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Disputation: Marte Eidsand Kjørven

Master of Laws Marte Eidsand Kjørven at the Department of Private Law will be defending the thesis (Mis) selling of investment products to consumers – duties and responsibility for the degree of Ph.D.

Original title: Ytelse av investeringstjenester til forbruker: Verdipapirrettslige, kontraktsrettslige og erstatningsrettslige krav til atferd

The disputation will be held in Norwegian


Marte Eidsand Kjørven

Photo: Steffen Aaland

Trial lecture - time and place

Adjudication committee

Chair of defence

Dean Dag Michalsen



In recent years, consumers and non-professional investors have become active in the financial markets and are offered an ever more complex and wide-ranging set of services and instruments. Many consumers have suffered loss after investing in complex and risky products. Under what circumstances can they hold the financial institution liable for their loss? The thesis answers this question by drawing up the line between the consumer’s responsibility for his own investment decisions on the one hand and the duties and responsibility of the financial institution on the other.

In order to protect investors, the Securities Trading Act contains rules on conduct of business. The Securities Trading Act implements the Markets in Financial Instruments Directive (MiFID) in Norwegian law. Article 19 specifies the conduct of business obligations applicable to investment firms under the general clause fixed by its first paragraph: «Member States shall require that … an investment firm act honestly, fairly and professionally in accordance with the best interests of its clients» The thesis determines the specific content of this general clause in light of the objective of investor protection.

The Securities Trading Act and MiFID is unclear as to whether the conduct of business rules can be enforced through private law remedies. Through analyses of the relationship between rules on securities trading and general rules on contract law, the thesis concludes that this is the case.


Published Aug. 11, 2016 11:38 AM - Last modified Jan. 23, 2020 2:46 PM