department, in particular Professor Chris Jansen, Professor Arno Akkermans, Professor Masha Antokolskaia and Daniel Haas for their constant help and encouragement. This research was conducted within the framework of the Ius Commune Research School and I have benefited greatly from the research and teaching programme and the cooperation that takes place within this school. I am also grateful to the Institute of Advanced Legal Studies of the University of London and the London School of Economics for allowing me to have access to their remarkable collections. A special word of thanks should be extended to Peter Morris for editing the text of this manuscript and for his friendship. I also thank Titia Kloos and Willemien Vreekamp of Utrecht University s Wiarda Institute for putting the manuscript in a camera ready format. Last, but not least, I would like to offer my warm thanks to my parents and my grandmother for making me feel natural when carrying out my research, for their concerns and for lending an ear when it was needed. To Igor, thank you for your understanding, patience and unfailing support. To all my friends, thank you for being with me. Olha Cherednychenko Utrecht, March 2007

8 Table of contents Preface List of abbreviations V XXI Part I Introduction 1 Chapter 1 Introduction 1.1 The origin of the present study Different solutions to the same problem Two tendencies in modern contract law Towards the constitutionalisation of contract law Towards a more society-oriented contract law Purpose and issue definition Delimitation of the research Methodology Structure 18 Part II The relationship between fundamental rights and private law against the background of the public/private divide 21 Chapter 2 The public/private divide and its role today 2.1 Introduction General The roots of the distinction between public and private law The primacy of private law 25

9 VIII Fundamental Rights, Contract Law and the Protection of the Weaker Party Modern challenges to the distinction The aim, methodology and plan of the Chapter Characteristics of private law Private parties as subjects involved in a legal relationship Protection of private interests The horizontal and dispositive character of rules Enforcement according to private initiative and by means of special tools Corrective justice Perplexities concerning the divide between corrective and distributive justice The distinctive feature of corrective justice according to Aristotle Private law as the domain of corrective justice? The connection between corrective justice and private law Contract law: still the domain of corrective justice? The growing role of distributive justice in other fields of private law Example: constitutional values as a source of distributive justice in tort law Rationale of the distinction between public and private law Synthesis and conclusion 55 Chapter 3 Fundamental rights and private law: a relationship of subordination or complementarity? 3.1 Introduction General From the traditional to the modern role of fundamental rights in private law Subordination/complementarity The aim, methodology and plan of the Chapter German law Introduction The rise of the theory of indirect effect as a foundation for the application of fundamental rights in private law The Lüth case 65

10 Table of contents IX The two extremes: direct effect versus no effect An in-between solution the theory of indirect effect Autonomy of private law as a rationale behind the theory of indirect effect : a logical point or a paradox? Introduction Constitutional rights as an overarching system of values and private law in the theory of Lüth: subordination or complementarity? The limits to the new function of constitutional rights in private law The new tasks of the private law courts Complementarity as a starting point Control by the Federal Constitutional Court over decisions of the private law courts: deference or over-review? The Federal Constitutional Court s role under the doctrine of Lüth Deference in the case law of the Federal Constitutional Court: Mephisto Over-review in the case law of the Federal Constitutional Court: Deutschland Magazin A serious invasion of a constitutional right as justification for over-review? Parabolantenne The Federal Constitutional Court s possibilities for intervention within the ambit of private law More a paradox or a logical point? The rise of State duties to protect constitutional rights a new foundation for the effect of fundamental rights in private law? The Handelsvertreter case The concept of State duties to protect constitutional rights and its meaning for private law The role of private law under the theory of State duties to protect constitutional rights Control functions of the Federal Constitutional Court under the theory of State duties to protect constitutional rights The relationship between the theory of indirect effect and the theory of State duties to protect constitutional rights Introduction The view of Canaris The position of the Constitutional Court Other views in the literature No farewell to the theory of indirect effect Farewell to the theory of indirect effect Transformation of indirect effect into direct effect 110

