Apex Supporting Clients/Asset Managers with MiFID II Challenges REGULATORY UPDATE: MARCH 2017
|
|
- Lynne Mason
- 6 years ago
- Views:
Transcription
1 Apex Supporting Clients/Asset Managers with MiFID II Challenges REGULATORY UPDATE: MARCH 2017
2 MiFID in a Nutshell The Markets in Financial Instruments Directive came into force in 2007 ( MiFID I ). Investor Protection Its primary goals were to foster harmonized functioning of financial markets, increase competition between new categories of trading venues and enhance Investor protection. Client Protection Market Access and Corporate Governance As an EU Directive, it required transposition into national laws with the option to raise standards locally. Trading and Executions MiFID II Offering Inducement Following the global financial crisis, the European Commission reviewed the MiFID framework and issued the MiFID II law and the MiFIR: MiFID II refers to a revision of the Directive effective from January 2018 through national laws; Advisory Process Product Governance The Markets in Financial Instruments Regulation (MiFIR) is the actual Regulation that will be directly effective without national transposition. This will ensure that a maximum harmonization framework is implemented. The Directive and Regulation now have fewer exemptions and the original scope of the MiFID has been expanded to cover a larger group of companies and financial products.
3 MiFID II Implementation Timeline February 2015 April/May 2016 April 2014 Open Hearing on Secondary Markets and Investor Protection Spring 2015 EC publishes Final Delegated Acts based on ESMA advice and approves technical standards JANUARY 2018 MiFID II/MiFIR are adopted by the EU Parliament Public consultation covering IST and ESMA guidelines MiFID II/MiFIR come into force May 2014 ESMA launches consultation process for MiFID II/MiFIR December 2014 ESMA final technical advice and consultation paper on draft technical standards published June/September 2015 ESMA submits regulatory technical standards to the EC JUNE 2016 MiFID II/MiFIR implementation deadlines postponed by a full year July 2017 MiFID II/MiFIR come into force
4 MiFID II Operational Processes Distribution & Products Trading & Investment Market Access & Corporate Governance Investor Protection Product Governance Trading Transparency Market Structure Derivatives Client Safeguard Organisational Requirements Corporate Governance Costs / performance disclosure Inducements Suitability & Appropriateness Client Classification and profiling Target Market Complex Products Products approval and monitoring process Trading Obligation Best Execution Transaction Reporting Trading Venues Commodities Commodity position limit & management control Safeguard the ownership rights of client assets Specific title transfer collateral arrangements Communication recording Record Keeping Transaction Recording New obligations & respective duties of the management body NEW Product governance. Distribution governance. Product documentation dispatch before the investment is made. Enhanced client information requirements (e.g. Type of advise, conflict of interests disclosure, etc.). NEW Algorithmic and high frequency trading (HFT)- Direct market access and Access to RM. OTF requirements. Commodity derivatives trading. Reporting services requirements. Product intervention. NEW 3rd country market Access Potential branch requirements for 3rd country firms when actively servicing retail clients. Actively servicing professional clients requires registration with ESMA.
5 MiFID II and Banking: Impacts PROVISION OF SERVICES MARKET EXECUTION CLIENT ACQUISITION Suitability Appropriateness Inducements Investment research Best execution Execution chain Client order handling Information to clients Client classification Client profiling Client agreements Inducements SALES AND MARKETING CLIENT REPORTING & TRANSPARENCY Instruments scope Information to clients Products Governance 3rd Country Access Reporting to Clients Transaction reporting Pre-Post trade transparency
6 MiFID II and Asset Management - Impacts EXEMPTIONS 1. Collective investment undertakings and pension funds (whether coordinated at Union level or not) and the depositaries and managers of such undertakings 2. Safekeeping as ancillary service only. PRODUCT GOVERNANCE EXECUTION IMPACT Product Design to identify target market and distribution strategy. Product Marketing with an Increased information provision towards distributors, including UCITS / AIFMD / PD / PRIIPS etc. Distributor: distribute the product within the target market identified by the producer and provide the manufactures with sales information. Monitoring: Review of product performances, adequacy of the market and product. ASSET MANAGERS Wealth and asset management firms must review the business impact of MiFID II and ensure capabilities to trade the required asset classes through the new venues such as OTFs. Policies and procedure more transparent and clear for clients. Increased threshold limits and controls around dark pool trading and algorithmic trading. Restrictions for commodity positions held on a group level. RECORDING OBLIGATIONS Obligation to record phone and electronic communications intended to result in clients transaction. Face-to-face meeting to be formalized and minuted. New policy, arrangements and monitoring must be available to clients. TRANSACTION REPORTING Increased transparency obligations on transaction and trade reporting. Basic reporting is kept, however updates are applied to transaction reports, portfolio report, holding statements, loss threshold report and cost & charges report. Pre-trade and Post trade transparency reporting. REMUNERATION Remuneration structures should be aligned with clients interests to take a holistic view in terms of incentives provided to staff and under consideration whether any incentives create a conflict of interest.
