Journal articles: 'MiFID II'

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Liegl, Silvia, and Johannes Duy. "Überprüfung des MiFID II/MiFIR-Regelungsrahmens inklusive „MiFID II Quick Fix“." Zeitschrift für das gesamte Bank- und Börsenwesen 68, no. 10 (2020): 724. http://dx.doi.org/10.47782/oeba202010072401.

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Yeoh, Peter. "MiFID II Opportunities and Regulatory Challenges." Business Law Review 39, Issue 4 (August 1, 2018): 126–35. http://dx.doi.org/10.54648/bula2018022.

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The Markets in Financial Instruments Directive Version I (MiFID I) was adopted primarily to promote competition in financial services in the EU as a core component of the single market agenda. But its implementation, in the midst of the 2007 global financial crisis, uncovered several flaws negatively impacting investor protection and market efficiency. This inspired a review of its impact that subsequently led to MiFID II. MiFID II that came into effect on 3 January 2018 combined the revamped MiFID I and the Markets in Financial Instruments Regulation (MiFIR). Financial services market participants under its purview, while envisaging the opportunities unfolding, would also need to contend with several key challenges.

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Hoops, Christian. "Das ToTV-Kriterium der MiFID II in der Rechtspraxis." Zeitschrift für Bankrecht und Bankwirtschaft 30, no. 6 (December 13, 2018): 410–16. http://dx.doi.org/10.15375/zbb-2018-0610.

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Zusammenfassung Mit der zweiten Finanzmarktrichtlinie (Markets in Financial Instruments Directive – MiFID II) und der sie begleitenden Verordnung (Markets in Financial Instruments Regulation – MiFIR) soll u. a. gewährleistet werden, dass der gesamte organisierte Handel an regulierten Handelsplätzen stattfinden und sowohl in der Vorhandels- als auch in der Nachhandelsphase vollkommen transparent sein sollte. Die Transparenzpflichten der ersten Finanzmarktrichtlinie (MiFID I) waren nicht auf alle Finanzinstrumente und Formen des organisierten Handels anwendbar, so dass ein Großteil des Wertpapierhandels intransparent durchgeführt wurde. Im Rahmen der MiFID II wurden daher das Marktinfrastrukturregime sowie die Melde- und Transparenzpflichten überarbeitet. Anders als in der Vergangenheit sind diese Pflichten nun bereits anwendbar, wenn ein Finanzinstrument an einem Handelsplatz gehandelt wird (traded on a trading venue – ToTV). Eine trennscharfe Differenzierung, ab wann ein Finanzinstrument das ToTV-Kriterium erfüllt, ist in der Rechtspraxis allerdings mit Herausforderungen verbunden und es besteht Verunsicherung darüber, ob die Anforderungen der MiFID II-Gesetzgebung korrekt umgesetzt werden.

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Krüger Andersen, Peter. "Time to Reduce Complexity in a Data-Driven Regulatory Agenda – Perspectives on the MiFID II Best Execution Regime." European Company and Financial Law Review 17, no. 6 (December 1, 2020): 692–725. http://dx.doi.org/10.1515/ecfr-2020-0027.

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The revised Markets in Financial Instruments Directive and Regulation (the MiFID II regime)See Directive 2014/65/EU (MiFID II) and Regulation (EU) 600/2014 (MiFIR). is one of the most comprehensive reforms of market structural and investor protection regimes the world has yet seen. The MiFID II regime will affect the European – and likely the global – market structure for years to come. Based on relevant perspectives from the revised best execution regime under MiFID II, this article suggest that it is time to reduce complexity. It is argued that unless a sufficient degree of horizontal and vertical integration of the best execution regulation takes place, the policy objectives cannot be reached. Further, it is argued that the significant data exercise that comes with the new rules only serves end-investors if a sufficient level of data consistency can be achieved. From this outset, the article emphasises the increased importance of data in today’s EU financial regulation. The article includes relevant comparisons to the equivalent US rules on best execution.

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Sajnovits, Alexander. "Die MiFID II-Regulierung von Datenbereitstellungsdiensten in Deutschland." Zeitschrift für Bankrecht und Bankwirtschaft 31, no. 3 (June 18, 2019): 162–79. http://dx.doi.org/10.15375/zbb-2019-0304.

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Zusammenfassung Die Finanzkrise hat nach Überzeugung des Europäischen Gesetzgebers erhebliche Transparenzdefizite der Finanzmärkte zutage treten lassen. Die Steigerung der Transparenz auf den Finanzmärkten ist daher eines der tragenden Prinzipien bei der Stärkung des Finanzsystems durch das MiFID II/MiFIR-Regulierungspaket. Im Fokus der Transparenzstärkung stehen dabei nicht nur sog. dark trades, die nicht in die Vorhandelstransparenz des MIFID I-Regimes einbezogen waren. Defizite wurden vielmehr auch bei der Datenqualität und der Art und Weise der Zugänglichmachung von Daten identifiziert. Mit den Datenbereitstellungsdiensten tritt ein neuer regulierter Marktteilnehmer neben Marktbetreiber und Wertpapierfirmen, der wesentlich dabei helfen soll, Transparenzdefizite künftig einzudämmen und damit eine effizientere Preisbildung zu befördern.

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Prorokowski, Lukasz. "MiFID II compliance – are we ready?" Journal of Financial Regulation and Compliance 23, no. 2 (May 11, 2015): 196–206. http://dx.doi.org/10.1108/jfrc-02-2014-0009.

