EU Financial Services Legislative agenda An Update
|
|
- Carmel Banks
- 5 years ago
- Views:
Transcription
1 EU Financial Services Legislative agenda An Update Financial Services Club 15 January 2013 Dr. David P. Doyle Policy Adviser EU Financial Services 1
2 Heavy ongoing EU Agenda in Financial Services Legislation Regulating capital markets and market actors The Commission adopting 'safety first approach' to regulating capital markets and market actors. Filling-in the gaps where European or national regulation is insufficient or incomplete More focus on Pan-EU centralised authorisation and supervision Less directives and more regulations assures faster implementation Capital requirements Directive IV Remuneration and bonuses Pan-EU supervisory authorities Hedge Funds and Private Equity EMIR: OTC derivatives, CCPs, trade repositories, short-selling Deposit Guarantee Scheme Solvency II insurance Packaged Retail Investment Products UCITs IV Credit rating agencies Investor Compensation Scheme Bank Resolution Framework Regulation Shadow Banking & Systematically Important Institutions (SIIs) MiFID Market Abuse Directive EU Mortgage Credit Directive Pensions Corporate governance reform within financial institutions Insurance Mediation Directive 2
3 The EU response to the Financial Crisis All that is of systemic importance should be regulated and supervised Need for better capitalised finance industry, with less leverage Perverse incentives in the financial sector should be tackled Supervision should have the right tools to grasp complex, interconnected and globalised financial nature of activities Restore trust, investors and consumers should benefit from clearer, more coherent and effective safeguards 3
4 The European Central Bank the new sheriff in town The Single Supervisory Mechanism what powers will it have? Monitors capital, liquidity and leverage requirements Authorises and revokes ban licence Enforces recovery plans Conducts stress tests Approves bank mergers & acquisitions (domestic and cross-border) Supervises early intervention in case of breaches of prudential rules (recovery plans, intra-group financial support arrangements, etc.) Empowered to request information directly from banks, conduct office visits, investigate 4
5 Irish EU presidency focused timetable going forward Key legislative texts to be ratified before the end of 2013 Reaching consensus between EU Parliament and Council on CRD IV Banking Union package (especially the EBA and ECB Regulations) Bank Resolution Directive EU-wide Deposit Guarantee Scheme Other priority files Progress on Markets in Financial Instruments Directive (MiFID/MiFIR) EU mortgage credit directive. 5
6 Liikanen Report (2 October 2012) Strengthen capital levels, especially model for measuring risks in trading book assets and real estate related loans. Separation of activities based on an assessment of a firm s recovery & resolution plans or a mandatory separation of proprietary trading and other high risk activities. Scope All bank s with assets held for trading and available for sale exceeding : The trading entity - cannot engage activities mandated to the deposit bank - banned from holding any deposits - cannot fund itself with insured deposits - not allowed to supply retail payment services. - Deposits, and the explicit and implicit guarantees they benefit from, would no longer support trading activities. (i) (ii) a relative examination threshold of 15-25% of the bank s total assets or an absolute examination threshold of EUR 100bn (US$ 129bn, 80.7bn). Supervisors would determine the need for separation based on the share of assets to which the separation requirement would apply Legally-separate deposit bank and trading entity can operate within a bank holding company structure, but must be capitalised and funded on a stand-alone basis. Bail-in: powers to write down claims of unsecured creditors or convert debt claims to equity Remuneration: move to long term incentives via bonuses paid in bail-in type bonds. 6
7 The EU Capital Requirements Directive/Regulation IV Council vs. Parliament divergences Flexibility for national regulators to raise capital charges: > 3 - linked to extra capital buffers for large banks (SIIIs) - MEPs want more prescriptive rules Bankers remuneration: 1:1 ratio; no shareholder involvement, majority MEPs favour caps. 76% risk weightings for SME financing above 1m or 2m? Liquidity coverage ratio observation period before LCR requirement in 2015 Incorporating the proposed Single Supervisory Mechanism: role of ECB vis-à-vis home/host supervisors, and EBA? 7
8 Agenda in the retail investment space Insurance Mediation Directive (IMD) Packaged Retail Investment Products (PRIPS) Reform of the EU Pensions Regime Markets in Financial Instruments Directive (MiFID) European consumers deserve better. They need reassurance that their savings, investments or insurance policies are protected no matter where in Europe they are based (Commissioner Barnier, 2010) 8
9 European Markets Infrastructure Regulation (EMIR) Summary of measures agreed: Compulsory central clearing Standardised contracts eligible for clearing Counterparties subject to the clearing obligation Risk management/margin requirements for non-cleared contracts Reporting Requirements Requirements for CCPs and Trade Repositories. Scope All eligible OTC derivatives trades are subject to central clearing and reporting to trade repositories. Exemptions to central clearing and margin requirements granted to: Intra-group transactions subject to the opinion that such transactions are not capable of significantly increasing systemic risk Pensions (for 6 years) but subject to the reporting and bilateral collateralisation requirements during that time Corporates (up to a transaction ceiling to be determined by ESMA and ratified by the EC) Covered bonds issued by a non-bank special purpose vehicle may be exempt, within certain parameters Central banks 9