7 MiFID II: Focus on Fund Distribution COST & PERFORMANCE TRANSPARENCY TARGET MARKET Products and Services cost disclosure to be held pre- and post-sale, including transaction and research. Cost & Performance Transparency Target Market Inclusion of target market, client and product characteristics in the sales approach. Disclose cumulated effect/ costs. Risk-oriented performance scenario disclosure. MiFID firms manufacturing products for others to sell must define target market/ parameters pre-sale. INDEPENDENT ADVICE KEY TOPICS INDUCEMENT Option to assume formal regulatory status as independent advisor, leading to categorical prohibition of inducements, need to consider broad range of instruments, etc. Dual offering (independent vs non independent ) possible but Chinese walls are required. Independent Advice Inducement Prohibition to receive and retain monetary inducements (e.g. trailer fees) for providers of independent investment advice and portfolio management. Proof of quality enhancement when retaining inducements related to non-independent advice. Clients need to be informed about inducement details.
8 Our Client/Asset Manager Goals are Apex Goals Regulatory assessment to understand the challenges. Strategic assessment to support. Apex to initiate discussion with Asset Managers and client(s) to identify the needs/gaps in place under their current MiFID II project plans. Apex to outline strategic options and solutions to support MifID II implementation. Recording obligations. Transaction reporting. Distribution support.
MiFID II: the next step. Fiona Richardson and Mark Spiers November 2015
MiFID II: the next step Fiona Richardson and Mark Spiers November 2015 What we are covering today 2 FCA Discussion Paper 26/3/15 FCA Market Issues Consultation Paper Due 12/15 FCA Conduct Consultation
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 informationMiFID II. Assessing MiFID II impacts for Corporate & Investment Banks STRATEGY & MANAGEMENT CONSULTING PARIS LONDON LUXEMBOURG ASIA.
MiFID II Assessing MiFID II impacts for Corporate & Investment Banks STRATEGY & MANAGEMENT CONSULTING PARIS LONDON LUXEMBOURG ASIA December 1, 2016 Contacts This presentation is an introduction to our
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 informationHow will MiFID II impact Australian firms?
www.pwc.com.au How will MiFID II impact Australian firms? September 07 Introduction What is MiFID II? The Markets in Financial Instruments Directive (MiFID II) is a regulatory framework of the European
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 informationFlash News. ESMA releases its Final Technical Advice on MiFID II/MiFIR. Background. ESMA Final Technical Advice on investor protection topics
www.pwc.lu/mifid Flash News ESMA releases its Final Technical Advice on MiFID II/MiFIR 20 January 2015 On 19 December 2014, ESMA delivered its final Technical Advice (TA) regarding the implementation of
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 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 informationQuestions and Answers On MiFID II and MiFIR transparency topics
Questions and Answers On MiFID II and MiFIR transparency topics 18 November 2016 ESMA/2016/1424 Date: 18 November 2016 ESMA/2016/1424 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel.
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 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 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 informationBrave New World: MiFID2 and MiFIR The changes facing the Financial Markets
Brave New World: MiFID2 and MiFIR The changes facing the Financial Markets Charlotte Stalin February 2016 MiFID what? MiFID (Markets in Financial Instruments Directive) Sets out rules on what investment
More informationQuestions and Answers On MiFID II and MiFIR post trading topics
Questions and Answers On MiFID II and MiFIR post trading topics 14 December 2017 ESMA70-151-957 Date: 14 December 2017 ESMA70-151-957 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel.