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Purpose – This paper aims to discuss the impact of nascent Markets in Financial Instruments Directive (MiFID II) initiatives and, thus, to deliver practical insights into MiFID II implementation, compliance and cost reduction MiFID II constitutes the backbone for the upcoming financial market reforms. With the first proposal of MiFID drafted in October 2011, this regulatory framework has undergone over 2,000 amendments. As MiFID II currently stands, this Directive attempts to address issues exposed by the global financial crisis. Design/methodology/approach – This study, based on secondary research and an in-depth analysis of the MiFID II framework, investigates structural and technological challenges entailed by this Directive. The analysis is broken down into the following sections: technological and structural challenges; costs of implementation; MiFID II teams; facilitating near real-time regulatory reporting; increased transparency requirements; and information technology (IT) initiatives for MiFID II compliance. Findings – MiFID II commands significant changes in business and operating models. With this in mind, the study indicates current technological and structural challenges faced by financial institutions and advises on ways of mitigating MiFID II risks. Although it is too early to assess the costs of implementing MiFID II, this paper suggests ways of reducing MiFID II-related costs. The study also advises on organising dedicated teams to deal with MiFID II. Furthermore, this paper argues that early investments in IT systems and processes would allow financial services firms to gain a competitive advantage and, hence, scoop up market share or launch new, lucrative services – especially in the area of collateralisation and market data processing. Originality/value – This paper shows that the current version of MiFID II still requires a great deal of attention from the regulators that need to readdress contentious issues revolving around the links between MiFID II and other regulatory frameworks such as European Market Infrastructure Regulation and Dodd–Frank. This study addresses the MiFID II compliance issues by adopting European Union and non-European Union banks’ and asset managers’ perspectives and, hence, delivers practical implications for risk managers and compliance officers of various financial institutions.

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Mellenbergh, Rik. "MiFID II: New Governance Rules in Relation to Investment Firms." European Company Law 11, Issue 3 (June 1, 2014): 172–77. http://dx.doi.org/10.54648/eucl2014035.

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The European Parliament and the European Committee proposed a new 'Markets in Financial Instruments Directive' (MiFID II) in order to replace the Directive 2004/39/EG (the MiFID framework directive (MiFID I)) recently. The EP and EC also proposed a new MiFID II-Regulation. MiFID II stipulates rules with respect to providing services in financial instruments by banks and investment firms, as well as the operation of regulated markets by market operators.

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Yeoh, Peter. "MiFID II key concerns." Journal of Financial Regulation and Compliance 27, no. 1 (February 11, 2019): 110–23. http://dx.doi.org/10.1108/jfrc-04-2018-0062.

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Purpose This paper aims to discuss key concerns surrounding the recent implementation of the Markets in Financial Instruments Directive (MIFID II). It focuses on the UK regime. The insights derived are envisaged to be helpful guides for participants and regulators in financial markets. Design/methodology/approach This paper used the legal-economics perspective. It relied on primary data from statutes and regulations and secondary data from the public domain to analyze the phenomenon. The analytical framework comprised the following sections: Introduction, MiFID I review, MiFID II scope, MiFID II key concerns and concluding remarks. Findings Only half of the EU Member States including the UK managed to transpose MiFID II within the 3rd January 2018 effective date. At this early stage of implementation, various teething problems were encountered. These pertained to costs and charges reporting, firm governance, product governance, transaction reporting, best execution and research. Owing to the sheer scale and complexity of MIFID II, most entities barely coped with their reporting obligations. Noting the situation, the Financial Conduct Authority assured firms taking all sufficient steps that they would be treated fairly. Research limitations/implications The paper was not sufficiently empirical. However, the study benefited reasonably from triangulation of data and perspectives to provide good insights on the implementation effects of the complex and voluminous EU rules for governing financial markets with global implications. Practical implications Investors could gain from the enhanced transparency and best execution rules. Investment banks could gain from the emerging resilient, integrated and efficient financial markets. Regulators with better access to more and higher quality reporting could intervene more effectively when required. Originality/value This paper assembled and critically analyzed currently available research insights in these areas so as to provide useful guidance to those needing to work and comply with MiFID II rules and academics teaching financial services law.

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Brandl, Ernst, and Raphael Toman. "MiFID II und Telefonaufzeichnungen." Zeitschrift für das gesamte Bank- und Börsenwesen 64, no. 8 (2016): 564. http://dx.doi.org/10.47782/oeba201608056401.

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Kipker, Dennis-Kenji, and Mattea Stelter. "Datenschutz unter MiFID II." Datenschutz und Datensicherheit - DuD 42, no. 6 (June 2018): 364–67. http://dx.doi.org/10.1007/s11623-018-0957-6.

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Miloș, Marius Cristian. "Impact of MiFID II on the Market Volatility—Analysis on Some Developed and Emerging European Stock Markets." Laws 10, no. 3 (June 30, 2021): 55. http://dx.doi.org/10.3390/laws10030055.

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The paper investigates whether the implementation of MiFID II, a packet of financial legislation applying broadly to European Union financial markets, has led to a change in the volatility of some European developed and emerging stock markets. We show that for the developed capital markets considered in the analysis, MiFID II did not lead to a decrease in the volatility of capital markets. On the contrary, for all analysis intervals considered (3 months, 6 months, 12 months, 18 months and 24 months), the impact on volatility is positive, with volatility increasing in the case of the FTSE 100, CAC40 and DAX stock indexes. There is a similar significant relationship for the Czech stock market, but only over the three-month interval. For the Polish and Romanian stock markets, which enforced MiFID II later, a negative impact of MiFID II on volatility could also be observed. In the Romanian market, MiFID II had a negative impact on volatility on the short-term horizon, while for the Polish market, the impact of MiFID II on volatility is noticeable on a longer term of 24 months.

