The European Commission is taking Luxembourg to court for failing to implement the EU's 1997 directive on investor protection rules. All EU member nations had a September 1998 deadline to introduce the new investor protection rules, but Luxembourg has still not complied.
The 1997 directive was introduced to boost confidence among small investors by requiring member states to establish national investor protection and compensation schemes in conjunction with banks and other financial institutions. The rules are designed to protect small investors in the event of the collapse of investment firms, but offer no protection against losses due to market conditions. Under the directive each country can set its own ceiling for the maximum compensation available under the scheme, but the minimum ceiling that can be set is 20,000 euros.
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