148x Filetype PDF File size 1.99 MB Source: www.pwc.lu
www.pwc.lu/mifid Markets in Financial Instruments Directive II (MiFID II) – Level 1 MiFID II Directive 2014/65/EU MiFIR Regulation (EU) No 600/2014 February 2015 PwC 1 MiFID II/MiFIR expected EU legal framework Number of documents expected • specific requirements regarding the provision of investment services • scope of exemptions from the current Directive • organisational and conduct of business requirements for investment firms Directive • organisational requirements for trading venues “MiFID” • authorisation and ongoing obligations applicable to providers of data services • powers available to competent authorities Level sanctions • rules applicable to third-country firms operating I via a branch • disclosure of trade transparency data to the public and transaction data to authorities • removing barriers to non-discriminatory access to clearing facilities Regulation • the mandatory trading of derivatives on “MiFIR” organised venues • specific supervisory actions on fin. instruments and positions in derivatives • provision of services by third-country firms without a branch Expected on a range of topics to provide specifics Commission (e.g. exemption - when an activity is provided in an 20 (MiFID II) Delegated acts incidental manner- , best execution factors, client 12 (MiFIR) order handling rules…) Expected on a range of topics to provide specifics Level Commission (e.g. timing and communication on suspension and II Implementing removal of FI from trading, standard forms for the 14 RTS (MiFID II) Regulations exchange of information…). Adopted on the basis of ESMA implementing technical standards Commission Expected on a range of topics to provide specifics Delegated (e.g. exemptions, best execution information…). 23 RTS (MiFID II) Regulations Adopted on the basis of ESMA regulatory technical standards Expected on a range of topics to provide specifics Level ESMA (e.g.. Assessment and supervision of cross selling 9 (MiFID II) III Guidelines practices, assessment of financial instruments with 1 (MiFIR) a structure which makes it hard for the client to understand the risk involved…) PwC 2
no reviews yet
Please Login to review.