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Miloș, Marius Cristian, Laura Raisa Miloș, Flavia Barna, and Claudiu Boțoc. "Impact of MiFID II on Romanian Stock Market Liquidity—Comparative Analysis with a Developed Stock Market." International Journal of Financial Studies 9, no. 4 (December 8, 2021): 69. http://dx.doi.org/10.3390/ijfs9040069.

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In light of previous literature that has investigated the effects of MiFID and MiFID II regulation on stock market liquidity, we investigate whether the introduction of MiFID II in Romania has had any effect on the stock market liquidity. Through our empirical analysis, we were able to estimate a meaningful reduction of liquidity in the Romanian stock market liquidity, in response to MiFID II, in line with the previous empirical literature. We find that the liquidity of the BET index constituents has decreased in the period following MiFID II. We find contradictory results in what concerns the German stock market, which could be explained by the different level of development of the stock markets and of the financial education of investors.

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Wallinga, Marnix. "Why MiFID & MiFID II Do (not) Matter to Private Law: Liability to Compensate for Investment Losses for Breach of Conduct of Business Rules." European Review of Private Law 27, Issue 3 (June 1, 2019): 515–56. http://dx.doi.org/10.54648/erpl2019027.

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The role of enforcement by civil courts of the Markets in Financial Instruments Directive (MiFID) and MiFID II conduct of business in contributing to retail investor protection is often overlooked at the EU level. The EU legislator, primarily, focuses on the harmonization of public enforcement by supervisory authorities through administrative law means. However, it can be argued that the (relative) lack of attention for judicial enforcement through private law means does not do justice to this enforcement avenue. This article, therefore, explores the potential of judicial enforcement through holding investment firms liable to pay damages on the basis of national private law to contribute to retail investor protection. The aim of the article is to establish the extent to which retail investors can invoke the MiFID and MiFID II conduct of business rules and, thereby, benefit from these rules in claiming damages. The article will argue, in the first place, that MiFID and MiFID II leave intact the freedom of Member States and civil courts to shape the effect of a breach of the conduct of business rules contained therein on a firm’s private law liability to pay damages. However, that does not mean that the MiFID and MiFID II conduct of business rules are of no relevance to a firm’s liability on the basis of national private law. The article will show that the private law regimes of the Netherlands, England & Wales, and Germany contain distinct avenues of judicial enforcement of the MiFID and MiFID II conduct of business rules through private law liability, which can significantly contribute to retail investor protection.

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Sokolova, Natalia, and Tamer Bahgat. "MiFID II: practical implications for high yield bond investors." Journal of Investment Compliance 19, no. 1 (May 8, 2018): 58–62. http://dx.doi.org/10.1108/joic-02-2018-0010.

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Purpose The purpose of this paper is to alert the European high-yield market to several regulatory developments relating to the adoption of markets in financial instruments directive (MiFID) II. Design/methodology/approach Reviews regulatory developments in connection with the MiFID II adoption and implementation, identifies several practical implications for the high-yield market professionals and suggests certain modifications in the banks’ internal protocols and practices that may be required as a result. Findings When the provisions of MiFID II are applied on January 3, 2018, they may have a dramatic impact on global financial markets, including a number of practical implications for the high-yield bond market. The burden of implementing MiFID II will be primarily on banks and brokers with minimal impact on the high-yield issuers. Originality/value Practical guidance from experienced high yield, securities and financial services lawyers.

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Loonen, Tom, and Randy Pattiselanno. "The effectiveness of MiFID provisions for professional clients: a critical review." Journal of Financial Regulation and Compliance 28, no. 1 (May 2, 2019): 1–15. http://dx.doi.org/10.1108/jfrc-07-2018-0103.

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Purpose This paper aims to identify the duty of care that applies to ‘professionally classified clients’ based on the recently implemented Markets in Financial Instruments Directive II (MiFID II) as well as the previous Markets in Financial Instruments Directive I (MiFID I). The authors place critical notes on the effectiveness of some MiFID provisions. Design/methodology/approach The authors have reviewed the Delegated Acts of MiFID I and II, as well as Q&A’s of the European Regulator, ESMA and jurisprudence. The authors aim to add value by facilitating a discussion on the effectiveness of applicable MiFID provisions. Findings This review of the legal provisions provides researchers and practitioners in the investment sectors with a clear overview of the legal provisions detailing how these provisions should be met and how improvements to the provisions can be achieved. Practical implications This paper specifies what the provisions for professional classified clients are and facilitates a discussion on the effectiveness of these provisions. Originality/value Addressing the legal provisions which are applicable to ‘professional classified clients’ that derive from MiFID I and II and includes a critical analysis which offers an original perspective.

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Busch, Danny. "MiFID II and MiFIR: stricter rules for the EU financial markets." Law and Financial Markets Review 11, no. 2-3 (July 3, 2017): 126–42. http://dx.doi.org/10.1080/17521440.2017.1412060.

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Martysz, Czesław Bartłomiej, Maciej Dąbrowski, and Arkadiusz Kocel. "Wpływ Dyrektywy MIFID II na dystrybucję instrumentów finansowych w Polsce." Studia i Prace Kolegium Zarządzania i Finansów, no. 185 (January 13, 2023): 41–68. http://dx.doi.org/10.33119/sip.2022.185.3.