10 Markets in Financial Instruments Directive (MiFID) review and update What has changed? Key characteristics Escalation of Scope of MiFID I to include fixed income, OTC derivatives and commodities Introduction of maximum harmonisation framework with little or no scope for derogations, gaps, re-interpretations, or Member State goldplating. Investor Protection is taken to a new level of authorisation, supervision and enforcement under MiFID II. Scope: all banks, investment firms, certain non-financial institutions, intermediaries, tied-agents, independent financial advisers, etc Conduct of business obligations Investment advice Informing clients on complex products Client classification: - eligible counterparty - professional client - retail client Execution quality & best execution Fit and proper criteria EC abolishing national options and discretions in MiFID I: A Single Rule Book applicable to all market players. 10
11 MiFID review and outcome less betting, more investment Latest developments The retention of OTFs for non-equity trades (bonds and derivatives) only and limited to professional investors. This will affect broker crossing networks. HFTs: checks, reporting and filters on orders introduced; Minimum resting periods are being proposed to prevent traders from flashing bids. Commodity derivatives - position limitations except where there is a proven economic interest in the underlying asset. Removed the ban on commissions replace with explicit upfront disclosures: 3rd party payments prior to investment advice is given if there are If advice is given on the basis of a limited number of instruments. Commitments on frequency of assessment on suitability of investments. New obligation: when designing new products, specify a target group within retail or professional category with offerings meeting their needs and marketed to clients within the target group. Investment firms to obtain information about the clients risk tolerance. 11
12 Packaged Retail Investment Products (PRIPS) Pre-contractual product disclosure SCOPE Sales practices KID Key Information Document: must provide: :Structured term deposits Retail Investment (or mutual) funds Closed and open-ended funds Investments packaged as life insurance policies Retail structured security products Unit-linked insurance contracts What is this investment? What is it for? Could I lose money? What are the risks and what might I get back? What are the costs? How has it done in the past? What might I get when I retire? and the EU Parliament wants to add: Shares Bonds Sovereign bonds Bank products, i.e., term deposits, euro-denominated life insurance, not limited to unit-linked products. Other savings products Investment products with yield linked to interest rates 12
13 Market Abuse Directive Extending the scope to include organised markets (i.e., multilateral trading facilities or MTFs, systematic internalisers, dealer-brokers crossing networks and other venues such as OTC trading) Extending scope to a greater variety of financial instruments, including financial, energy and commodity derivatives plus spot commodity contracts, CDSs, and emission allowances Introduction of prohibition on manipulation of benchmarks and market indices (reaction to LIBOR) rate fixing scandal) Transforming MAD into a Regulation less risk of divergent interpretation, gold plating and late transposition Combating market manipulation through algorithmic and high frequency trading (HFT) Sanctioning cases where there is a failed insider dealing attempt to manipulate the market Informing regulators of delay in the disclosure of inside information Eliminating national differences to enable regulators to obtain Insiders Lists from issuers Strengthening the effectiveness of the enforcement powers of the national competent authorities, and introducing a more robust sanctions regime to be applied to market abuse across the EU. EC noted financial institutions tempted to engage in regulatory arbitrage when deciding place of business/location of branches. Reporting manager s transactions Protection and incentives of whistleblowers 13
14 Thank you! Mobile: Published material: - Cost Control - A Strategic Guide (CIMA/Elsevier: London, 1994/2002) - EU chapter to The Future of Finance after SEPA (Wiley: London, 2008) - EU chapter to A Practical Guide to Corporate Governance (Sweet & Maxwell: London, 2010). 14
Developments on the EU Financial Services Legislative agenda
Developments on the EU Financial Services Legislative agenda London, 12 January 2015 Dr. David P. Doyle Policy Adviser EU Financial Services Legislation 1 Regardless of costs, regulatory reform is here
More informationMarkets in Financial Instruments Directive (MiFID): Frequently Asked Questions
MEMO/10/659 Brussels, 8 December 2010 Markets in Financial Instruments Directive (MiFID): Frequently Asked Questions 1. What is MiFID? MiFID is the Markets in Financial Instruments Directive or Directive
More informationMiFID II/MiFIR. Compliance Day. Directive 2014/65/EU and Regulation (EU) No 600/2014. Sabine Schönangerer
Directive 2014/65/EU and Regulation (EU) No 600/2014 MiFID II/MiFIR Compliance Day Sabine Schönangerer DG FISMA, Securities Markets Unit 6 October 2015 02/10/2015 Overview When? Timetable Why MiFid II/MiFIR?