More information16 th November European Parliament and the Council, of 23 June 2016, that amends, among others, the previous Regulation.
16 th November 2017 The CNMV Secondary Markets Directorate has prepared a table, attached to this communication, which identifies the most relevant actions in relation with MiFID II 1 and MiFIR 2 (authorization
More informationQuestions and Answers On MiFID II and MiFIR transparency topics
Questions and Answers On MiFID II and MiFIR transparency topics 19 December 2016 ESMA/2016/1424 Date: 19 December 2016 ESMA/2016/1424 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel.
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 informationSKANESTAS INVESTMENTS LIMITED PRODUCT GOVERNANCE POLICY
PRODUCT GOVERNANCE POLICY Updated on January 3, 2018 1. Definitions CySEC Directive : Directive DI 87-01 of the Cyprus Securities and Exchange Commission for the Safeguarding of Financial Instruments and
More informationThe impact of MiFID II on AIFMD investment managers
The impact of MiFID II on AIFMD investment managers The impact of MiFID II on AIFMD investment managers Introduction The MiFID II Directive and the Markets in Financial Instruments Regulation (MiFIR) will
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 informationMiFID II: New challenges in the area of Product Governance
MiFID II: New challenges in the area of Product Governance Heiko Stuber, Senior Product Manager, SIX Page MARKET DRIVERS Regulation Structure ECB ESMA EIOPA Transparency Micro-structural Issues Data Publication
More informationNasdaq Nordics Introduction to the main MiFID II requirements.
Nasdaq Nordics Introduction to the main MiFID II requirements. 13 November 2017 Table of Contents Background...3 Market structure...4 Trading obligation...5 Pre and post Trade Transparency...5 Organizational
More informationESMA Risk Assessment Work Programme 2019
ESMA Risk Assessment Work Programme 2019 7 February 2019 ESMA50-157-1588 Table of Contents 1 Summary... 3 2 Introduction... 4 2.1 Objectives of ESMA Risk Assessment... 4 2.2 Coverage... 4 2.2.1 Risk monitoring
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 informationMiFID II & MiFIR Update. Link`n Learn August 2016
MiFID II & MiFIR Update Link`n Learn 2016 11 August 2016 Speakers Manmeet Rana Director Risk Advisory Deloitte UK E: mrana@deloitte.co.uk T: +44 20 7303 8624 Ciara O Grady Manager Audit Deloitte Ireland
More informationHot topic. FCA confirms final MiFID II rules. Stand out for the right reasons Financial Services Risk and Regulation
www.pwc.co.uk/fsrr 24 July 2017 Stand out for the right reasons Financial Services Risk and Regulation Hot topic FCA confirms final MiFID II rules Highlights The FCA issued final rules on MiFID II implementation
More information13 December 2017 EU Global Distribution Update: Distribution and Registration Regulations, Exemptions and Market Practice
@KLGates 13 December 2017 EU Global Distribution Update: Distribution and Registration Regulations, Exemptions and Market Practice Moderator: Andrew Massey, Partner, K&L Gates LLP London Dr. Christian
More informationMarkets in Financial Instruments Directive ( MiFID II ): Implications for U.S. Asset Managers
CLIENT MEMORANDUM Markets in Financial Instruments Directive ( MiFID II ): Implications for U.S. Asset Managers April 10, 2017 AUTHORS Henrietta de Salis Rita M. Molesworth What is MiFID II MiFID II refers
More informationESMA Risk Assessment Work Programme 2018
ESMA Risk Assessment Work Programme 2018 9 February 2018 ESMA20-95-839 Table of Contents 1 Summary... 3 2 Introduction... 4 2.1 Objectives of ESMA Risk Assessment... 4 2.2 Coverage... 4 2.2.1 Risk monitoring