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Jednym z celów Dyrektywy MIFID II było ograniczenie konfliktów interesów oraz missellingu pomiędzy dystrybutorami instrumentów finansowych a klientami detalicznymi. Nowością było ograniczenie zakresu wypłacania „zachęt” przez towarzystwa funduszy inwestycyjnych dystrybutorom instrumentów finansowych. W artykule opisano nowe praktyki powstałe na rynku dystrybucji instrumentów finansowych po wdrożeniu Dyrektywy MIFID II oraz wyniki pogłębionej ankiety przeprowadzonej wśród profesjonalistów rynku finansowego. Autorzy dowodzą, że Dyrektywa MIFID II zwiększyła liczbę regulacji dla dystrybutorów instrumentów finansowych, wzmocniła ochronę klientów detalicznych (szczególnie inwestorów indywidualnych), ale z drugiej strony ograniczyła zakres oferty i (w związku z ograniczeniem „zachęt”) pogorszyła sytuację dystrybutorów niepowiązanych z grupami bankowymi.

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Hohberger, Tobias. "Mifid II verlangt genaue Aufzeichnung." Bankfachklasse 41, no. 1-2 (February 2019): 18–21. http://dx.doi.org/10.1007/s35139-019-0003-6.

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Huettinger, Maik, and Agnė Krašauskaitė. "Will MiFID II tame the investment services industry of the Baltic Tigers?" Qualitative Research in Financial Markets 12, no. 3 (November 13, 2019): 315–31. http://dx.doi.org/10.1108/qrfm-12-2018-0141.

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Purpose The purpose of this paper is to assess the impact of the markets in financial instruments directive II (MiFID II) on investment services in the Baltic states. Design/methodology/approach The authors take an exploratory, qualitative approach, based on data conducted from interviews with nine investment industry professionals using the laddering technique. The pool of experts was selected using the purposeful sampling method, and experts must have had a minimum of five years investment experience in the Baltics, working familiarity with MiFID II, and a university education in the fields of finance or economics. Findings The strict requirements of MiFID II reduce the range of available investment products and services for customers in the Baltics. Also, the profitability of Baltic investment companies decreased due to high compliance costs and bans on inducements. The results indicate that this may lead to increased barriers to entry and mergers and acquisitions for small investment companies. Originality/value To the best of the authors’ knowledge, this is the first attempt to research the implications of MiFID II implementation in the Baltic states. The qualitative approach chosen offers a unique opportunity to highlight the critical effects of MiFID II on financial intermediates in smaller geographical markets.

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O. Mitsou, Anna. "Self-placement of Complex Financial Instruments by Banks to Retail Clients and Civil Liability Issues – An Overview of Greek Case-Law." European Company and Financial Law Review 18, no. 1 (February 10, 2021): 34–75. http://dx.doi.org/10.1515/ecfr-2021-0003.

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Abstract This study focuses on self-placement of complex financial instruments to retail clients which is often associated with mis-selling practices. Recent case law in Greece concerning distribution Of “Coco” bonds by a Cypriot bank to its clients reveals, on the one hand, the stand Of Greek Courts concerning the interpretation of certain ambiguous MiFID I Conduct of Business (COB) rules and, on the other, their interplay with civil law duties and the intricacies that arise in order to substantiate a civil liability claim for breach of the COB rules, such as the difficulty to prove causation in securities litigation. The study further evaluates the new MiFID II/MiFIR provisions that relate to the practice of self-placement and supports the adoption of a civil liability regime at the EU level, as well as other alternatives to further enhance retail investor protection.

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Vasilca, Miruna M., George Anton, Alexandra Cheptiş, and Alin I. Vid. "MIFID II and EMIR impact on Romanian banking system performance." Proceedings of the International Conference on Business Excellence 16, no. 1 (August 1, 2022): 732–49. http://dx.doi.org/10.2478/picbe-2022-0069.

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Abstract MIFID II/MiFIR represents comprehensive financial market reforms in trading and settlement of financial instruments. The greatest impact of the new regulatory framework in the banking sector relates to pricing, trading, and reporting of banking products and classification of financial institutions. The new role of the financial market infrastructure provides more protection for bank customers and significantly increases market transparency. Banks are required to show their customers the best execution price on the relevant trading venues, transaction costs and market behavior. The regulation will be aligned with other financial market regulations of over-the-counter markets and market abuse protection to avoid regulatory overlap - European Market Infrastructure Regulation (EMIR). The new regulatory framework requires the banking sector to fully comply with the rules governing the banking system of the European Union. Banks must incur significant costs in order to restructure internal processes, acquire new technological support, and forego additional profits in competitive and transparent markets. This study analyses the impact of MiFID II/MiFIR and EMIR implementation on local banks’ performance (credit institutions, Romanian legal persons). Using a unique dataset from banks that have been operating in Romania over the period 2004-2020, it is shown that the implementation of the new regulatory framework did not affect the net trading income ratio of the selected banks. Moreover, the average trading asset ratio in the post-financial crisis period increased in comparison with the average trading asset ratio in the pre-financial crisis period. Local banks that took advantage of the large economies of scale obtained due to branch banking did not reduce their investment banking activities and product offerings to customers in the period following the introduction of the regulatory framework. Most of the costs of implementing the new regulatory framework were borne only by the ultimate parents of the controlled Romanian subsidiaries. All subsidiary banks benefited equally from these economies of scale.

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Fischer, Marius. "Zur Regulierung dezentraler Sekundärmärkte." Zeitschrift für Bankrecht und Bankwirtschaft 32, no. 3 (June 16, 2020): 158–67. http://dx.doi.org/10.15375/zbb-2020-0304.