11 X Fundamental Rights, Contract Law and the Protection of the Weaker Party Parallel existence or mutual exclusion? Synthesis and conclusion Dutch law Introduction The issue of the horizontal effect of fundamental rights during the Constitutional Reform of The prevailing approach in the case law Dispensing with dogmatic problems Direct horizontal effect Explicit indirect horizontal effect Implicit indirect horizontal effect The role of fundamental rights in private law: synthesis The recognition of the general right to personality in Dutch law: towards a new approach to the effect of fundamental rights between private parties? The Valkenhorst case The general right to personality as a common denominator for public and private law: the view of Nieuwenhuis Support in the case law? Synthesis and conclusion English law Introduction The issue of the horizontal effect of human rights in the text and legislative history of the Human Rights Act The effect of the Human Rights Act from a doctrinal point of view No effect Direct horizontal effect Strong indirect horizontal effect Weak indirect horizontal effect The approach of the courts Introduction The position of the courts before the entry into force of the Human Rights Act The position of the courts in cases involving legislation: Ashdown, Wilson and Copsey The position of the courts in cases involving common law: privacy cases Towards a weak indirect horizontal effect? Synthesis and conclusion Synthesis and final conclusion 160

12 Table of contents XI Chapter 4 The impact of European fundamental rights and freedoms on the relationship between fundamental rights and private law in national legal systems 4.1 Introduction General The importance of the supranational dimension The aim, methodology and plan of the Chapter European Convention on Human Rights Introduction The horizontal effect of the ECHR through the positive obligation of the State Horizontal effect through a fundamental rights review of national court decisions in private litigation? The importance of the margin of appreciation in cases (potentially) involving horizontal effect The ECtHR s approach to the margin of appreciation in cases (potentially) involving horizontal effect in practice Synthesis and conclusion EU law Introduction The effect of EC freedoms in private law The position of EC freedoms in EC law and national private law Direct horizontal effect of EC freedoms State duties to protect EC freedoms in private law? EC freedoms and the general principle of private autonomy The effect of EU fundamental rights in private law The special character of the protection of fundamental rights in EU law Possibilities for the effect of EU fundamental rights in private law under the present state of the case law of the ECJ Fundamental rights review of EC legislation Review of the Member States measures for compliance with EC legislation which reflects fundamental rights Fundamental rights review of the Member States measures which implement Community law Fundamental rights review of the Member States measures which derogate from Community law 208

13 XII Fundamental Rights, Contract Law and the Protection of the Weaker Party EU fundamental rights as a justification for the Member States restrictions on EC freedoms The alignment between EU fundamental rights and private law: how far is the ECJ prepared to go? Potential possibilities for the effect of EU fundamental rights in private law EU fundamental rights as a source of strong persuasive authority in the Member States The right to civis europeus sum in every Member State? EC freedoms versus EU fundamental rights in a private law context: implications for private law Synthesis and conclusion Synthesis and final conclusion 224 Part III The issue of the protection of the weaker party against risky financial transactions in fundamental rights law and contract law 229 Chapter 5 The protection of the weaker party against risky financial transactions by means of fundamental rights 5.1 Introduction General The importance of the decision of the German Constitutional Court in the Bürgschaft case The aim, methodology and plan of the Chapter The idea behind resorting to fundamental rights in contract law: the Bürgschaft case The facts of the case The decisions of the private law courts The decision of the Federal Constitutional Court The interests protected by fundamental rights Introduction The German constitution The Bürgschaft case: the conflict between two meanings of freedom of contract on the basis of the constitutional right to free development of one s personality and the principle of the social state 242

14 Table of contents XIII Other potentially relevant constitutional rights and principles in cases involving risky financial transactions Human dignity The general right to personality The right to marriage and family life The Dutch Constitution The European Convention on Human Rights The Constitution for Europe Fundamental rights as a double-edged sword Competition between fundamental rights The importance of the issue in the context of risky financial transactions Solutions to the problem of competing constitutional rights in German constitutional law Constitutional law solutions and the problem of competition between fundamental rights in the context of risky financial transactions Resolving the conflicts between fundamental rights Perplexities concerning the issue General The absence of a hierarchy between fundamental rights The difficulty of establishing the content of absolute fundamental principles: the case of human dignity The methods of resolving the conflicts between fundamental rights in private law disputes between private parties Resolving conflicts between constitutional rights under the theory of indirect effect Resolving conflicts between constitutional rights under the theory of State duties to protect constitutional rights Striking a balance between the right to private autonomy and the right to private autonomy in conjunction with the principle of the social state in Bürgschaft An outcome of the balancing a directive Uncertainties surrounding the meaning of the directive The notion of structural inequality in bargaining power and contract law The scope of the protection of the weaker party against risky financial transactions Contractual justice in cases involving risky financial transactions and the balancing between fundamental rights 287