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 informationTM Group Consulting. MAR - Market Abuse Regulation Recap
1 TM Group Consulting MAR - Market Abuse Regulation Recap 1 EU Regulation Background The European Union Market Abuse Directive (MAD) went into effect in 2006, with the Markets in Financial Instruments
More informationMiFID II What to Expect and How to Prepare
MiFID II What to Expect and How to Prepare CHALLENGES TO MiFID II COMPLIANCE Pre-Trade Transparency Best Execution Research Data & Analytics Trade Reconstruction Post-Trade Transparency MiFID II Technology
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 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 informationThe European Long-Term Investment Fund ("ELTIF") Regulation in a nutshell
The European Long-Term Investment Fund ("ELTIF") Regulation in a nutshell On 20 April 2015, the Council formally approved a new regulation which was published in the Official Journal of the European Union
More informationMiFID II Academy: Information and reporting to clients. Floortje Nagelkerke 21 November 2017
MiFID II Academy: Information and reporting to clients Floortje Nagelkerke 21 November 2017 The countdown to MiFID II / MiFIR implementation as of 8:30am this morning 42 DAYS 15 Hours 30 Minutes But if
More informationSeptember Securities Derivatives Structured Finance Corporate Governance
IN Capital Markets & Financial Regulation Securities Derivatives Structured Finance Corporate Governance September 2016 2016 n e w s f ll a s h Draft Law amending law 4099/2012 and other provisions A)
More informationImplementation of AIFMD in the Netherlands
Implementation of AIFMD in the Netherlands June 2013 This newsletter contains an update on the implementation status and current developments concerning the Alternative Investment Fund Management Directive
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 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 informationBest Execution Policy. Crossbridge Capital LLP
Best Execution Policy Crossbridge Capital LLP Contents 1 Introduction... 3 1.1 The Best Execution obligation... 3 1.2 Application of FCA and EU regulations... 3 1.3 Direct and indirect execution... 4 1.4
More informationCLIENT CATEGORISATION
CLIENT CATEGORISATION Table of Contents 1 CLIENT CATEGORISATION... 3 1.1 Retail Client... 3 2 PROFESSIONAL CLIENT... 3 3 CLIENTS WHO MAY BE TREATED AS PROFESSIONALS ON REQUEST... 4 3.1 Procedure... 5 3.2
More informationAIFMD / UCITS and the Impact on Distribution
AIFMD / UCITS and the Impact on Distribution Sanjiv Sawhney Global Head of Fund Services Global Transaction Services, Citi Catherine Brady EMEA Head of Fund Services Global Transaction Services, Citi 1.
More informationEU Financial Services Legislative agenda An Update
EU Financial Services Legislative agenda An Update Financial Services Club 15 January 2013 Dr. David P. Doyle Policy Adviser EU Financial Services 1 Heavy ongoing EU Agenda in Financial Services Legislation
More informationLEI requirements under MiFID II
LEI requirements under MiFID II Table of contents 1. Scope & deadlines 2. LEI requirements 3. Reporting scenarios Scope & deadlines Regime Entities concerned Application Market Abuse (secondary market
More informationMiFID II 31 December MiFID II. Commodity derivatives
MiFID II 31 December 2016 1 MiFID II Commodity derivatives December 2016 MiFID II 31 December 2016 1 Key Points An expanded range of commodity derivatives will be brought within the scope of regulation.