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ZusammenfassungDie Anwendung dezentraler Technologien ist nicht mehr nur auf Primärmärkte, also die erstmalige Platzierung von Tokens beschränkt, sondern dringt zunehmend auch in die Marktinfrastruktur der Sekundärmärkte vor. Aus regulatorischer Sicht stellt sich nun die Frage, ob diese dezentralen Elemente zu isolieren oder in die Regulierung zu integrieren sind. Zu diesem Zweck beleuchtet der vorliegende Artikel verschiedene Ansätze zum Handel mit Security Tokens und untersucht Probleme, die sich bei Anwendung der Regulierung nach MiFID II/MiFIR ergeben.

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Анесянц, Ю., Yu Anesyanc, С. Косарев, and S. Kosarev. "European Investment Services Market Governance — an Institutional Approach." Scientific Research and Development. Economics of the Firm 8, no. 1 (April 1, 2019): 16–26. http://dx.doi.org/10.12737/article_5c7f949fa3a684.34009263.

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The article discusses regulatory regime of the European financial market in its institutional aspect. Research is done as a comprehensive analysis of institutionalized European Union financial market as a complex of the five elements that determine it, namely: (1) MiFID, (2) MAR, (3) EMIR, (4) CRR and CRD, (5) AMLD. The development of financial market institutions is derived as ex-post and ex-ante reactions that determines the logic of establishing anew and transitioning to updated regulatory regimes (MiFID => MiFID II, AMLD III =>AMLD IV => AMLD V, Basel II => Basel III).

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Majcen, Rolf. "Tippgeberprovisionen im Lichte von MiFID II." Zeitschrift für das gesamte Bank- und Börsenwesen 67, no. 12 (2019): 895. http://dx.doi.org/10.47782/oeba201912089501.

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Schuster, Gunnar, and Marius Raetz. "Payment for Order Flow." Zeitschrift für Bankrecht und Bankwirtschaft 34, no. 3 (June 15, 2022): 141–63. http://dx.doi.org/10.15375/zbb-2022-0303.

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Abstract Payment for Order Flow (PFOF) is the practice of execution venues to make payments to a brokerage firm if the brokerage firm routes client orders to these execution venues. Following the “Gamestop” incident, PFOF has become the subject of increased scrutiny in the US and the EU. The European Commission has recently proposed legislation to ban this practice altogether. This article assesses the admissibility of PFOF under MiFID II with a focus on the German implementation and provides an overview of the proposed PFOF ban against the broader MiFIR legislative package.

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Paul, Stephan, Nicola Schröder, and Simon Schumacher. "MiFID II/MiFIR und PRIIPs-VO: Verbraucherschutz gegen die Verbraucherinteressen? Eine regulierungsökonomische empirische Untersuchung." Zeitschrift für Bankrecht und Bankwirtschaft 31, no. 2 (April 15, 2019): 126–38. http://dx.doi.org/10.15375/zbb-2019-0206.

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Zusammenfassung Auf Basis eines bundesweiten Samples von 153 Kreditinstituten und 2.852 Kunden analysiert diese Studie die wohlfahrtsökonomischen Auswirkungen von MiFID II/MiFIR und der PRIIPs-VO vor dem Hintergrund des Anleger- und Verbraucherschutzes. Im Kern steht die Kosten-Nutzen-Relation und damit die Frage, ob die aus den wertpapierrechtlichen Novellen erwachsenden Belastungen durch einen ausreichend hohen Nutzen(-zuwachs) kompensiert werden. Das ist jedoch in Summe nicht der Fall. Hohen direkten und indirekten Kosten steht ein bestenfalls zweifelhafter, tendenziell jedoch sogar negativer Nutzen entgegen. Letztlich drohen die Neuregelungen sogar, Kunden von Kapitalmarkt-Engagements abzubringen und konterkarieren so nicht nur die Zielsetzungen der Kapitalmarktunion, sondern sind auch im Sinne der privaten Vorsorgebildung bedenklich.

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Sung Keun O. "Basic Structure and Main Contents of MiFID II/MiFIR Reforms of the EU." Korean Journal of Securities Law 16, no. 2 (August 2015): 239–77. http://dx.doi.org/10.17785/kjsl.2015.16.2.239.

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Grundmann, Stefan. "Das grundlegend reformierte Wertpapierhandelsgesetz – Umsetzung von MiFID II (Conduct of Business im Kundenverhältnis)." Zeitschrift für Bankrecht und Bankwirtschaft 30, no. 1 (February 23, 2018): 1–19. http://dx.doi.org/10.15375/zbb-2018-0103.

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Zusammenfassung Das Wertpapierhandelsgesetz (WpHG) erlebt mit dem 2. Finanzmarktnovellierungsgesetz zum Jahresbeginn 2018 die wohl grundlegendste Reform seiner gut zwanzigjährigen Geschichte – insbesondere, wenn man die noch während des Umsetzungszeitraums stattgefundene Auslagerung des gesamten Rechts der Marktintegrität und Ad-hoc-Publizität hinzudenkt. Deutlicher Ausdruck von alldem ist die umfassende neue Nummerierung des Gesetzes, von der auch im Folgenden ausgegangen wird. Inhaltlich zielt die Novelle vor allem auf ein noch tieferes Eingehen auf die individuellen Verhältnisse des jeweiligen Anlegers (mit dem sog. Zielmarktkonzept) und auf eine noch intensivere Ausräumung von bzw. Warnung vor Interessenkonflikten (im Vergütungsregime, in Alternativmodellen der Beratung, in Warnung durch Aufklärung). Das prägende Umfeld bleibt europäisch, mit MiFID II und MiFIR als den Rechtsakten nochmals vertieft und noch stärker primäre Richtschnur bei der Anwendung.

