This document summarizes an upcoming presentation on anticipated regulatory changes in Europe related to the Markets in Financial Instruments Directive (MiFID). Key points of focus for revisions include expanding the scope to more asset classes and market participants, improving pre-trade and post-trade transparency rules, and establishing a common rulebook across EU member states with no gaps. The European Commission will request technical advice on these revisions from regulatory authorities by July 2010. Significant changes are expected to tighten equity trading rules and increase harmonization of regulations across Europe.
MiFID II: Data for transaction reportingLeigh Hill
Markets in Financial Instruments Directive II (MiFID II) is complemented by Markets in Financial Instruments Regulation (MiFIR), which builds out transaction reporting requirements with a number of new reporting obligations. The data and data management challenges of reporting include an increase in instruments that must be reported and the addition of several new fields to transaction reports. The Legal Entity Identifier (LEI) is also mandated for use in reporting.
Join the webinar to find out about:
-Transaction reporting
-Data requirements
-Data management
-Inclusion of the LEI
-Best practice approaches
Conference: The Banking Union and the Creation of Duties - Department of Law, Robert Schuman Centre for Advanced Studies, European University Institute
By: Stefano Cappiello, Head of Resolution Unit, EBA
The Volcker Rule, a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, was adopted on December 10, 2013. Check out how CH&Cie can help your organization implement it
This presentation by María Sobrino Ruiz & Raquel Tárrega, Market Studies Unit, CNMC Spain ; was made during the Workshop on market studies selection and prioritisation of sectors and industries held on 9 March 2017 at the OECD Headquarters. More papers and presentations on the topic can be found out at http://www.oecd.org/daf/competition/market-studies-workshop-on-selection-prioritisation-of-sectors-industries.htm
EXTENT-2015: MiFID II Projected Impact on Trading TechnologyIosif Itkin
MiFID II / MiFIR: Projected Impact on Trading Technology and QA Challenges
Pavel Sigov, Exactpro, Moldova
11 Nov 2015
EXTENT Trading Technology Trends & Quality Assurance Conference in St.Petersburg, Russia
MiFID II: Data for transaction reportingLeigh Hill
Markets in Financial Instruments Directive II (MiFID II) is complemented by Markets in Financial Instruments Regulation (MiFIR), which builds out transaction reporting requirements with a number of new reporting obligations. The data and data management challenges of reporting include an increase in instruments that must be reported and the addition of several new fields to transaction reports. The Legal Entity Identifier (LEI) is also mandated for use in reporting.
Join the webinar to find out about:
-Transaction reporting
-Data requirements
-Data management
-Inclusion of the LEI
-Best practice approaches
Conference: The Banking Union and the Creation of Duties - Department of Law, Robert Schuman Centre for Advanced Studies, European University Institute
By: Stefano Cappiello, Head of Resolution Unit, EBA
The Volcker Rule, a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, was adopted on December 10, 2013. Check out how CH&Cie can help your organization implement it
This presentation by María Sobrino Ruiz & Raquel Tárrega, Market Studies Unit, CNMC Spain ; was made during the Workshop on market studies selection and prioritisation of sectors and industries held on 9 March 2017 at the OECD Headquarters. More papers and presentations on the topic can be found out at http://www.oecd.org/daf/competition/market-studies-workshop-on-selection-prioritisation-of-sectors-industries.htm
EXTENT-2015: MiFID II Projected Impact on Trading TechnologyIosif Itkin
MiFID II / MiFIR: Projected Impact on Trading Technology and QA Challenges
Pavel Sigov, Exactpro, Moldova
11 Nov 2015
EXTENT Trading Technology Trends & Quality Assurance Conference in St.Petersburg, Russia
This presentation by Caroline Teyssié, Rapporteure at the Autorité de la concurrence (French Competition Authority), was made during the Workshop on market studies selection and prioritisation of sectors and industries held on 9 March 2017 at the OECD Headquarters. More papers and presentations on the topic can be found out at http://www.oecd.org/daf/competition/market-studies-workshop-on-selection-prioritisation-of-sectors-industries.htm
Presentation by Sean Ennis, Senior Economist, OECD Competition Division, at the II Competition and Regulation Forum: “Reaching for market efficiency” which took place in Mexico on 9-10 January 2018. Further information is available at www.oecd.org/gov/regulatory-policy/.