15 XIV Fundamental Rights, Contract Law and the Protection of the Weaker Party 5.6 The implications of the protection of the weaker party by means of fundamental rights for the relationship between fundamental rights and contract law The need for a clear differentiation between the kinds of horizontal effect in contract law Direct horizontal effect Strong indirect horizontal effect Weak indirect horizontal effect The kind of relationship between fundamental rights and contract law and the problems of competition and striking a balance between fundamental rights Synthesis and final conclusion 298 Chapter 6 The protection of family members against suretyships by means of contract law 6.1 Introduction General Peculiarities of the suretyship contract The problem of an emotionally transmitted debt A purely national law matter The aim, methodology and plan of the Chapter German law Introduction The approach to suretyships by family members before the 1993 decision of the Constitutional Court in Bürgschaft The approach to suretyships by family members after the 1993 decision of the constitutional court in Bürgschaft th th The struggle between the 9 and 11 Senate of the Supreme Court The current approach to suretyship contracts beyond the family sureties ability to pay Gross disproportionality A close emotional relationship with the principal debtor Rebutting the presumption of immorality by the creditor The current approach to well-off family sureties The character and scope of the protection of (potential) family sureties Synthesis and conclusion 329

16 Table of contents XV 6.3 Dutch law Introduction The Van Lanschot v. Moeder Bink case: protecting family sureties by means of duties to inform The facts of the case and the decision of the Supreme Court The scope of the duty to inform The character and scope of the protection of (potential) family sureties Synthesis and conclusion English law Introduction Pre-O Brien responses Agency theory Special equity theory The doctrine of notice The O Brien case: the creditor on constructive notice The facts of the case and the decision of the House of Lords Policy considerations The meaning of the doctrine of notice The application of the principle of constructive notice The existence of a legal wrong When a creditor is put on inquiry The reasonable steps to be taken by the creditor Criticism of the O Brien approach The Etridge case: refining the application of the principle of constructive notice Background and importance of Etridge Novelties of Etridge The existence of a legal wrong When a creditor is put on inquiry The reasonable steps to be taken by the creditor The reasonable steps to be taken by the solicitor the character and scope of the protection of (potential) family sureties Synthesis and conclusion Synthesis and final conclusion 361

17 XVI Fundamental Rights, Contract Law and the Protection of the Weaker Party Chapter 7 The protection of investors against risky investment transactions in the execution-only relationship by means of contract law 7.1 Introduction General Types of investment services Peculiarities of the execution-only relationship The aim, methodology and plan of the Chapter EC law Introduction The conduct of business rules under the ISD I The conduct of business rules under the ISD II The loyalty principle The informed consent principle The know your customer principle The character and scope of investor protection in the execution-only relationship Synthesis and conclusion German law Introduction The relationship between contract law and the conduct of business rules The duties of care in the execution-only relationship under contract law The conduct of business rules and the extent of their application in the execution-only relationship The general duty of loyalty The duty to know one s customer The duty to inform one s customer The character and scope of investor protection in the execution-only relationship Synthesis and conclusion Dutch law Introduction The relationship between contract law and the conduct of business rules The duties of care in the execution-only relationship under contract law: Kouwenberg v. Rabobank The conduct of business rules and the scope of their application in the execution-only relationship 420