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Colaert, Veerle. "Product Governance: Paternalism Outsourced to Financial Institutions?" European Business Law Review 31, Issue 6 (December 1, 2020): 977–1000. http://dx.doi.org/10.54648/eulr2020036.

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The MiFID II product governance regime requires financial institutions to identify a target market of investors for all products they design or offer to clients, and to sell those products, as a rule, within the target market only. Although the aim of the regime – reducing mis-selling – is commendable, it has been implemented in a less than perfect way. After briefly describing the MiFID II product governance rules, this contribution discusses four major shortcomings, which have a detrimental effect on investor protection and the level playing field between financial institutions. The author proposes small amendments, which not only deal with those shortcomings, but also alleviate the compliance burden for the sector and lessen the regime’s paternalistic edge. Product governance, target market, financial regulation, MiFID II, investor protection, conduct of business rules, product manufacturer, product distributor, PRIIPs Regulation, ESMA

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Myklebust, Trude. "Fairness and Integrity in High-Frequency Markets – A Critical Assessment of the European Regulatory Approach." European Business Law Review 31, Issue 1 (February 1, 2020): 33–75. http://dx.doi.org/10.54648/eulr2020003.

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Over the past decades, financial markets have been fundamentally transformed by technological advances in combination with regulatory and institutional change. This has produced highly competitive and fragmented financial markets. It is in this market environment that the ultra-fast segment of high-frequency trading (HFT) has materialised. European regulators have addressed the potential adverse market impact of HFT in terms of increased systemic risk (e.g. ‘flash crashes’) and market abuse through provisions in MiFID II and in the MAR. But there is also an additional concern that so far has received less regulatory attention – the question of whether HFT is fair. This article explores whether and how HFT raises fairness-related concerns against the backdrop of the overarching policy goal of maintaining confidence in the financial markets. Finding that HFT does indeed raise such concerns, it then asks whether the newly instituted provisions on algorithmic trading and HFT in MiFID II and MAR do anything to alleviate this problem. The answer is to a certain extent yes. However, significant concerns remain unaddressed by the new regulatory context. The article suggests other provisions in MiFID II that in the author’s view should be assessed with a view to target fairness-related concerns raised by HFT. High-frequency trading, algorithmic trading, fairness, market microstructure, MiFID II, unfair market practices, market confidence, market integrity, conflict of interest, systemic risk

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31

Miloş, Marius Cristian, and Laura Raisa Miloş. "Challenges Regarding the Implementation of MiFID II." International conference KNOWLEDGE-BASED ORGANIZATION 25, no. 2 (June 1, 2019): 158–62. http://dx.doi.org/10.2478/kbo-2019-0073.

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Abstract Despite the positive effects that MiFID II has had in increasing transparency and the individual investor protection, most recent studies outline the difficulties experienced in practice by the European investment firms when trying to comply with the European regulation. The most recent survey realized by CFA Institute point out to the fact that the European investment services industry has suffered, due to the introduction of the new regulation. The big players might be the only ones for which it seems to be worth remaining on the market, the small investment companies being downsized or eliminated completely. In this paper, we aim at discussing the challenges that the introduction of MiFID has brought for the Romanian investment firms, while comparing this situation with the general situation at the European level.

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Majcen, Rolf. "MiFID II für Managed Futures – eine Standortbestimmung." Zeitschrift für das gesamte Bank- und Börsenwesen 66, no. 3 (2018): 196. http://dx.doi.org/10.47782/oeba201803019601.

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Ochocińska, Karolina. "Modele doradztwa inwestycyjnego w dyrektywie MiFID II." Studia Iuridica Toruniensia 22 (May 14, 2019): 223. http://dx.doi.org/10.12775/sit.2018.011.

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34

Busch, Danny. "Agency and Principal Dealing Under the Markets in Financial Instruments Directive (MiFID) I & II." European Review of Private Law 25, Issue 2 (May 1, 2017): 337–62. http://dx.doi.org/10.54648/erpl2017024.

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Abstract: This article focuses on the question of whether allowing the extent of the protection afforded to an investor under the Markets in Financial Instruments Directive (MiFID) I and II to be largely dependent on the distinction between dealing on own account on the one hand and trading on behalf of the client (and other forms of investment service) on the other, is justified. The author submits that this question must be answered in the negative. Under a future MiFID III, an investment firm which acts solely as contractual counterparty should be required to observe the same duty of care as applies in the case of the investment service of execution of orders on behalf of the client. Résumé: Cet article traite de la question de savoir s’il est justifié de permettre que l’étendue de la protection accordée à un investisseur aux termes de MiFID I et II (NdT: Directives concernant les marchés d’instruments financiers) dépende largement de la distinction entre la négociation pour compte propre d’une part et d’autre part la négociation au nom du client (et d’autres formes de services d’investissement). L’auteur indique qu’il faut répondre à cette question par la négative. Aux termes d’un futur MiFID III, il faudrait exiger d’une société d’investissement qui agit uniquement comme contrepartie contractuelle qu’elle respecte le même devoir de prudence que celui qui s’applique dans le cas de services d’exécution d’ordres au nom du client.

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35

Nemeczek, Heinrich, and Sebastian Pitz. "Brexit, MiFIR and MiFID II: Third-country Firms Providing Cross-Border Investment Services – An Overview of the Relevant Organisational and Business Conduct Requirements." European Business Law Review 32, Issue 1 (February 1, 2021): 53–76. http://dx.doi.org/10.54648/eulr2021003.

