Human Nature versus Financial Market Law Norms – Behavioural Factors in the Process of Enacting Financial Market Regulations

This paper is part of the discussion on the scope of application of the findings of behavioural sciences in law-making in order to effectively influence the formation of social relations in accordance with contemporary standards. The discussion focuses on the question of the extent to which the legislator can take into account the behaviour/emotions of clients of financial services institutions when creating financial market law. The subject of the analyses encompasses inter alia the scope and manner of its use of information concerning deviations from the choices assumed for a strictly rational person making a decision on the financial market, which raises questions about the normative and ethical aspects of taking into account behavioural factors in financial market law.