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 informationAn Introduction to MiFID II
An Introduction to MiFID II January 2017 2 Contents Overview 4 Background 5 Regulation of trading venues will be stepped up 7 Trading of standardised derivatives will move on-exchange 10 Commodity derivatives
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 informationConsumer and Conduct requirements for insurers - IDD, POG, PRIIPS and beyond. 8 th December 2016
Consumer and Conduct requirements for insurers - IDD, POG, PRIIPS and beyond 8 th December 2016 Disclaimer The views expressed in this presentation are those of the presenter and not necessarily of the
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 informationSupporting you through the transition to MiFID II/MiFIR. November 2017
Supporting you through the transition to MiFID II/MiFIR November 2017 Understanding the challenges & opportunities of regulatory change All regulatory change brings both challenges and opportunities in
More informationAsset Management Director PwC Year-end accounting update. January 2017
Asset Management Director Network @ 2016 Year-end accounting update Contents 1. European Regulatory Updates 2. Irish/UK GAAP and IFRS for asset management 3. Audit Reporting Update 4. Companies Act 2014
More informationALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE FREQUENTLY ASKED QUESTIONS
ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE FREQUENTLY ASKED QUESTIONS List of Topics APPLICABLE EU LEGISLATION AND GUIDANCE... 3 INVESTMENT SERVICES ACT (EXEMPTIONS) REGULATIONS... 5 APPLICABILITY
More informationSpeaker. Sandrine Leclercq Director Advisory & Consulting Deloitte Luxemburg E: T:
Industry Regulatory Update November 2017 Speaker Sandrine Leclercq Director Advisory & Consulting Deloitte Luxemburg E: saleclercq@deloitte.ie T: +352 45145 3004 2017. Deloitte Touche Tohmatsu Limited
More informationMIFID II Conduct Of Business Rules
MIFID II Conduct Of Business Rules MIFID II Conduct Of Business Rules This is the second part in a series of Legal Longs on the MiFID II Directive [2014/65/EU] and the Markets in Financial Instruments
More informationGeneral information document
General information document Last updated: January 2018 Natixis, Corporate & Investment Banking Customer Support Department - 40 Avenue des Terroirs de France 75012 Paris - BP 4-75060 Paris Cedex 02 mifid_onboarding@natixis.com
More informationMiFID II: Demystifying the challenges
MiFID II: Demystifying the challenges Contents 1 Background 3 2 Summary of Key Changes 5 2.1. Transparency 5 2.2. Advisory and Investment Protection 5 2.3. Trading 6 2.4. Compliance and Governance 7 3
More informationMiFID II for Non-EU Investment Banks, Brokers and Fund Managers
MiFID II for Non-EU Investment Banks, Brokers and Fund Managers Thomas Donegan, Barney Reynolds, Russell Sacks and Nathan Greene Partners, Shearman & Sterling LLP October 10, 2017 What is MiFID II? EU
More informationImpact of MiFID II on EU conduct of business regimes. United Kingdom
Impact of MiFID II on EU conduct of business regimes United Kingdom May 2016 DISCLAIMER: The purpose of this document is to provide information as to developments in the law. It does not contain a full
More informationMiFID II. The buy side impact and how SS&C Advent can help WHITEPAPER. advent.com
MiFID II The buy side impact and how SS&C Advent can help WHITEPAPER advent.com MiFID II extends as far as it can to non-eu organizations as part of its goal to level the playing field in Europe. For example,
More informationESMA Risk Assessment Work Programme 2017
ESMA Risk Assessment Work Programme 2017 ESMA50-1121423017-286 Table of Contents 1 Summary... 3 2 Introduction... 4 2.1 Objectives of ESMA Risk Assessment... 4 2.2 Coverage... 4 2.2.1 Risk monitoring and
More informationPRODUCT GOVERNANCE POLICY V X Spot Markets (EU) Ltd.
PRODUCT GOVERNANCE POLICY V1.0 2018 X Spot Markets (EU) Ltd. Table of Contents A. Introduction & Purpose... 3 B. Legal Framework... 3 C. Definitions... 3 D. Requirements and procedures for manufacturers...
