Download or read book The MiFID II Framework written by Mario Comana and published by Springer. This book was released on 2019-02-15 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a detailed analysis of the main innovations and impacts associated with the package of European legislation comprising MiFID II and MiFIR, which constitutes a pillar of the EU’s “single rulebook” for financial regulation. Adopting a research-oriented approach, the authors also consider the practical consequences of the new legislation, to provide a clear description of the new rules and the ways in which they address concerns raised by the financial crisis, as well as an appraisal of the theoretical implications from an EU-wide perspective. The book also presents a comparative analysis of how the package is being implemented within the larger countries of the Eurozone and the United Kingdom, and evaluates the likely consequences for banks’ business models. This research book is a valuable resource for graduate and master’s level students as well as professionals and practitioners interested in understanding the European financial law and, in particular, the dynamics of the investment industry.
Download or read book Regulation of the EU Financial Markets written by Danny Busch and published by Oxford Eu Financial Regulation. This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: PART I: GENERAL ASPECTS 1: Introduction, Danny Busch and Guido Ferrarini PART II: INVESTMENT FIRMS AND INVESTMENT SERVICES 2: The Scope of MiFID II, Kitty Lieverse 3: Governance of Investment Firms under MiFID II, Jens-Hinrich Binder 4: The Overarching Duty to Act in the Best Interest of the Client in MiFID II, Luca Enriques and Matteo Gargantini 5: Product Governance and Product Intervention, Danny Busch 6: Independent Financial Advice, Paolo Giudici 7: Conflicts of Interest, Stefan Grundmann and Philipp Hacker 8: Inducements, Larissa Silverentand, Jasha Sprecher, and Lisette Simons 9: Agency and Principal Dealing Under MiFID, Danny Busch 10: MiFID II/MiFIR's Regime for Third-Country Firms, Danny Busch & Marije Louisse PART III: TRADING 11: TGovernance and Organization of Trading Venues: The Role of Financial Market Infrastructures Groups, Guido Ferrarini & Paolo Saguato 12: EU Financial Governance and Transparency Regulation: A Test for the Effectiveness of Post-Crisis Administrative Governance, Niamh Moloney 13: SME Growth Markets, Carmine di Noia & Rudiger Veil 14: Dark Trading Under MiFID II, Peter Gomber & Ilya Gvozdevskiy 15: Derivatives: Trading, Clearing, STP, Indirect Clearing, and Portfolio Compression, Rezah Stegeman & Aron Berket 16: Commodity Derivatives, Antonella Sciarrone Alibrandi & Edoardo Grossule 17: Algorithmic Trading and High Frequency Trading, Pierre-Henri Conac 18: An American perspective, Merritt Fox PART IV: SUPERVISION AND ENFORCEMENT 19: Public Enforcement of MiFID II, Christos Gortsos 20: The Private Law Effect of MiFID: the Genil Case and Beyond, Danny Busch PART V: THE BROADER VIEW AND THE FUTURE OF MIFID 21: MiFID II: Picking up the Crumbs of a Piecemeal Approach, Veerle Colaert 22: Shadow Banking and the Functioning of Financial Markets, Eddy Wymeersch 23: Investment-based Crowdfunding: Is MiFID II enough?, Guido Ferrarini & Eugenia Macchiavello.
Download or read book The MiFID Revolution written by Jean-Pierre Casey and published by Cambridge University Press. This book was released on 2009-10-08 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Market in Financial Instruments Directive (MiFID) is nothing short of a revolution. Introduced on 1 November 2007, it will have a profound, long-term impact on Europe's securities markets. It will see banks operating as exchanges for certain activities, offering alternative execution services that more closely resemble the structure of over-the-counter markets, and will lead to the decentralisation of order execution in an array of venues previously governed by concentration rules. Crucially, MiFID will also have a profound impact on the organisation and business strategies of investment firms, exchanges, asset managers and other financial markets intermediaries. Until now, analysis has focused on the directive's short term implementation issues. This book focuses on the long term strategic implications associated with MiFID, and will be essential reading for anybody who recognises that their firm will need to make constant dynamic readjustments in order to remain competitive in this challenging new environment.