More information16523/12 OM/mf 1 DGG 1
COUNCIL OF THE EUROPEAN UNION Brussels, 13 December 2012 Interinstitutional File: 2011/0296 (COD) 2011/0298 (COD) 16523/12 EF 270 ECOFIN 970 CODEC 2743 "I" ITEM NOTE from: to: Subject: Presidency Coreper
More informationReview of the Markets in Financial Instruments Directive (MiFID): Frequently Asked Questions
MEMO/11/716 Brussels, 20 October 2011 Review of the Markets in Financial Instruments Directive (MiFID): Frequently Asked Questions 1. What is MiFID? MiFID is the Markets in Financial Instruments Directive
More informationReview of the Markets in Financial Instruments Directive
FEDERATION OF EUROPEAN SECURITIES EXCHANGES 13 th JANUARY 2011 The questionnaire takes as its starting point the Commission's proposals for MiFID/MiFIR 2 of 20 October 2011 (COM(2011)0652 and COM(2011)0656).
More informationThe impact of MiFID II/MiFIR on Secondary Markets David Lawton Managing Director Alvarez & Marsal
The impact of MiFID II/MiFIR on Secondary Markets David Lawton Managing Director Alvarez & Marsal MiFID II MiFIR: Necessary adjustments in the new environment HCMC conference Athens : 23 October 2017 MIFID
More informationEurope: Progress in bank resolution and banking union
Europe: Progress in bank resolution and banking union Shaping the New Framework for Global Financial Regulation LACEA & LAMES 2013 Annual Meetings Mexico City, 31 October 2013 Santiago Fernández de Lis
More informationRegulatory Update: European legislation on retail investments. Overview of presentation
Regulatory Update: European legislation on retail investments 20 th June 2013 Katharine King Investments Policy Department 38 Overview of presentation European context Consumer protection ti agenda Looking
More information(Text with EEA relevance) (OJ L 173, , p. 349)
02014L0065 EN 01.07.2016 002.002 1 This text is meant purely as a documentation tool and has no legal effect. The Union's institutions do not assume any liability for its contents. The authentic versions
More informationChristos Gortsos Associate Professor of International Economic Law, Panteion University of Athens
ERA Conference The MIFID II Legislative Proposal Crucial changes in the reform of MiFID: : distinction between MiFID obligations and MiFIR requirements Christos Gortsos Associate Professor of International
More information40 Minute Briefing MiFID II: are we there yet?
40 Minute Briefing MiFID II: are we there yet? Jonathan Herbst - Partner Peter Snowdon - Partner Hannah Meakin - Partner Financial Services 6 November 2013 Our agenda for this morning s briefing 1. Big
More informationRegulatory reform of EU commodity derivatives markets
Regulatory reform of EU commodity derivatives markets 4rth meeting of the Expert Group on agricultural commodity derivatives and spot markets Brussels, 3 October, 2013 The MiFID review: main objectives
More informationThe new EU regulatory framework for commodity derivatives & MiFiD II/MiFIR implementation Brussels, 20 September 2017
The new EU regulatory framework for commodity derivatives & MiFiD II/MiFIR implementation Brussels, 20 September 2017 DG FISMA Please note that this presentation does not constitute legal advice and is
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 18.5.2016 C(2016) 2860 final COMMISSION DELEGATED REGULATION (EU) /... of 18.5.2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council
More informationEuro area financial regulation: where do we stand?
