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Risk, Regulation & Reporting

Best Practice

MiFID II: Bringing significant volume of change

MiFID II builds on the principles of original MiFID and extends the scope to cover more asset classes, financial market participants and activities. Given significant volume of change, firms need to initiate assessment of potential impact on their businesses now and start scheduling work required to comply with the regulation.

FOCUS ON: Risk, Regulation & Reporting,

More Publications on MiFID II
This is the first paper in our series of MiFID II publications. Our upcoming papers are:

  • Transaction Reporting under MiFID II
  • What Trade Transparency means under MiFID II
DOWNLOAD
MiFID II: Bringing Significant Volume of Change (pdf) MiFID II/MiFIR: An Overview of Current Developments (pdf)

Markets in Financial Instruments Directive (MiFID) revision is aiming to make financial markets more efficient, resilient, transparent and safer for investors. Proposed revisions consist of a Directive (MiFID) and a Regulation (MiFIR) that will provide more supervisory powers to regulators and clear operating rules for all trading activities and new trading venues to the markets.

The objective of MiFID has always been a transparent and integrated EU financial market for the protection of investors. However, the financial crisis demonstrated that the coverage of MiFID was not sufficient despite underlying principles being sound. Furthermore, technological advancements and market innovation have outpaced the regulation and altered the way markets operate. These developments called for enhanced scope of the regulation leading to arrival of MiFID II.

European Commission, Parliament and Council agreed MiFID II texts in February 2014. However, these level 1 texts will need to be supplemented by delegated and implementing acts and technical standards as required under the Directive and Regulation which will set out the detailed rules in a number of areas.

What Happens Next?

The main requirements and obligations being placed upon in-scope entities have already been agreed. However, key technical details on the precise meaning and implementation of these requirements have yet to be provided.

There are more than 75 topics for which industry is awaiting technical guidance from European Securities and Markets Authority (ESMA).

The deadline for responses to ESMA by the industry to questions in both Discussion and Consultation Papers was 1 August 2014. ESMA has now to submit its advice and technical standards to the Commission, the Commission will then publish its final Level 2 delegated and implementing regulations for MiFID II/ MiFIR.

see also:

Key to regulatory requirements

RELATED CONTENTS

05.03.2015 / Brussels

Event

MiFID 2 / MiFIR: Overview of Regulatory Requirements and Implementation Challenges

On Thursday 5 March 2015, Avantage Reply will host in Brussels MiFID 2 / MiFIR briefing in collaboration with Febelfin. The briefing will provide industry participants with an opportunity to share their views and learn about the regulatory requirements and the implementation challenges.​

Stress tests

Briefing Note

BCBS/EBA: Latest Publications on Supervisory and Institution Stress Tests

This briefing note focuses on the key sets of guidelines on institutions’ stress testing, highlighting areas that banks should carefully evaluate to address the requirements in a timely fashion considering compliance and associated operational issues.

IRRBB

Briefing Note

EBA: latest developments regarding technical aspects of IRRBB

On the 31 October 2017, the EBA published a consultation paper. The objective is to consult on the revisions in the first quarter of 2018, targeting practical implementation by the end of 2018. This publication focuses on the implications of these latest developments for banks, highlighting areas that should be evaluated when addressing the requirements, considering all compliance operational issues.

 
 
 
 
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