Download or read book A Practitioner s Guide to MiFID II written by Jonathan Herbst and published by . This book was released on 2018 with total page 529 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book MiFID II and Private Law written by Federico Della Negra and published by Bloomsbury Publishing. This book was released on 2019-07-11 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the global financial crisis, investors have suffered significant losses as a result of breaches of conduct of business rules in the distribution of financial instruments. MiFID II introduced new disclosure, distribution and product governance rules to strengthen the protection of investors but, like MiFID I, did not harmonise the civil law consequences for their violation. This book asks whether, in spite of the silence of the EU legislators, the MiFID II conduct of business rules may produce civil law effects, enabling investors to enforce them against investment firms before national courts and alternative dispute resolution (ADR) mechanisms. Building on the case law of the CJEU, the book shows the conditions under which the breach of MiFID II conduct of business rules should give rise to a private law remedy, and what remedies would be compatible with EU law. MiFID II and Private Law is an essential contribution to academic research in EU and financial law and will be a key text for policy-makers and legal practitioners working in the field of investor protection regulation and mis-selling litigation.
Download or read book Stricto Sensu Investor Protection under MiFID II written by Christos Gortsos and published by Cambridge Scholars Publishing. This book was released on 2018-07-27 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyses Articles 24-30 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 “on markets in financial instruments” (MiFID II), which govern, as of January 2018, the most important aspects of investor protection of clients to whom credit institutions and investment firms provide investment services. These Articles contain code-of-conduct and product governance rules, which constitute cornerstones of contemporary EU capital markets law as shaped to address the weaknesses revealed in capital markets’ micro-prudential regulation and supervision after the recent international financial crisis of 2007-2009. The book concisely identifies the elements of continuity and change in relation to the repealed Directive 2004/39/EC (MiFID I), while also presenting the detailed delegated acts of the European Commission and Guidelines of the European Securities and Markets Authority (ESMA), which were adopted on the basis of Articles 24-30 MiFID II.
Download or read book Comparing European and U S Securities Regulations written by Tanja Boskovic and published by World Bank Publications. This book was released on 2010-01-12 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper, aimed at professionals, scholars, and government officials in the field of securities regulations, compares the European (specifically the Market in Financial Instruments Directive MiFID) and U.S. securities regulations. The analysis focuses on the regulatory and supervisory framework, trading venues, and the provision of investment services. We show that although there may be regional differences in the structure and rules of current securities regulation, the objectives and some outcomes of regulation are comparable. Similarly, as the current global financial and economic crisis exposed gaps in securities regulations worldwide, regulators in both regions face similar challenges. This study will be particularly useful for World Bank member countries that are looking at either the European or U.S. regulations when conducting market reforms.
Download or read book MiFID II written by Great Britain: Parliament: House of Lords: European Union Committee and published by The Stationery Office. This book was released on 2012-07-10 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report warns that rushed proposals from the European Commission to regulate financial markets risk damaging both the City of London and the entire EU financial sector. Flawed transparency proposals and the risk of creating unnecessary red tape means the EU needs to stop and take the time to get the proposals right. The Committee has scrutinised the Commission's proposals for a Directive and a Regulation in Markets in Financial Instruments (known as MiFID II). The new regulatory framework applies to a wide range of investment services such as global investment banks trading complex securities, fund managers investing pension funds, stock-broking firms and small high street financial advisers providing financial advice to the general public. This important and far-reaching proposal seeks to meet the G20 commitment to tackle the less regulated and more opaque parts ('dark pools') of the financial system, and to enable regulators to regulate, traders to trade, and consumers to use such products, with confidence. Proposals on third country access would effectively create a 'fortress Europe' - forcing countries such as the USA and China out of affected markets, to the detriment of EU consumers. An unsophisticated, one-size-fits-all approach that ignores the sensitivity of information before a trade is made (pre-trade transparency) not only risks damaging liquidity and reducing competition, but could also have a serious effect on market innovation. The new category of Organised Trading Facilities (OTFs), aimed at ensuring all organised trading is conducted on regulated venues, risks creating red tape.