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Due to Brexit, large international banking groups have been restructuring their businesses with European clients since regulated institutions based in the UK will no longer be able to use the European Passport. While many firms have established new hubs in the EU 27, there are others which are considering providing services on a cross-border basis to European clients directly from the USA, Switzerland and other third countries, including the UK. This article addresses the question as to whether third-country firms are allowed to provide investment services in Germany without a license and whether German organisational and business conduct rules would apply. BaFin, Brexit, business conduct requirements, ESMA, equivalence, MiFID, MiFIR, organisational requirements, reverse solicitation, waiver

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36

Delligatti, Paul J., and William P. Lane. "U.S. Securities and Exchange Commission (SEC) Staff issues no-action relief to facilitate implementation of Markets in Financial Instruments Directive II (MiFID II) research provisions." Journal of Investment Compliance 19, no. 1 (May 8, 2018): 53–57. http://dx.doi.org/10.1108/joic-02-2018-0014.

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Purpose The purpose of this paper is to summarize and discuss the implications of three related U.S. Securities and Exchange Commission (SEC) no-action letters dated October 26, 2017 that seek to address the provisions of MiFID II related to “inducements”. Design/methodology/approach Provides background information regarding MiFID II and summarizes each of the three SEC Staff no-action letters: the SIFMA letter, the ICI letter and the AMG letter. Findings The no-action letters provide market participants with increased clarity as to how certain aspects of their business activities, in particular the “bundling” or “unbundling” of payments for research and execution, can comply with potentially competing systems of regulations. Originality/value Practical guidance from experienced financial industry and investment management lawyers.

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37

Gomber, Peter, Benjamin Clapham, Jens Lausen, and Sven Panz. "The Impact of MiFID II/MiFIR on European Market Structure: A Survey among Market Experts." Journal of Trading 13, no. 2 (March 23, 2018): 35–46. http://dx.doi.org/10.3905/jot.2018.13.2.035.

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38

Schuster, Gunnar, Sebastian Pitz, and Friedrich-Asmus Matzen. "Brexit, MiFIR und MiFID II: Grenzüberschreitende Wertpapierdienstleistungen durch Drittlandfirmen und die anwendbaren Organisations- und Wohlverhaltenspflichten." Zeitschrift für Bankrecht und Bankwirtschaft 30, no. 4 (August 13, 2018): 197–208. http://dx.doi.org/10.15375/zbb-2018-0403.

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Zusammenfassung Anlässlich des bevorstehenden Brexits und einer Reihe aktueller Rechtsänderungen verschafft der vorliegende Beitrag dem Leser einen Überblick über die Möglichkeiten von Wertpapierdienstleitungsunternehmen aus Drittstaaten („Drittlandfirmen“), gegenüber in Deutschland ansässigen Kunden Wertpapierdienstleistungen zu erbringen. Der Beitrag setzt sich dabei schwerpunkmäßig mit den anwendbaren Organisations- und Wohlverhaltenspflichten des deutschen Wertpapierhandelsgesetzes (WpHG) auseinander.

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39

Preece, Rhodri. "CFA Institute and the MiFID II Policy Debate." CFA Institute Magazine 25, no. 3 (May 2014): 48–49. http://dx.doi.org/10.2469/cfm.v25.n3.16.

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40

Hobza, Martin, and Aneta Vondráčková. "Target market under MiFID II: the distributor’s perspective." Capital Markets Law Journal 14, no. 4 (August 29, 2019): 518–30. http://dx.doi.org/10.1093/cmlj/kmz018.

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41

Seghezzi, Francesco. "Digitalization and work organization in Italian banks: The role of industrial relations." STUDI ORGANIZZATIVI, no. 2 (January 2023): 9–34. http://dx.doi.org/10.3280/so2022-002001.

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In the last years, several impacts took place in the organization of the banking sector especially pushed also by institutional context. One specific case is the role of the MiFID II Directive in the adoption of new technologies, work organization models, and implementation of reskilling processes. The article looks at the Italian context after the introduction of the Directive together with the turbulent environment from the economic, socio-cultural and technological point of view of the years after the recession. And in particular focuses on how industrial relations, through collective agreements at the national and especially at the firm level helped the governance of these challenges. To do this the paper wants to analyze this phenomenon starting from a deepening of impacts of MiFID II on work or-ganization and through a focus on the actual scenario of industrial relations in the sector in Italy before showing two different case studies, Unicredit and Banca Eti-ca, through which analyze how social partners through collective agreements acted after MiFID II. It emerges how the institutional context of industrial relations in the sector helped in enforcing collective agreements at the company level and at the same time the presence of bilateral institutions helped in reducing redundancies due to restructuring processes.

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42

Burchardi, Sophie. "Contractual Relationships between Investors and Financial Advisors." European Review of Contract Law 16, no. 2 (June 5, 2020): 300–316. http://dx.doi.org/10.1515/ercl-2020-0015.

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AbstractFor investors who are mis-sold financial products, contractual claims against financial advisors are often decisive in compensating losses. The European Court of Justice has decided in its Bankinter judgment that national law must determine the contractual consequences of breaches of the MiFID I (substituted by MiFID II) suitability rule. This article examines the contractual relationships between investors and financial advisors under German, Italian and English law. It highlights the significant differences between the jurisdictions in the questions of when a contractual obligation to give advice arises, which duties must be fulfilled when giving advice and the requirements for damages to be claimed.