Euro area financial regulation: where do we stand? Benoît Cœuré Member of the Executive Board European Central Bank Paris, 18 January 2013 1 Euro area banking sector - What has been done? 2 Large amounts
More information- Regulation 600/2014 of 15 May 2014 on markets in financial instruments and amending Regulation 648/2012 (EMIR) EUOJ L 173/84 12/6/2014
MIFID II /MIFIR Reference documents: - Directive 2014/65/EU of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC (insurance mediation) and directive 2011/61/EU (AIFMD) EUOJ
More information(Text with EEA relevance) (OJ L 173, , p. 84)
02014R0600 EN 01.07.2016 001.002 1 This text is meant purely as a documentation tool and has no legal effect. The Union's institutions do not assume any liability for its contents. The authentic versions
More information18 June 2013 Conference Centre Albert Borshette, Brussels. DG Agri Expert Group. Catherine Sutcliffe, Senior Officer Secondary Markets
DG Agri Expert Group Catherine Sutcliffe, Senior Officer Secondary Markets Agenda Overview of ESMA EU policy making process EMIR MiFID II MAD/MAR 2 New EU Financial Supervision Framework Lessons from the
More informationRegulatory Impacts on the Nordic Secondary Bonds and Derivatives Market
Regulatory Impacts on the Nordic Secondary Bonds and Derivatives Market ICMA Copenhagen, 27 October 2015 Fredrik Jenestrand, Head of Regulatory Strategy and Implementation, Markets FICC EU s regulatory
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES
EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, COM(2009) 563/4 PROVISIONAL VERSION MAY STILL BE SUBJECT TO CHANGE COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE
More informationResponse of Börse Stuttgart to the Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP
APPENDIX I Response of Börse Stuttgart to the Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP Review of the Markets in Financial Instruments Directive Questionnaire on MiFID/MiFIR 2 by Markus Ferber
More informationReview of the Markets in Financial Instruments Directive. Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP
Review of the Markets in Financial Instruments Directive Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP Response provided by EQUIDUCT Systems Ltd the transactions services provider for EQUIDUCT. EQUIDUCT
More informationECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 19 April on protection from risks and separation of banking businesses (CON/2013/28)
EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 19 April 2013 on protection from risks and separation of banking businesses (CON/2013/28) Introduction and legal basis On 25 February 2013, the European
More informationState Street Corporation
Review of the Markets in Financial Instruments Directive Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP The questionnaire takes as its starting point the Commission's proposals for MiFID/MiFIR 2 of
More informationWe are happy to provide further information if needed. TriOptima AB. Per Sjöberg Christoffer Mohammar Chief Executive Officer General Counsel
Dear Sirs, TriOptima AB ( TriOptima ) is pleased to respond to the Questionnaire on MiFID/MiFIR 2, by Markus Ferber MEP, in accordance with the below. First, however, TriOptima would like to offer some
More informationEACT Monthly Report on Regulatory Issues
EACT Monthly Report on Regulatory Issues Date issued: 18 December 2015 1 This report has been designed for, and with the support of, the above National Treasury Associations. Its purpose is to provide
More informationEU and US financial markets regulatory developments (January 2014 to present) Marek Svoboda FX CG mtg Frankfurt am Main, 6 May 2014
EU and US financial markets regulatory developments (January 2014 to present) Marek Svoboda FX CG mtg Frankfurt am Main, 6 May 2014 Overview of latest EU legislative developments Markets in Financial Instruments
More informationThe law of unintended consequences from current regulatory reform
15 October 2015 The law of unintended consequences from current regulatory reform Simon Puleston Jones Overview - The current wave of regulatory reform - Hedging issues - Capital Requirements reduced liquidity
More informationOpinion of the Czech National Bank
NA PŘÍKOPĚ 28 115 03 PRAHA 1 CZECH REPUBLIC Public Consultation: Review of the Markets in Financial Instruments Directive (MiFID) Opinion of the Czech National Bank 1. INTRODUCTION 2. DEVELOPMENTS IN MARKET
More informationReview of the Markets in Financial Instruments Directive. Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP. HSBC Response
Review of the Markets in Financial Instruments Directive Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP HSBC Response The questionnaire takes as its starting point the Commission's proposals for MiFID/MiFIR
More informationTo Clear or not to Clear? Challenges in Derivative Business Processes in Presence of EMIR and MiFIDII/MiFIR Regulation. Limassol, January 27 th, 2017
To Clear or not to Clear? Challenges in Derivative Business Processes in Presence of EMIR and MiFIDII/MiFIR Regulation Limassol, January 27 th, 2017 Contents 1 2 3 4 5 Introduction Selected Aspects of
More informationESMA s 2019 Regulatory Work Programme