This presentation by the Competition Bureau of Canada was made during the discussion on "The role of market studies as a tool to promote competition" held at the 15th Global Forum on Competition on 1 December 2016. More papers and presentations on the topic can be found out at www.oecd.org/competition/globalforum/the-role-of-market-studies-as-a-tool-to-promote-competition.htm
DERI Stream Meeting 2010: What I'm working onjodischneider
A short presentation to re-introduce myself and my work to colleagues in DERI's Social Semantic Information Spaces stream. Besides my Ph.D. work on Social Semantic Argumentation, I talked about two W3C projects I participate in, Library Linked Data and HCLS's Scientific Discourse group. (Ontologies for Reading & Writing Science).
Our stream consists of two DERI units, Siegfried Handschuh's SmILE (Semantic Desktop) group and Alexandre Passant's USS (Social Software) group.
I was particularly proud of having only 1 slide overlap with the research talk I gave to the DERI institute meeting the previous week.
WIth the go-live date of MiFID II just around the corner, I take the liberty to offer you an overview of regulations coming in the next period and which should have your focus.
Also, I take the opportunity to wish you all a Happy, Successful and Healthy 2018!
The enclosed presentation covers a number of the most important regulatory topics to hit the financial markets as of 2018.
Willem (https://twitter.com/WVandewieleW) took it upon him to update us on the legal aspects of blockchain and crypto-assets:
(1) at the EU level
a) the 2018 FinTech Action plan: https://ec.europa.eu/info/publications/180308-action-plan-fintech_en
b) the 2019 ESMA report: https://www.esma.europa.eu/system/files_force/library/esma50-157-1391_crypto_advice.pdf
c) the 2019 EBA report: https://eba.europa.eu/-/eba-reports-on-crypto-assets
(2) at the national level
a) Luxembourg
b) France
c) Italy
d) Germany
The context was the second (2019) edition of the Computational Law and Blockchain Festival (#CLBFest), Brussels' node.
MiFID II - Data Governance - Closing the Chasmexpertechnix
At the ‘Practical Data Governance – Preparing now for the future‘ event held on 8th June 2016 run jointly by the BCS Data Management Specialist Group and DAMA UK, Ian Chapman presented on ‘MiFID II – Data Governance – closing the chasm’.
Within this complexity and broad scope, financial institutions need to start assessing impacts to determine efforts, budgets, roadmaps and ensure that their strategy and organization are aligned for compliance by January 2017
This presentation by Caroline Teyssié, Rapporteure at the Autorité de la concurrence (French Competition Authority), was made during the Workshop on market studies selection and prioritisation of sectors and industries held on 9 March 2017 at the OECD Headquarters. More papers and presentations on the topic can be found out at http://www.oecd.org/daf/competition/market-studies-workshop-on-selection-prioritisation-of-sectors-industries.htm
Presentation by Sean Ennis, Senior Economist, OECD Competition Division, at the II Competition and Regulation Forum: “Reaching for market efficiency” which took place in Mexico on 9-10 January 2018. Further information is available at www.oecd.org/gov/regulatory-policy/.
This presentation by the Competition Bureau of Canada was made during the discussion on "The role of market studies as a tool to promote competition" held at the 15th Global Forum on Competition on 1 December 2016. More papers and presentations on the topic can be found out at www.oecd.org/competition/globalforum/the-role-of-market-studies-as-a-tool-to-promote-competition.htm
DERI Stream Meeting 2010: What I'm working onjodischneider
A short presentation to re-introduce myself and my work to colleagues in DERI's Social Semantic Information Spaces stream. Besides my Ph.D. work on Social Semantic Argumentation, I talked about two W3C projects I participate in, Library Linked Data and HCLS's Scientific Discourse group. (Ontologies for Reading & Writing Science).
Our stream consists of two DERI units, Siegfried Handschuh's SmILE (Semantic Desktop) group and Alexandre Passant's USS (Social Software) group.
I was particularly proud of having only 1 slide overlap with the research talk I gave to the DERI institute meeting the previous week.
WIth the go-live date of MiFID II just around the corner, I take the liberty to offer you an overview of regulations coming in the next period and which should have your focus.
Also, I take the opportunity to wish you all a Happy, Successful and Healthy 2018!
The enclosed presentation covers a number of the most important regulatory topics to hit the financial markets as of 2018.
Willem (https://twitter.com/WVandewieleW) took it upon him to update us on the legal aspects of blockchain and crypto-assets:
(1) at the EU level
a) the 2018 FinTech Action plan: https://ec.europa.eu/info/publications/180308-action-plan-fintech_en
b) the 2019 ESMA report: https://www.esma.europa.eu/system/files_force/library/esma50-157-1391_crypto_advice.pdf
c) the 2019 EBA report: https://eba.europa.eu/-/eba-reports-on-crypto-assets
(2) at the national level
a) Luxembourg
b) France
c) Italy
d) Germany
The context was the second (2019) edition of the Computational Law and Blockchain Festival (#CLBFest), Brussels' node.
