Mifid’s tough line on investor protection worries dealers

A sense of propriety

Timothy Hailes

The financial crisis and subsequent economic downturn has been tougher than it could have been for some European municipalities. On top of severe spending cuts by central governments looking to get national finances in order, a number of municipalities have also had to deal with massive losses on their own investment portfolios – in some cases, running into the hundreds of millions of euros.

Some of these municipalities are crying foul. They claim they were sold inappropriate, overly complex