4 February 2019 ESMA20-95-1105 ESMA s 2019 Regulatory Work Programme The Regulatory Work Programme (RWP) provides an overview of ESMA s Single Rulebook work. It lists all the technical standards and technical
More informationEACT Monthly Report on Regulatory Issues
EACT Monthly Report on Regulatory Issues Date issued: 1 February 2016 1 This report has been designed for, and with the support of, the above National Treasury Associations. Its purpose is to provide information
More informationRegulatory reform of EU commodity derivatives markets
Regulatory reform of EU commodity derivatives markets 5th meeting of the Expert Group on agricultural commodity derivatives and spot markets Brussels, 14 February, 2014 The MiFID review: main objectives
More informationPreparing for MiFID II: Practical Implications
Tuesday 1 December 2015 Preparing for MiFID II: Practical Implications Sean Donovan-Smith, Partner Jacob Ghanty, Partner Andrew Massey, Special Counsel Philip Morgan, Partner Rodney Smyth, Consultant Copyright
More informationMarket Abuse Regulation. NEVIR & AFM Webinar 13 October 2016
Market Abuse Regulation NEVIR & AFM Webinar 13 October 2016 Webinar guide The webinar will remain available for replay. The webinar is interactive. You may ask questions by the chatbox at the bottom of
More informationDevelopments on the EU Financial Services Legislative agenda
Developments on the EU Financial Services Legislative agenda London, 2 February 2016 Dr. David P. Doyle EU Policy Expert Financial Services Regulation 1 Inter-connecting challenges facing the EU over 2016
More informationCommercial market participants view of financial regulatory reform. DG AGRI Commodities expert group (14 February 2014, Brussels)
Commercial market participants view of financial regulatory reform DG AGRI Commodities expert group (14 February 2014, Brussels) Agenda 1. About CMC Europe 2. Post-crisis regulatory reform commercial observations
More informationDerivatives Markets Frequently Asked Questions (see IP/09/1546)
MEMO/09/465 Brussels, 20 th October 2009 Derivatives Markets Frequently Asked Questions (see IP/09/1546) GENERAL APPROACH You propose a comprehensive solution for all derivatives markets. Does that not
More informationEBF POSITION ON THE REVIEW OF THE MARKET ABUSE DIRECTIVE
EBF Ref.D2000D-2011 Brussels, 19 December 2011 Launched in 1960, the European Banking Federation is the voice of the European banking sector from the European Union and European Free Trade Association
More informationMiFID2 Extraterritorial Impact on FIs and AMIFs. Charlotte Stalin Jason Valoti
MiFID2 Extraterritorial Impact on FIs and AMIFs Charlotte Stalin Jason Valoti 15 March 2017 TIMING: EU LEGISLATIVE PROCESS LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 The European Parliament and European Council prepare
More informationFinancial markets today are a global game between a variety of highly interconnected players. Financial regulation sets out the rules of this game.
30 November 2017 ESMA71-319-65 Keynote Address ASIFMA Annual Conference 2017 Hong Kong Verena Ross Executive Director Ladies and gentlemen, I am very pleased to be with you today and to have been invited
More informationRegulatory Briefing EMIR a refresher for investment managers: are you ready for 12 February 2014?
Page 1 Regulatory Briefing EMIR a refresher for investment managers: are you ready for 12 February 2014? February 2014 With effect from 12 February 2014, the trade reporting obligations in the European
More informationMIFID II LEAFLET CORPORATE INVESTMENT BANKING (SGCIB)
Since its implementation in November 2007, the Markets in Financial Instruments Directive ( MiFID I ) has been the cornerstone of capital markets regulation in Europe. MiFID I was recast by the Markets
More informationAthens Exchange S.A. Response to European Commission s Public Consultation on A Revision of the Market Abuse Directive (MAD)
Athens Exchange S.A. Response to European Commission s Public Consultation on A Revision of the Market Abuse Directive (MAD) The Athens Exchange welcomes the opportunity to contribute to this public consultation
More informationMIFID II LEAFLET CORPORATE INVESTMENT BANKING (SGCIB)
Since its implementation in November 2007, the Markets in Financial Instruments Directive ( MiFID I ) has been the cornerstone of capital markets regulation in Europe. MiFID I was recast by the Markets
More informationMiFID 2/MiFIR Articles relevant to article The top 10 things every commodities firm needs to know about MiFID 2
MiFID 2/MiFIR Articles relevant to article The top 10 things every commodities firm needs to know about MiFID 2 8. Is our ability to trade over the counter impacted by MiFID 2? EU Commission MiFIR legislative
More informationReview of the Markets in Financial Instruments Directive. Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP
Review of the Markets in Financial Instruments Directive Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP Contact: Penelope Naas Citibank Boulevard du Général Jacques 263 G 1050 Brussels BELGIUM T:
More informationFBF S RESPONSE. The FBF welcomes the opportunity to comment EC consultation on a revision of the Market Abuse directive.