18 Table of contents XVII The general duty of loyalty The duty to check the customer s room for expenditures The duty to check the compliance of the customer s transactions with margin requirements The duty to make a customer profile The duty to inform one s customer The character and scope of investor protection in the execution-only relationship Synthesis and conclusion English law Introduction The relationship between common law and the conduct of business rules The duties of care in the execution-only relationship under common law The conduct of business rules in the execution-only relationship The duty to check the compliance of the customer s transactions with margin requirements The duty to know one s customer and the duty to ensure the suitability of one s recommendation or a discretionary decision for the customer The duty to ensure clear, fair and non-misleading communication The duty of disclosure The duty to ensure the customer s understanding of the risks The character and scope of investor protection in the execution-only relationship Synthesis and conclusion Synthesis and final conclusion 454 Chapter 8 The protection of investors against risky investment transactions in the advisory relationship by means of contract law 8.1 Introduction General Peculiarities of the advisory relationship The aim, methodology and plan of the Chapter 461

19 XVIII Fundamental Rights, Contract Law and the Protection of the Weaker Party 8.2 EC law Introduction The conduct of business rules under the ISD II The loyalty principle The informed consent principle The know your customer principle The character and scope of investor protection in the advisory relationship Synthesis and conclusion German law Introduction The duties of care in the advisory relationship under contract law: Bond The conduct of business rules in the advisory relationship The general duty of loyalty The duty to know one s customer The duty to inform one s customer The character and scope of investor protection in the advisory relationship Synthesis and conclusion Dutch law Introduction The duties of care in the advisory relationship under contract law: Kouwenberg v. Rabobank The conduct of business rules in the advisory relationship The general duty of loyalty The duty to check the customer s room for expenditures The duty to check the compliance of the customer s transactions with margin requirements The duty to make a customer profile The duty to inform The character and scope of investor protection in the advisory relationship Synthesis and conclusion English law Introduction The duties of care in the advisory relationship under common law The conduct of business rules in the advisory relationship The duty to check the compliance of the customer s transactions with margin requirements 519

20 Table of contents XIX The duty to know one s customer and the duty to ensure the suitability of one s recommendation for the customer The duty to ensure clear, fair and non-misleading communication The duty of disclosure The duty to ensure the customer s understanding of the risks The character and scope of investor protection in the advisory relationship Synthesis and conclusion Synthesis and final conclusion 533 Part IV Synthesis and assessment 537 Chapter 9 Towards a complementary relationship between fundamental rights and contract law 9.1 Introduction General The aim, methodology and plan of the Chapter The relationship between fundamental rights and contract law in light of the distinction between public and private law Tensions between the tendency towards the subordination of private law to fundamental rights and the tendency towards complementarity between the two The need for further differentiation between the kinds of horizontal effect of fundamental rights in contract law Direct horizontal effect Strong indirect horizontal effect Weak indirect horizontal effect Public/private distinction as a substantive argument against the subordination of contract law to fundamental rights The relationship between fundamental rights and contract law in light of the practical need to protect the weaker party Perplexities concerning the subordination of contract law to fundamental rights 549

21 XX Fundamental Rights, Contract Law and the Protection of the Weaker Party Is there a practical need for the subordination of contract law to fundamental rights with a view to protecting the weaker party? Should the protection of the weaker party in Europe be harmonized through the horizontal effect of EU fundamental rights? The plea for a complementary relationship between fundamental rights and contract law The importance of contract law for the protection of the weaker party The role of fundamental rights in modern contract law: towards the weak indirect horizontal effect Fundamental rights and the conduct of business rules The role of the national constitutional courts, the ECtHR and the ECJ in securing complementarity between fundamental rights and contract law Final remarks 573 Bibliography 577 Table of Cases 609 Index 621 Curriculum vitae 631

22 List of abbreviations A.A.L.R. AC AcP A.F.L.J. AFM ALJ All ER All ER (Comm) AnwBl AöR ArA AULR Anglo-American Law Review Law reports, Appeal Case (Third Series) Archiv für civilistische Praxis Australian Feminist Law Journal Autoriteit Financiele Markt Australian Law Journal All England Law Reports All England Law Reports (Commercial Cases) Anwaltsblatt Archiv für Öffentliches Recht Arbeidsrechtelijke Annotaties Auckland University Law Review BAG Bundesarbeitsgericht BAGE Amtliche Sammlung der Entscheidungen des BAG BB Betriebs-Berater. Zeitschrift für Recht und Wirtschaft BGB Bürgerliches Gesetsbuch BGH Bundesgerichthof BGHZ Amtliche Sammlung der Entscheidungen des BGH in Zivilsachen BKR Zeitschrift für Bank- und Kapitalmarktrecht Bte Besluit toezicht effectenverkeer 1995 Bull. Civ Bulletin des arrêts de la Cour de Cassation. Chambres civiles BVerfG Bundesverfassungsgericht BVerfGE Amtliche Sammlung der Entscheidungen des BVerfG BYIL British Yearbook of International Law C.A. CanadJNS CE CESR CYELS Ch Chap. Ch. Div. CLC Court of Appeal Canadian Journal of Netherlandic Studies Conseil d Etat Committee of European Securities Regulators Cambridge Yearbook of European Legal Studies Law Reports, Chancery Division (Third Series) Chapter Chancery Division CCH Commercial Law Cases