More informationOrder Execution Policy 3 rd January 2018
Nordea Investment Management Order Execution Policy 3 rd January 2018 Contents 1. Purpose... 2 2. Regulatory context... 2 3. Scope... 2 4. Order process... 3 5. Execution decision process... 5 6. Venue
More informationMiFID 2 COSTS AND CHARGES
MiFID 2 COSTS AND CHARGES Implementation Guide Information on costs and charges are a major aspect of MiFID 2, first because the provisions of MiFID 2, and the measures of Level 2 in particular, constitute
More informationESRB response to ESMA on the temporary exclusion of exchange-traded derivatives from Articles 35 and 36 of MiFIR
09 February 2016 ESRB response to ESMA on the temporary exclusion of exchange-traded derivatives from Articles 35 and 36 of MiFIR 1. Introduction Pursuant to Article 52(12) of the Markets in Financial
More informationEnhanced protection for retail investors: MiFID II and MiFIR
Date: 30 June 2014 ESMA/2014/726 Enhanced protection for retail investors: MiFID II and MiFIR Changes are being made to a key piece of European law whose purpose is to protect you when you buy or invest
More informationDerivatives: trade execution
2016 MiFID II Derivatives: trade execution Key Points MiFID II requires certain standardised derivative contracts to be traded through a trading venue This obligation only applies to those classes of derivatives
More informationDraft Regulatory Technical Standards on transparency requirements in respect of bonds
MiFID II/R Draft Regulatory Technical Standards on transparency requirements in respect of bonds A briefing note: January 2016 Author: Andy Hill Overview Key objectives of MiFID II/R Objective of transparency
More informationREGIS-TR Securities Financing Transaction Regulation SFTR
REGIS-TR REGIS-TR Securities Financing Transaction Regulation SFTR SFTR - Timeline Trade repository reporting is estimated to begin early 2018 with a phased-in approach depending on the counterparty classification
More informationFinancial Services Regulatory Framework: Advanced Examination
Financial Services Regulatory Framework: Advanced Examination Prepared by Effective from Cyprus Securities and Exchange Commission, Cyprus International Institute of Management, Chartered Institute for
More informationQuestions and Answers On MiFID II and MiFIR investor protection and intermediaries topics
Questions and Answers On MiFID II and MiFIR investor protection and intermediaries topics 12 July 2018 ESMA35-43-349 Date: 12 July 2018 ESMA35-43-349 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex
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 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 informationMiFID II Academy: proprietary trading and trading venues. Floortje Nagelkerke 7 December 2017
MiFID II Academy: proprietary trading and trading venues Floortje Nagelkerke 7 December 2017 The countdown to MiFID II / MiFIR implementation as of 8:30am this morning 27 DAYS 15 Hours 30 Minutes But if
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 informationQuestions and Answers On MiFID II and MiFIR investor protection and intermediaries topics
Questions and Answers On MiFID II and MiFIR investor protection and intermediaries topics 18 December 2017 ESMA35-43-349 Date: 18 December 2017 ESMA35-43-349 ESMA CS 60747 103 rue de Grenelle 75345 Paris
More informationAlternative Investment Fund Managers Directive - An Update. 8 December 2010 Ash Saluja, Simon Morris and Jerome Sutour
Alternative Investment Fund Managers Directive - An Update 8 December 2010 Ash Saluja, Simon Morris and Jerome Sutour Looking at... 1. Timeline, scope and basics 2. The key issue cross-border business
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 informationFinancial Regulatory Alert
Financial Regulatory Alert August 10, 2017 UK Implementation of MiFID II (for and Other Managers) The release by the UK Financial Conduct Authority (FCA) on 3 July 2017 of its final rules on the implementation
More informationPwC Nordic FS Tax & VAT Event
Regulatory trends MiFID II, IDD, MCD, PRIIPs, PSD II PwC Nordic FS Tax & VAT Event OSLO, 25-26 OCTOBER 2017 www.pwc.no Regulatory trends MiFID II, IDD, MCD, PRIIPs, PSD II The tsunami PwC FS Risk and Regulation
More informationMiFID II: The Unbundling ISITC Meeting
MiFID II: The Unbundling ISITC Meeting Nick Philpott 18 September 2017 0 Salmon is illiquid ESMA December 2014 Consultation Paper on MiFID II / MiFIR, p. 141 https://www.esma.europa.eu/press-news/consultations/consultation-mifid-iimifir
More informationCOMMITTEE OF EUROPEAN SECURITIES REGULATORS
COMMITTEE OF EUROPEAN SECURITIES REGULATORS Date: 13 April 2010 Ref.: CESR/10-423 PRESS RELEASE CESR begins the process to overhaul MiFID by consulting on policy options CESR publishes today three consultation
More informationQ1. What is a systematic internaliser?