Numéro d'identification: 09245221105-30 July, 23 rd 2010 EUROPEAN COMMISSION PUBLIC CONSULTATION A REVISION OF THE MARKET ABUSE DIRECTIVE FBF S RESPONSE GENERAL REMARKS 1. The French Banking Federation
More informationKey issues in Banking regulation. Investor meeting
Key issues in Banking regulation Investor meeting London, 24 October 2017 Summary 1. Finalization of Basel 3: key observations 2. CRR2/CRD5: latest developments and points of attention 3. SSM guiding principles
More informationAlert Memo BRUSSELS AND LONDON, DECEMBER 28, Reform of the Markets in Financial Instruments Directive: European Commission Consultation
Alert Memo BRUSSELS AND LONDON, DECEMBER 28, 2010 Reform of the Markets in Financial Instruments Directive: European Commission Consultation On December 8, 2010, the European Commission published a public
More informationMarkets in Financial Instruments Directive MiFID II
Markets in Financial Instruments Directive MiFID II This fact sheet is prepared by Bank of Ireland Global Markets to give you information on MiFID II, its requirements and the likely impact on you and
More informationA8-0126/2. Amendment 2 Roberto Gualtieri on behalf of the Committee on Economic and Monetary Affairs
31.5.2016 A8-0126/2 Amendment 2 Roberto Gualtieri on behalf of the Committee on Economic and Monetary Affairs Report Markus Ferber Markets in financial instruments COM(2016)0056 C8-0026/2016 2016/0033(COD)
More informationFinancial stability: how to lean against the wind?
Financial stability: how to lean against the wind? Zdeněk Tůma Sinaia, 15 th November 2012 Main points Institutional framework Central bank as natural harbour Way of thinking Processes and decision making
More informationMiFID 2 GUIDE INSTRUMENT 2017
MiFID 2 GUIDE INSTRUMENT 2017 Powers exercised A. The Financial Conduct Authority makes this instrument in the exercise of the powers in section 139A (Power of the FCA to give guidance) of the Financial
More informationMIFID: Supporting European Harmonisation
MIFID: Supporting European Harmonisation Richard Young Manager Securities Market Reform PIMA/SWIFT Conference 27 th June 2006 Slide 1 The challenges for European harmonisation : EU Structural pressure
More informationMiFID 2/MiFIR Articles relevant to article The top 10 things every commodities firm needs to know about MiFID 2
MiFID 2/MiFIR Articles relevant to article The top 10 things every commodities firm needs to know about MiFID 2 9. At a high level, what else would be different under MiFID 2 and MiFIR for commodity firms?
More information2017/2018 Regulator agenda Top priorities. Deloitte Czech Republic
2017/2018 Regulator agenda Top priorities Deloitte Czech Republic Contents 2 2017/2018 Regulatory agenda Top priorities / Indicative timeline 03 Benchmark Regulation 04 Consumer Loan Act 05 Insurance Distribution
More informationlucht probst associates gmbh MiFID II Index Contents
Contents Markets in Financial Instruments Directive (MiFID II) Directive No. 2014/65/EU... 2 Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No. 600/2014... 10 Overview of Level I,
More informationSummary of EC Review of the Markets in Financial Instruments Directive (Directive 2004/39/EC) ("MiFID") for Commodity Firms
Summary of EC Review of the Markets in Financial Instruments Directive (Directive 2004/39/EC) ("MiFID") for Commodity Firms Author: Jacqui Hatfield, Partner, London Publication Date: January 10, 2011 Introduction
More informationFROM MiFID TO THE CAPITAL MARKET UNION THIRD COUNTRIES PERSPECTIVE Happy Swiss Hour
FROM MiFID TO THE CAPITAL MARKET UNION THIRD COUNTRIES PERSPECTIVE Happy Swiss Hour Judith Hardt Managing Director, Swiss Finance Council 12 mars 2015 1 2007 - MiFID I (MiFID for beginners!) The 2007 Markets
More informationCNMV Consultation on proposed reforms to Spain s securities clearing, settlement and registry system
CNMV Consultation on proposed reforms to Spain s securities clearing, settlement and registry system EMCF contribution European Multilateral Clearing Facility Amsterdam, 28 February 2011 Introduction EMCF
More informationProposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
EUROPEAN COMMISSION Brussels, 10.2.2016 COM(2016) 57 final 2016/0034 (COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) No 600/2014 on markets in financial
More informationMiFID II Academy: Spotlight on markets and third country provisions Financial Services Team Norton Rose Fulbright LLP.
MiFID II Academy: Spotlight on markets and third country provisions Financial Services Team Norton Rose Fulbright LLP 2 November 2016 Agenda The trading environment of the future Critical issues that firms
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 25.4.2016 C(2016) 2398 final COMMISSION DELEGATED REGULATION (EU) /... of 25.4.2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards
More informationQuestions and Answers. On the Market Abuse Regulation (MAR)
Questions and Answers On the Market Abuse Regulation (MAR) ESMA70-145-111 Version 10 Last updated on 14 December 2017 Table of Contents 1. Purpose and status... 3 2. Legislative references and abbreviations...