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43

Guo, Yifeng, and Lira Mota. "Should information be sold separately? Evidence from MiFID II." Journal of Financial Economics 142, no. 1 (October 2021): 97–126. http://dx.doi.org/10.1016/j.jfineco.2021.05.037.

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44

Preece, Rhodri. "EMEA Voice: MiFID II: A New Era for Research." CFA Institute Magazine 28, no. 4 (December 2017): 32–33. http://dx.doi.org/10.2469/cfm.v28.n4.11.

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45

Ziółkowska, Katarzyna. "Crypto-assets in the EU and Polish regulatory framework regarding financial instruments." Annual Center Review, no. 12-13 (2020): 4–8. http://dx.doi.org/10.15290/acr.2019-2020.12-13.01.

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Crypto-assets are private, convertible, digital tokens that are managed in a decentralized way using technology called distributed ledger technology (DLT). The term is not limited only to decentralized virtual currencies, but also commodities, digital goods and services. As such they can be considered an addition to a financial investment portfolio, being an alternative to traditional instruments, such as stocks, bonds or cash. However, wide use of crypto-assets is being currently hampered by lack of regulations followed by uncertainties as to the legal qualification of crypto-assets and consequences of investments in such instruments. From that perspective, it seems crucial to answer a question whether crypto-assets can be considered financial instruments in the light of the current Directive on Markets in Financial Instruments (so called MiFID II) at the EU level and national acts that implemented relevant provisions of MiFID II (in Poland it is the Act on Trading in Financial Instruments). Since neither the EU nor Polish legislator provided a clear answer to that question, some indications can be found only in official statements of regulatory authorities and the doctrine, which however are not always consistent with each other. Furthermore, the Member States used different legislative techniques in the process of implementing MiFID II so the nomenclature can differ. The article discusses the diverse approaches to crypto-assets in the interpretation of the EU and Polish legislation concerning financial instruments as well as implications of such differences.

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46

Nemeczek, Heinrich, and Sebastian Pitz. "Cross-Border Business of UK Credit Institutions and Investment Firms with German Clients in light of Brexit, MiFIR and MiFID II." European Business Law Review 29, Issue 3 (June 1, 2018): 425–64. http://dx.doi.org/10.54648/eulr2018017.

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The passporting framework currently offers UK institutions a cost-effective access to the EEA financial markets for their cross-border activities. As this privileged access may cease to apply after Brexit UK institutions will possibly have to rearrange their approach to access the EEA financial markets. This article discusses the different options available to UK institutions if they want to continue their cross-border activities in Germany. It analyses the requirements and advantages of either establishing a licensed subsidiary under the sole supervision of BaFin and/or the ECB, or of a new ‘EEA hub’ in another EEA country. Further alternatives include cross-border services under the MiFID II/MiFIR framework that is applicable since 3 January 2018, the establishment of third-country branches, the German national exemption from licensing requirements, the privileged treatment through a German ordinance and possible activities on the basis of reverse solicitation.

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Ferrarini, Guido, and Niamh Moloney. "Reshaping Order Execution in the EU and the Role of Interest Groups: From MiFID I to MiFID II." European Business Organization Law Review 13, no. 4 (December 2012): 557–97. http://dx.doi.org/10.1017/s1566752912000365.

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48

Islam, S. T., and M. Y. H. Khan. "Evaluating the changes in the European Banking Regulation – MiFID and its possible effects on the Global Economy: A Theoretical Study." Financial Markets, Institutions and Risks 3, no. 4 (2019): 24–31. http://dx.doi.org/10.21272/fmir.3(4).24-31.2019.

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Banking regulation plays an important role in the process of ensuring financial stability, the national economy, equitable distribution of wealth and the most efficient use of financial resources. As a key regulatory tool, Banking Regulation monitors and monitors financial transactions to improve their profitability and efficiency. The author points out that the main areas of banking regulation and supervision are to control the processes of formation, operation and liquidation of commercial banks. The article focuses on the fact that the 2008 financial crisis has become a motivating driver for reforms in the banking system of Europe and America. The main purpose of the article is to assess the impact of changes in the European Banking System, in particular in the context of the study of the features of the Financial Markets Directive, on the functioning of the global economy. This paper provides a critical review of the literature from the point of view of analyzing the specificity of MiFID II in the context of its impact on the economic aspects of the country’s development. The implementation of the Directive requires significant financial investment, but these costs will pay off given the fact that MiFID II is well-designed and aimed at providing more secure protection and greater customer base stability. However, the author points out the underdevelopment and inconsistency of the regulatory framework, which is of greater concern than the cost of implementing MiFID II. Thus, the idea of the likelihood of financial and economic problems in the process of influence of banking regulation on the development of the global economy is substantiated. Notwithstanding these shortcomings, the regulatory framework for the formulation and implementation of the Directive is a significant contribution to the regulation of the financial sector. The results of the study represent scientific and practical value for academics, politicians, banking financial management of economic entities, stakeholders to better prepare and evaluate future changes as a result of reforming banking regulation. Keywords: Directives, Economic growth, Financial crisis, MiFID, Regulation.

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Jaschinski, Julian, and Jasper Wentz. "Positionspapier des BMF zu MiFID II der Europäischen Kommission zugeleitet." Die Aktiengesellschaft 64, no. 19 (October 1, 2019): r279—r280. http://dx.doi.org/10.9785/ag-2019-641903.

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50

Busch, Danny. "MiFID II: Stricter conduct of business rules for investment firms." Capital Markets Law Journal 12, no. 3 (June 29, 2017): 340–80. http://dx.doi.org/10.1093/cmlj/kmx027.

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Journal articles on the topic 'MiFID II'

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