MiFID II - Data Governance - Closing the Chasmexpertechnix
At the ‘Practical Data Governance – Preparing now for the future‘ event held on 8th June 2016 run jointly by the BCS Data Management Specialist Group and DAMA UK, Ian Chapman presented on ‘MiFID II – Data Governance – closing the chasm’.
Within this complexity and broad scope, financial institutions need to start assessing impacts to determine efforts, budgets, roadmaps and ensure that their strategy and organization are aligned for compliance by January 2017
MiFID II European Securities and Markets Authority’s (.docxaltheaboyer
MiFID II
European Securities and Markets Authority’s (ESMA) MiFID II requires full
implementation by January 2018. This regulation is wide reaching and covers aspects
of conduct, market abuse protections, and trade transparency. MiFID II aims to level the
regulatory playing field within the European Union’s (EU) single market. However, firms
registered in ‘third countries’ will be able to access the single market where the principle
of equivalence has been established by ESMA and approved by the European
Commission.
A. What are the top 5 challenges facing financial firms in compliance with MiFID II?
B. How is the impact of MiFID II determined on US Asset Managers?
C. How does MiFID II effect US Asset Managers Trading European Equities, Fixed
Income or Derivative Instruments?
D. How does MiFID II impact US Asset Managers Providing Sub-Advisory Services?
E. How does MiFID II impact US Asset Managers Marketing Cross-Border Products
and Services to European Clients?
a. Retail Clients
b. Professional Clients
F. How does MiFID II impact US Asset Managers that wish to offer alternative
investment funds or Offering UCITS Funds?
G. How does MiFID II impact a US Manager with a EU Subsidiary for Marketing Only
H. What are the Internal Organizational and Governance Requirements?
The European Union has begun a wide-ranging and radical reform of its securities and
derivatives markets through MiFID 2,1 which is scheduled to be implemented across the
EU by January 3, 2017. Implementation is dependent on a large amount of EU-level
secondary legislation, drafts of which recently have been published for consultation.
MiFID 2 implementation will present significant strategic challenges and operational
issues for both EU and many non-EU investment firms to consider in the coming year.
At a high level, MiFID 2 will:
● Enhance investor protection by increasing compliance obligations on EU
investment firms2 and giving EU regulators the power to ban certain investment
products and services;
● Tighten the regulation of algorithmic and high-frequency trading
● Force more trading in shares and derivatives onto regulated venues, and reduce
over-the-counter (OTC) trading in those instruments;
● Increase trading transparency across a broader range of securities and
derivatives, and restrict the use of waivers from transparency requirements that
allow dark-pool trading;
● Bring more commodity derivatives trading within EU regulatory scope and
implement commodity derivative position limits and reporting requirements;
● Tackle vertical silos in trading, clearing and settlement;
● Begin harmonizing rules allowing non-EU investment firms to access EU
securities and derivatives markets; and
● Give the European Securities and Markets Authority (ESMA) an expanded
supervisory role.
MiFID 2 will apply to EU-established investme ...
CNP EXPO _ Payvision Landing in Europe a regulatory approachPayvision
In his presentation Ignacio Gonzalez-Paramo, VP Global Compliance PAYVISION, will try to provide the audience with an insight on why EU regulation is strategically key for those willing to establish in the EU or to strengthen their market positioning there.
On top of that, he will also walk the attendees through the key actors in the European policy making process, as well as the most important pieces of legislation to be borne in mind by potential or existing EU CNP players. Ignacio will also underscore the regulatory issues that might imply hurdles for running a CNP business.
And, to end with, he will provide some pieces of advice on how to successfully address those issues.
• Understand why a regulatory strategy is needed.
• Get familiar with:
o Main actors in the EU Policy making process.
o Types of EU legal and regulatory instruments.
o Key pieces of legislation (for the payments business).
o Specific issues to overcome.
• Provide guidance on how to minimize regulatory business implications.
o Strategic alliances & partnerships, licensing options).
This comprehensive one day intermediate to advanced level course will train attendees on the very latest updated Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) regulatory, risk, compliance, reporting and implementation requirements. Attendees will be guided through the latest MiFID II operational framework, and will also be provided with a critical and explanatory review of the latest draft Level 2 Regulatory Technical Standards (RTS) and Implementation Technical Standards (ITS) published by the European Securities and Markets Authority (ESMA).