More informationApex Supporting Clients/Asset Managers with MiFID II Challenges REGULATORY UPDATE: MARCH 2017
Apex Supporting Clients/Asset Managers with MiFID II Challenges REGULATORY UPDATE: MARCH 2017 MiFID in a Nutshell The Markets in Financial Instruments Directive came into force in 2007 ( MiFID I ). Investor
More informationContents. 1. Introduction to this report Executive summary Legal framework for the UK financial services sector...
Contents 1. Introduction to this report... 1 2. Executive summary... 4 3. Legal framework for the UK financial services sector... 5 4. Analysis of the Brexit scenarios... 21 5. Business line analysis...
More informationFINANCIAL REGULATORY. RegBrief
1 arthur cox FINANCIAL REGULATORY Group Briefing April 2013 RegBrief key contacts For further information please speak to your usual Arthur Cox contact or one of the following lawyers: Orla O Connor Partner
More information(Text with EEA relevance)
L 271/10 COMMISSION DELEGATED REGULATION (EU) 2018/1620 of 13 July 2018 amending Delegated Regulation (EU) 2015/61 to supplement Regulation (EU) No 575/2013 of the European Parliament and the Council with
More informationReview of the Markets in Financial Instruments Directive. Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP
Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP The questionnaire takes as its starting point the Commission's proposals for MiFID/MiFIR 2 of 20 October 2011 (COM(2011)0652 and COM(2011)0656). All
More informationThe present English text is for information purposes only and is not legally binding. The legally binding document is in the Greek language.
UNOFFICIAL CONSOLIDATION OF LAW 144(I)/2007 OF 26 OCTOBER 2007, LAW 106(I)/2009 OF 23 OCTOBER 2009, LAW 141(I) of 26 OCTOBER 2012, LAW 154(I) of 9 NOVEMBER 2012, LAW 193(I)/2014 of 19 DECEMBER 2014 and
More informationReview of the Markets in Financial Instruments Directive. Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP
Review of the Markets in Financial Instruments Directive Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP The questionnaire takes as its starting point the Commission's proposals for MiFID/MiFIR 2 of
More informationDerivatives: Financial Products Report. (Thomson Reuters/Tax & Accounting)
As published in Derivatives: Financial Products Report February 2015 (Thomson Reuters/Tax & Accounting) FROM EMIR TO ETERNITY? THE EU FINANCIAL REGULATORY AGENDA INTO 2015 AND BEYOND Author: PETER GREEN,
More informationFinancialisation of the agricultural commodity markets the role of legislation
Financialisation of the agricultural commodity markets the role of legislation Myriam Vander Stichele Senior Researcher, SOMO for Expert Group on agricultural commodity derivatives and spot markets - 7
More informationProposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
EUROPEAN COMMISSION Brussels, 20.10.2011 COM(2011) 656 final 2011/0298 (COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on markets in financial instruments repealing Directive
More informationStrengthening the European banking system Overview of the CRDIV. World Bank CFRR IFRS Seminar for banking supervisors 18 April 2012, Zagreb
Strengthening the European banking system Overview of the CRDIV World Bank CFRR IFRS Seminar for banking supervisors 18 April 2012, Zagreb 1 Main Drivers Financial Stability and Sustainable Growth Unprecedented
More informationNovember 2016 INVEST
November 2016 INVEST InVest November 2016 This month's roundup of developments affecting banks, wealth managers, brokers and funds sees a report from the European Commission on CRA regulation, the PRA
More informationThe review of the Markets in Financial Instruments Directive
The review of the Markets in Financial Instruments Directive MIFID 2 Brussels, 11 June 2014 State of play - level 1 process Political agreement on the review of the Market in Financial Instruments Directive
More informationPlacement of financial instruments with depositors, retail investors and policy holders ('Self placement')
JC 2014 62 31 July 2014 Placement of financial instruments with depositors, retail investors and policy holders ('Self placement') Reminder to credit institutions and insurance undertakings about applicable
More informationCapital Markets Union: a Discussion Paper
Capital Markets Union: a Discussion Paper Quarterly Assessment by Paul Richards Summary Capital Markets Union should be designed to broaden and deepen EU capital markets so that they can play a full part
More informationReview of the Markets in Financial Instruments Directive. Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP
Review of the Markets in Financial Instruments Directive Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP The questionnaire takes as its starting point the Commission's proposals for MiFID/MiFIR 2 of
More informationReview of the Markets in Financial Instruments Directive. Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP
Review of the Markets in Financial Instruments Directive Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP The questionnaire takes as its starting point the Commission's proposals for MiFID/MiFIR 2 of
More informationEurex Clearing. Response. Joint CFTC SEC request for comment on international swap and clearinghouse regulation
Eurex Clearing Response to Joint CFTC SEC request for comment on international swap and clearinghouse regulation CFTC Release No. Frankfurt am Main, 26 September 2011 Eurex Clearing AG wishes to thank
More informationCOMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL. A Roadmap towards a Banking Union
EUROPEAN COMMISSION Brussels, 12.9.2012 COM(2012) 510 final COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL A Roadmap towards a Banking Union EN EN COMMUNICATION FROM THE COMMISSION
More informationCommission proposal on improving securities settlement in the EU and on Central Securities Depositaries Frequently Asked Questions
MEMO/12/163 Brussels, 7 March 2012 Commission proposal on improving securities settlement in the EU and on Central Securities Depositaries Frequently Asked Questions 1. What does the proposed regulation
More informationDelegated Acts/Level 2 another milestone is reached
www.pwc.lu/mifid 4 th MiFID II Breakfast Delegated Acts/Level 2 another milestone is reached Regulatory Advisory Services Table of Contents Section Overview Page 1 MiFID II Genesis 1 2 Update on Level
More informationImplementation of Competent Authority Options and Discretions in the CRD Regulations and CRR. List of Abbreviations 2. 1.