23 XXII C.L.J. CLP C.M.L.R. COB ColumbJ.E.L. ColumbL.R. Com LR Conv. CP DB Dfl. DM Duke L.J. D.U.T.R. DVBL DZWir ECHR ECJ ECR ECtHR Ed. Eds EdinLR E.H.R.C. EHvJ E.H.R.L.R. EHRM EHRR EJCL ELJ ERCL ERPL ESC EuGRZ EuR EuZW EVRM Fundamental Rights, Contract Law and the Protection of the Weaker Party Cambridge Law Journal Current Legal Problems Common Market Law Review Conduct of Business Sourcebook Columbia Journal of European Law Columbia Law Review Commercial Law Reports Conveyancer and Property Lawyer Consultation Paper Der Betrieb Wochenschrift Dutch Gilder Deutsche Mark Duke Law Journal Derivatives Use Trading Regulation Deutsches Verwaltungsblatt Deutsche Zeitschrift für Wirtschafts- und Insolvenzrecht Convention for the Protection of Human Rights and Fundamental Freedoms 1950 = European Convention on Human Rights and Fundamental Freedoms 1950 European Court of Justice European Court Reports: Reports of Cases before the Court of Justice and the Court of First Instance European Court of Human Rights Editor Editors Edinburgh Law Review European Human Rights Cases Europees Hof van Justitie European Human Rights Law Review Europees Hof voor de Rechten van de Mens European Human Rights Reports Electronic Journal of Comparative Law European Law Journal European Review of Contract Law European Review of Private Law The European Securities Committee Europäische Grundrechte-Zeitschrift Europarecht: in Verbindung mit der Wissenschaftlichen Gesellschaft für Europarecht Europäische Zeitschrift für Wirtschaftsrecht Europees Verdrag voor de Rechten van de Mens

24 List of abbreviations XXIII EWCA Civ EWiR Court of Appeal (Civil Division) Entscheidungen zum Wirtschaftsrecht Fem.L.S. Feminist Legal Studies FF French Franc FIMBRA Financial Intermediaries, Managers and Brokers Regulatory Association Fn. Footnote FSA Financial Services Authority FSA 1986 Financial Services Act 1986 FSMA 2000 Financial Services and Markets Act 2000 FuR Familie und Recht G.Y.I.L. HL H.L. Deb. HLR HR HRLJ HRQ German Yearbook of International Law House of Lords House of Lords Debates Harvard Law Review Hoge Raad Human Rights Law Journal Human Rights Quarterly ICLQ ICR IIC International and Comparative Law Quarterly Industrial Cases Reports International Review of Industrial Property and Copyright Law International Journal of Law, Policy and the Family Iowa Law Review Industrial Relations Law Reports IJLPF IowaL.R. IRLR ISD I Investment Services Directive I 1993 ISD II Investment Services Directive II 2004 JBL JCP J.F.R.&C. JOL JR JURA JuS JZ KCD KHCB Journal of Business Law La semaine juridique, enterprise et affaires Journal of Financial Regulation and Compliance Jurisprudentie Online Juristische Rundschau Juristische Ausbildung Juristische Schulung Juristenzeitung Klachtencommissie Dutch Securities Institute Commissie van Beroep (of the Dutch Securities Institute)

