Browsing by Author "Lõhmus, Gerly"

The object of this thesis is to demonstrate that the concept of location of provision of investment services and performance of investment advice is a fundamental element of the MiFID framework which has not deserved expected attention of the European legislators. The study demonstrates the importance of this notion for both investment firms and for national supervisors. It analysis of the evolution of the concept and addresses problems that are likely to arise in the light of recent legislative developments - the adoption of MiFID II and MiFIR that recognise the application of the principle of solicitation in the context of defining the location of provision of services by third country firms. The thesis analysis the interplay between the notion of location of provision of services and principle of solicitation, it further examines those concepts in the light of other relevant provisions and definitions embedded in the MiFID framework and analysis problems that may occur as a lack of coherence between European legislative instruments in general. The study is supplemented with an example of problems experienced by the national legislators in Estonia when implementing the concept of location of provision of services. The research concludes that Europe is lacking guidance in this matter and considering that the Member States are soon to face the challenge of implementing the revised MiFID suggests that it is the foremost time for providing clarity. The thesis makes suggestions for providing a coherent approach to the understanding of the concept of location of provision of services and application of the solicitation principle.