Implementation of Competent Authority Options and Discretions in the European Union (Capital Requirements) Regulations 2014 and Regulation (EU) No 575/2013 Contents List of Abbreviations 2 1. Overview
More informationCOMMUNICATION FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN PARLIAMENT. Shadow Banking Addressing New Sources of Risk in the Financial Sector
EUROPEAN COMMISSION Brussels, XXX COM(2013) 614/3 COMMUNICATION FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN PARLIAMENT Shadow Banking Addressing New Sources of Risk in the Financial Sector EN EN
More informationESMA s role in European and international regulatory cooperation
Date: 12 June 2012 ESMA/2012/367 ESMA s role in European and international regulatory cooperation International Council of Securities Associations, Copenhagen Verena Ross, Executive Director of ESMA Ladies
More informationNavigating Regulatory Compliance Investment Management Monthly Regulatory Update. April 2016
Investment Management Monthly Regulatory Update April 2016 1. Introduction 1.1 In addition to our register of relevant regulatory developments in the past month, we note four themes this month which stand
More informationMiFID2. Commodities. Jonathan Melrose Rosali Pretorius. October 2017
MiFID2 Commodities Jonathan Melrose Rosali Pretorius October 2017 Introduction Overview of change in commodities rules Rules that apply across the board Market infrastructure and reporting Investor protection
More informationIMPLEMENTATION OF EMIR MARGIN RULES for UNCLEARED OTC DERIVATIVES -
IMPLEMENTATION OF EMIR MARGIN RULES for UNCLEARED OTC DERIVATIVES - January 2017 update On 4 January 2017 new EU regulatory technical standards under EMIR 1 came into force that in the next two months
More informationMiFID II/MiFIR Frequently Asked Questions
MiFID II/MiFIR Frequently Asked Questions FAQs cover: General Global Relationships Legal Entity Identifier Policies Consents Post Trade Reporting Client categorisation Research Systematic Internaliser
More informationCountdown to MiFID II: Final rules for trading venues, participants and investment firms
Countdown to MiFID II: Final rules for trading venues, participants and investment firms On 31 March 2017, the Financial Conduct Authority (FCA) published its first policy statement (PS 17/5) on the implementation
More informationQuestions and Answers On MiFID II and MiFIR market structures topics
Questions and Answers On MiFID II and MiFIR market structures topics 15 November 2017 ESMA70-872942901-38 Date: 15 November 2017 ESMA70-872942901-38 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex
More informationQuestions and Answers Application of the AIFMD
Questions and Answers Application of the AIFMD 5 October 2017 ESMA34-32-352 Date: 5 October 2017 ESMA34-32-352 Contents Section I: Remuneration...5 Section II: Notifications of AIFs...9 Section III: Reporting
More informationCouncil of the European Union Brussels, 23 June 2015 (OR. en)
Conseil UE Council of the European Union Brussels, 23 June 2015 (OR. en) PUBLIC 1759/15 ADD 2 LIMITE NOTE From: To: Subject: General Secretariat of the Council / Secretariat of the Financial Service Committee
More informationIFLR Webinar: Structured Products: An Update of Recent US and EU Regulatory Developments
IFLR Webinar: Structured Products: An Update of Recent US and EU Regulatory Developments NY2-700942 Robert Dilworth, Bank of America Merrill Lynch Peter Green, Partner, Morrison & Foerster LLP Timothy
More information