Download or read book MIFIDII written by Seb Malik and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Equipped with this guide, with its comprehensive references and links to source texts, business analysts and project managers will stand tall, empowered to drive forward critical regulatory projects. Other MiFID II tracts are either too high level to be of any practical aid, or too detailed (aimed principally at the legal community) leaving the reader overwhelmed. That the changes required for MiFID II are not communicated in a single unified document is where this guide earns its keep. There are a plethora of directives, regulations, technical specifications and updates running into thousands of pages that must be read, digested, cross-referenced, organised and categorised in order to arrive at actionable issues. --
Download or read book The Future of Investing written by Chris Skinner and published by John Wiley & Sons. This book was released on 2007-06-29 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Markets in Financial Instruments Directive (MiFID) is the biggest change programme Europe’s capital markets have ever attempted. It takes all the protection away from Europe’s Stock Exchanges and forces investment banks, brokers and dealers to guarantee best execution. The organisational, process and technology changes demanded by the MiFID are massive. In order to understand these challenges, industry commentator Chris Skinner has gathered the views of Europe’s leading figures in the MiFID community to discuss its implications. From an introduction from the European Business School and European Commission, through the views of leaders in the key constituencies of MiFID Connect and the MiFID Joint Working Group, through to organisations supporting the markets such as Reuters and SWIFT, this book provides a 360-degree perspective of the world of investing in Europe’s markets after the MiFID implementation. Anyone who has anything to do with dealing, trading and investing in European equities and instruments will find this book an essential guide to the markets now and into the future. With this book as their guide, readers will understand: • The key MiFID business issues • How to implement the directive • How it will affect the markets once it comes into force
Download or read book The Alternative Investment Fund Managers Directive written by Dirk A. Zetzsche and published by Kluwer Law International B.V.. This book was released on 2015-09-14 with total page 948 pages. Available in PDF, EPUB and Kindle. Book excerpt: Apart from MiFID, the Alternative Investment Fund Managers Directive (AIFMD) may be the most important European asset management regulation of the early twenty-first century. In this in-depth analytical and critical discussion of the content and system of the directive, thirty-eight contributing authors – academics, lawyers, consultants, fund supervisors, and fund industry experts – examine the AIFMD from every angle. They cover structure, regulatory history, scope, appointment and authorization of the manager, the requirements for depositaries and prime brokers, rules on delegation, reporting requirements, transitional provisions, and the objectives stipulated in the recitals and other official documents. The challenging implications and contexts they examine include the following: – connection with systemic risk and the financial crisis; - nexus with insurance for negligent conduct; - connection with corporate governance doctrine; - risk management; - transparency; - the cross-border dimension; - liability for lost assets; - impact on alternative investment strategies, and - the nexus with the European Regulation on Long-Term Investment Funds (ELTIFR). Nine country reports, representing most of Europe’s financial centres and fund markets add a national perspective to the discussion of the European regulation. These chapters deal with the potential interactions among the AIFMD and the relevant laws and regulations of Austria, France, Germany, Italy, Luxembourg, Liechtenstein, The Netherlands, Malta and the United Kingdom. The second edition of the book continues to deliver not only the much-needed discussion of the inconsistencies and difficulties when applying the directive, but also provides guidance and potential solutions to the problems it raises. The second edition considers all new developments in the field of alternative investment funds, their managers, depositaries, and prime brokers, including, but not limited to, statements by the European Securities and Markets Authority (ESMA) and national competent authorities on the interpretation of the AIFMD, as well as new European regulation, in particular the PRIIPS Regulation, the ELTIF Regulation, the Regulation on European Venture Capital Funds (EuVeCaR), the Regulation on European Social Entrepreneurship Funds (EUSEFR), MiFID II, and UCITS V. The book will be warmly welcomed by investors and their counsel, fund managers, depositaries, asset managers, administrators, as well as regulators and academics in the field.
Download or read book Investor Protection in Europe written by Guido Ferrarini and published by Oxford University Press on Demand. This book was released on 2006 with total page 509 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection examines investor protection in Europe, offering a broad and coherent examination of the effects of regulatory competition versus harmonisation. It covers both capital market and company law perspectives and explores clearing, settlement, prospectuses and transparency regulation.