MiFID II comes into effect from 1 January 2018 and there is much work to be done to be ready. Read the corfinancial guide to find out how MiFID II will impact not only a very large number of Financial Services firms who operate in the European Union but is likely to have a significant impact on their business and operating models, processes and IT systems.
MiFID II will impact not only a very large number of Financial Services firms who operate in the European Union but is likely to have a significant impact on their business and operating models, processes and IT systems. MiFID II comes into effect from 1 January 2018 and there is much work to be done to be ready.
1. Fixnetix and the London Stock Exchange
In association with the MiFID Forum Present:
Anticipated Regulatory Changes in Europe: An Introduction
Dr David P. Doyle, EU Policy Advisor in Financial Services
2. Revised MiFID thrust: A Common Rules Book across the EU –
and no gaps!
• All actors encompassed: RM’s, exchanges, brokers/traders, MTF’s, IS’s, banks…
• Wider scope of asset classes: derivatives, commodities, energy trades, equity-like
instruments, OTC trades…
• Improved quality of post-trade information – standards, clarification of post-trade
transparency obligations
• Improved timeliness of post-trade information – cost & quality of data consolidation , delays
in publication of data, shortening timeline for regular/deferred publication
• Consistency of pre-trade transparency rules for RM/MTFs in equity markets across the EU,
applicable to all actors in the RM, MTFs and Systematic Internalisers (SIs) and possibly
extended to other secondary markets
• Level playing field in all sectors and for all actors
• “Market regulators should have unlimited access to pre + post-trading information, while
data releases to wider market likely to be less onerous”.
3. EC Review Agenda
• Pre-trade transparency for Regulated Markets and MTFs
• Regime for Systematic Internalisers - definition and obligations of Sis
• Post-trade transparency
– improvement of the quality of post-trade information (standards, clarification of post-
trade transparency obligations)
– improvement of timeliness of post-trade information (shortening of timeline for regular
and deferred publications)
• Extension of MiFID transparency regime to equity-like Products
• Regulatory framework for consolidation of post-trade data
– Regime for Approved Publication Arrangements (APAs)
– Options for effective consolidation and reduction of cost of data
• Regulatory boundaries and requirements
– Alignment of MiFID requirements between RMs and MTFs
– Regulatory regime for crossing systems under MiFID
• MiFID options and discretions
4. European Commission request for technical advice on certain
provisions of the MIFID from CESR by July 2010 – Best Practice
and Investor Protection
Revised client classification regime distinguishing between the three types of clients:
- Retail Clients
- Professional Clients
- Eligible Counterparties
Questions being asked:
• Has CESR encountered problems in the provision of investment services to professional
clients or eligible counterparties?
• Can CESR further distinguish within the current broad categories of clients ("other
authorised or regulated financial institutions", "locals", "other institutional investors,
public bodies managing public debt ?
5. Reinforcing rules on Underwriting and Ancillary Services, the
processing and transaction processes associated with financial
instruments, especially in bonds and shares.
Review
• The relationship between intermediaries and issuers
• The process of issuing and allocating the financial instruments
• The organisation of underwriting syndicates
• The pricing of financial instruments
6. Key Issues and Concerns Going Forward – 1
• The need for Alignment between MiFID, Packaged Retail Investment Products (PRIPs), Market
Abuse Directive
• Existing divergences: ensuring consistency in the application of MiFID across borders – the
role of the new Pan-EU regulator - ESMA
• Are all actors capable of adapting to a common disclosure regime in Europe?
• Timeframe: early 2011 for draft MiFID proposals – too short?
• Can market-driven solutions to future challenges work alongside the present regulatory
momentum?
• How can market-players and regulators keep ahead of technological developments in the
market?
• Growing powers of the European Parliament: how will MEPs react?
7. Key Issues and Concerns Going Forward -2
• OTC markets: how far can they be regulated? What are the risks?
• High frequency trading and the prospect of “flash crash” – in the scope?
• Clearing of OTC derivative trades: will the EU align with the US to avoid regulatory arbitrage?
• Should government and municipal entities be included in the scope and treated as “retail
clients”?
8. Likely main regulatory changes
• Significant tightening of the MiFID rules on Equity trading
• MTFs and RMs treated equally, plus significant new rules on broker crossing/SIs.
• Pre and Post trade reporting likely to become faster and having more information included
e.g. underlying customer on post trade
• Equity market model being used as a template for regulation of other instruments
• OTC derivatives market likely to be significantly controlled and clearing introduced
• All new changes by Regulation not Directive, greater harmony across the EU
• More end customer protection
• New Pan European regulators including ESMA and the ESRB