25 XXIV KritJ KVGR Fundamental Rights, Contract Law and the Protection of the Weaker Party Kritische Justiz Kritische Vierteljahrsschrift für Gesetzgebung und Rechtswissenschaft Law Com Law Commission L.C. Law in Context L.I.E.I. Legal Issues of Economic Integration Lloyd s Rep. P.N. Lloyds Law Reports Professional Negligence L.Q.R. The Law Quarterly Review English pound Md.L.R. MDR Mich.L.R. MiFID MJ MLR Maryland Law Review Monatschrift für deutsches Recht Michigan Law Review Markets in Financial Instruments Directive Maastricht Journal of European and Comparative Law Modern Law Review NbBW Nieuwsbrief Burgerlijk Wetboek NILR Netherlands International Law Review NJ Nederlandse Jurisprudentie NJB Nederlandse Juristenbald NJCM-Bulletin Nederlands tijdschrift voor de mensenrechten NJW Neue Juristische Wochenschrift NJW-RR NJW Rechtsprechungs-Report NLJ New Law Journal No. Number Nos Numbers NQHR Netherlands Quarterly of Human Rights NRge Nadere Regeling gedragstoezicht effectenverkeer 2002 NTBR Nederlands Tijdschrift voor Burgerlijk Recht NTER Nederlands Tijdschrift voor Europees Recht NVWZ Neue Zeitschrift für Verwaltungsrecht NZA Neue Zeitschrift für Arbeitsrecht NZL.R. New Zealand Law Review O&F OJ OJEC OJLS ÖV ÖZöR Onderneming en financiering Official Journal of the European Union Official Journal of the European Communities Oxford Journal of Legal Studies Die öffentliche Verwaltung: Zeitschrift für Verwaltungsrecht und Verwaltungspolitik Österreichische Zetschrift für öffentliches Recht

26 List of abbreviations XXV P.L. P.N.L.R. QB RdA Reports RLR RM Themis RMUE Rn. RO RVDV Public Law Professional Negligence Law Reports Law Reports, Queen s Bench (Third Series) Recht der Arbeit: Blätter für die Wissenschaft und Praxis des gesamten Arbeitsrechts Reports of Judgments and Decisions of the European Court of Human Rights Restitution Law Review Rechtsgeleerd magazijn Themis Revue du Marché Unique Européen Randnote, Randziffer Wet op de rechterlijke organisatie Rechtspraak van de week S. Section S.A.L.J. South African Law Journal Series Publications of the European Court of Human Rights: Judgments and Decisions SEW Sociaal-economische wetgeving Sing JLS Singapore Journal of Legal Studies Ss Sections Ste Stichting toezicht effectenverkeer TelAvivU.S.L. TPR TvC TvO UK UKHL UPennsL.R. UPittsL.R. U.S. VAR Vol. VrA VuR Wis.L.R. WLR WM Tel Aviv University Studies in Law Tijdschrift voor privaatrecht Tijdschrift voor Compliance Tijdschrift voor openbaarbestuur United Kingdom United Kingdom House of Lords University of Pennsylvania Law Review University of Pittsburgh Law Review United States Supreme Court Reports Vereiniging voor Administratief Recht Volume Vermogensrechtelijke annotaties Verbraucher und Recht Wisconsin Law Review Weekly Law Reports Wertpapier-Mitteilungen

27 XXVI Fundamental Rights, Contract Law and the Protection of the Weaker Party WpHG Wertpapierhandelgesetz WPNR Weekblad voor privaatrecht, notariaat en registratie Wte Wet toezicht effectenverkeer 1995 Yale L.J. YEL ZaöfRV ZAS ZBB ZEuS ZEV ZfRV ZHR ZIP ZöR ZRP Yale Law Journal Yearbook of European Law Zeitschrift für ausländisches öffentliches Recht und Völkerrecht Zinsabschlagsteuer Zeitschrift für Bankrecht und Bankwirtschaft Zeitschrift für europarechtliche Studien Zeitschrift für Erbrecht und Vermögensnachfolge Zeitschrift für Rechtsvergleichung Zeitschrift für das gesamte Handels- und Wirtschaftsrecht Zeitschrift für Wirtschaftsrecht und Insolvenzpraxis Zeitschrift für öffentliches Recht Zeitschrift für Rechtspolitik