Download or read book EU Investor Protection Regulation and Liability for Investment Losses written by Marnix Wallinga and published by Springer. This book was released on 2021-11-01 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the relationship between the EU investor protection regulations enshrined in MiFID and MiFID II and national contract and torts law. It describes how the effect of the conduct of business rules as implemented in national financial supervision legislation in private law extends to the issue of enforcement, and critically assesses this interaction from the perspective of EU law. In particular, the conclusions identified in the book will deepen readers’ understanding of the interplay between the conduct of business rules and private law norms governing a firm’s liability to pay damages, such as duty of care, attributability of damage, causation, contributory negligence and limitation. In turn, the book identifies the subordination and the complementarity model to conceptualise the interaction between the conduct of business rules and private law norms. Moreover, the book challenges the view that civil courts are – or should be – forced to give private law effects to violation of the MiFID and MiFID II conduct of business rules in line with the subordination model. Instead, the complementarity model is advanced as the preferred approach to this interaction in view of what MiFID and MiFID II require from Member States in terms of their implementation, as well as the desirability of each model. This model presupposes that courts should consider the conduct of business rules when adjudicating individual disputes, while preserving the autonomy of private law norms governing liability of investment firms towards clients. Based on analysis of case law of courts in Germany, the Netherlands and England & Wales, as well as scholarly literature, the book also compares the available causes of action, the conditions of liability and the obstacles investors face when claiming damages, as well as how and the extent to which investors can benefit from the conduct of business rules in clearing these obstacles. In so doing, under the approach adopted by national courts to the interplay between the conduct of business rules of EU origin and private law, the book shows how investors can benefit from the influence of these rules on private law norms. In closing, it demonstrates a hybridisation of private law remedies resulting from the accommodation of the conduct of business rules into the private law discourse according to the complementarity model, illustrating how judicial enforcement through private law means may contribute to investor protection.
Download or read book EU Investor Protection Regulation and Liability for Investment Losses written by Marnix Wallinga and published by Springer Nature. This book was released on 2020-10-30 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the relationship between the EU investor protection regulations enshrined in MiFID and MiFID II and national contract and torts law. It describes how the effect of the conduct of business rules as implemented in national financial supervision legislation in private law extends to the issue of enforcement, and critically assesses this interaction from the perspective of EU law. In particular, the conclusions identified in the book will deepen readers’ understanding of the interplay between the conduct of business rules and private law norms governing a firm’s liability to pay damages, such as duty of care, attributability of damage, causation, contributory negligence and limitation. In turn, the book identifies the subordination and the complementarity model to conceptualise the interaction between the conduct of business rules and private law norms. Moreover, the book challenges the view that civil courts are – or should be – forced to give private law effects to violation of the MiFID and MiFID II conduct of business rules in line with the subordination model. Instead, the complementarity model is advanced as the preferred approach to this interaction in view of what MiFID and MiFID II require from Member States in terms of their implementation, as well as the desirability of each model. This model presupposes that courts should consider the conduct of business rules when adjudicating individual disputes, while preserving the autonomy of private law norms governing liability of investment firms towards clients. Based on analysis of case law of courts in Germany, the Netherlands and England & Wales, as well as scholarly literature, the book also compares the available causes of action, the conditions of liability and the obstacles investors face when claiming damages, as well as how and the extent to which investors can benefit from the conduct of business rules in clearing these obstacles. In so doing, under the approach adopted by national courts to the interplay between the conduct of business rules of EU origin and private law, the book shows how investors can benefit from the influence of these rules on private law norms. In closing, it demonstrates a hybridisation of private law remedies resulting from the accommodation of the conduct of business rules into the private law discourse according to the complementarity model, illustrating how judicial enforcement through private law means may contribute to investor protection.