MiFID II/R: Systematic Internalisers A Q&A for bond markets July 2015 Q1. What is a systematic internaliser? A. A systematic internaliser (SI), under the EU MiFID regime, is an investment firm that deals
More informationGovernance under AIFMD
www.pwc.co.uk Governance under September 2011 Governance under The Alternative Investment Fund Managers Directive () subjects managers of alternative investment funds (AIFs) to compulsory regulation in
More informationFinal Report Technical Advice on the evaluation of certain elements of the Short Selling Regulation
Final Report Technical Advice on the evaluation of certain elements of the Short Selling Regulation 21 December 2017 ESMA70-145-386 Table of Contents 1 Executive Summary... 5 2 Preliminary remarks... 6
More informationDIRECTIVES. (Text with EEA relevance)
L 87/500 31.3.2017 DIRECTIVES COMMISSION DELEGATED DIRECTIVE (EU) 2017/593 of 7 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to safeguarding of
More informationManagers will be prohibited from receiving any third-party inducements 1, unless an exception applies.
1. Inducements and research Managers will be prohibited from receiving any third-party inducements 1, unless an exception applies. There is an exception for minor nonmonetary benefits that both are capable
More informationDemystifying EMIR & CSDR s Implementation. Mr Nathan Fenech Analyst, Securities and Markets Supervision Unit, MFSA 16 th December, 2015
Demystifying EMIR & CSDR s Implementation Mr Nathan Fenech Analyst, Securities and Markets Supervision Unit, MFSA 16 th December, 2015 1 1 2 EMIR EMIR CSDR 2 3 Implementation in Malta 3 Stage Process:
More informationMOST IMPORTANT REGULATORY OBSTACLES TO CROSS BORDER CROWDFUNDING
MOST IMPORTANT REGULATORY OBSTACLES TO CROSS BORDER CROWDFUNDING Introduction As part of the CMU Action Plan, crowdfunding is now on the radar of both the European legislator and the local legislators
More informationMiFID II/ MIFIR and Asset Management In a nutshell
MiFID II/ MIFIR and Asset Management In a nutshell MiFID II/ MIFIR and Asset Management With less than 6 months until MiFID II/MiFIR transitions from an implementation project to the way of life, understanding
More informationMiFID II Review of FCA Policy Statement 17/14
REGULATORY INSIGHT JULY 2017 MiFID II Review of FCA Policy Statement 17/14 The FCA issued its final Policy Statement on MiFID II on 3rd July. Two of CCL s directors, Stuart Holman and Atma Dhariwal, discuss
More informationTransposition of the Markets in Financial Instruments Directive II: response to the consultation
Transposition of the Markets in Financial Instruments Directive II: response to the consultation February 2017 Transposition of the Markets in Financial Instruments Directive II: response to the consultation
More informationLicensing Swiss Managers - Set-up and Conditions under Current Regulatory Framework and Future Fidleg - Impact of MIFID II MIFIR.
www.lecocqassociate.com STRUCTURING IN SWITZERLAND POST FIDLEG & AML REVISION Licensing Swiss Managers - Set-up and Conditions under Current Regulatory Framework and Future Fidleg - Impact of MIFID II
More informationLinking the dots of the new regulatory framework for a better understanding of the new securities infrastructure landscape
Regulatory angle Linking the dots of the new regulatory framework for a better understanding of the new securities infrastructure landscape Laurent Collet Director Advisory & Consulting Deloitte Simon
More information6 Shareholder identification
Amendments to Shareholders Rights Directive 2007/36/EC. The six parts of this directive 1 Remuneration policy & Remuneration report 2 to vote on the policy and on the report Introducing specific rules
More informationKey Implications of the EU s new PRIIPs and MiFID II Regimes for Offerings of Debt Securities
May 3, 2018 Key Implications of the EU s new PRIIPs and MiFID II Regimes for Offerings of Debt Securities Introduction Two new European regulatory regimes came into force in January 2018, bringing about
More informationMiFID II 31 December MiFID II. Derivatives: trade execution
MiFID II 31 December 2016 1 MiFID II Derivatives: trade execution December 2016 MiFID II 31 December 2016 1 Key Points MiFID II requires certain standardised derivative contracts to be traded through a
More information