Download or read book The MiFID II Tick Size Regime Impact on European Equities Trading written by Daniel Fritzler and published by GRIN Verlag. This book was released on 2019-05-13 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2018 in the subject Business economics - Investment and Finance, grade: 1,3, University of Frankfurt (Main) (Professur für e-Finance), language: English, abstract: Before the Markets in Financial Instruments Directive (MiFID I) was applied in 2007, exchanges were able to implement their own tick size without being concerned about competition, since trading was concentrated to the incumbent exchanges. The increased fragmentation and competition after the introduction of MiFID I in Europe started a race between the incumbent exchanges and alternative venues towards everfiner tick sizes in order to offer better prices and gain market share. Over the past few years, this trend has increased and caused adverse effects on the market quality. On March 3rd, 2018, MiFID II introduced a harmonized tick size regime that takes each stock's price and liquidity into account in order to address the negative impact of the \race to the bottom" that began with MiFID I. The aim of this bachelor thesis is to investigate whether the introduction of the MiFID II tick size regime has achieved its desired effect of positively impacting the European equity market quality. Therefore, I will study and summarize the existing literature about the general effect of tick size changes on security markets, whereby I distinguish between tick size changes that are caused by changes in tick size rules and price movements. Furthermore, I will introduce the main concepts of the new regulatory framework Markets in Financial Instruments Directive II / Markets in Financial Instruments Regulation (MiFID II/MiFIR) with a focus on the new tick size regime and its consequences for the European market. The core of this paper is the empirical study on the effects of tick size changes brought about by MiFID II's tick size regime on market quality, using data from the German home market Xetra. I will first investigate the overall impact of the regime on the most frequently traded stocks listed on Xetra by observing different measures of liquidity, such as transaction costs, market depth, trading volumes and price volatility. In addition, I provide separate results for the different effects of decreases and increases in tick size. Secondly, I examine the impact of the new regulatory framework and its tick size regime on the market share redistribution in Europe. This allows to determine whether the contentious exemption of systematic internalisers from the regime creates an unfair advantage at the expense of regulated markets.
Download or read book Capital Markets Law and Compliance written by Paul Nelson and published by Cambridge University Press. This book was released on 2008-01-10 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Markets in Financial Instruments Directive (MiFID) is a detailed re-writing of the regulation of capital markets. To the extent those rules permit, the Financial Services Authority (FSA) is also introducing high-level 'principles-based regulation'. In response to this, Paul Nelson presents practical guidance on the regulation of the capital markets, ranging from new issues and IPOs to investment banking, broker-dealing and asset management. All laws and rules relevant to the regulation of the capital markets are explained and put into context within the economic operation of markets, institutions and products, the European Single Market, the FSA's policies and objectives, the historical evolution of the regulations and the general civil and criminal law. Drawing on 30 years' experience as a practitioner, and referring to a vast range of supporting materials, the author provides an insightful analysis and critique of the rules, the rule makers and the institutions.
Download or read book Futurisation of Swaps OTC Market Regulation with MIFIR and MIFID II written by Sabrina Schleimer and published by GRIN Verlag. This book was released on 2018-08-20 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2018 in the subject Business economics - Investment and Finance, grade: 1,0, University of Strathclyde (Business School), course: Derivatives and Treasury Management, language: English, abstract: The necessity of increased stabilisation and regulation of financial markets, especially over-the-counter markets, has received increased international attention following the financial crisis of 2007-08.1 Previously, swap markets were largely ‘in the dark’ when compared to exchange traded derivatives. The reactionary regulation, the Dodd-Frank Act, has severely tightened the OTC swaps markets through standardisation, increased collateral requirements and reporting standards and a more refined clearing mandate; to continue our analogy, it has sought to bring the swaps market into the light. Due to this increased regulation and subsequent increased costs associated with trading swaps, large swathes of swap trading migrated onto futures exchanges, in a process known as swap futurisation. This offered market participants regulatory certainty as well as a reduction in some of the more onerous costs and requirements under the Dodd-Frank Act. With eight years of trading under the Dodd-Frank regulation, our investigation into the advantages and disadvantages of swap futurisation will focus on trends seen in American data. Following on we will look more closely at the European Union’s response, namely the Markets in Financial Instruments Directive II and the Markets in Financial Instruments Regulation.
