Regulation of the EU financial markets : MiFID II and MiFIR / edited by Danny Busch, Guido Ferrarini.
2017
KJE2245 .R44 2017 (Map It)
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Title
Regulation of the EU financial markets : MiFID II and MiFIR / edited by Danny Busch, Guido Ferrarini.
Published
Oxford : Oxford University Press, 2017.
Copyright
©2017
Call Number
KJE2245 .R44 2017
Edition
First edition.
ISBN
9780198767671 (hardback)
0198767676 (hardback)
0198767676 (hardback)
Description
li, 709 pages : illustrations ; 26 cm
System Control No.
(OCoLC)972726042
Summary
"This book provides an...examination of the Markets in Financial Instruments Directive II, which comes into force in January 2018 and will have a major impact on investment firms and financial markets. It offers...guidance on interpretation of MiFID II, its measure and aims which include: to increase transparency; better protect investors; reinforce confidence; address unregulated areas; and ensure that supervisors are granted adequate powers to fulfil their tasks. After an...overview of the various innovative features of the new legislative framework in comparison with the former MiFID, the book's chapters are grouped thematically to cover the following areas: general aspects; investment firms and investment services; trading; supervision and enforcement; and reform perspectives."-- Provided by publisher.
Bibliography, etc. Note
Includes bibliographical references and index.
Record Appears in
Variant Title
Regulation of the European Union financial markets
Added Author
Table of Contents
Table of Cases
xv
Table of Legislation
xvii
List of Abbreviations
xliii
Author Biographies
xlix
I.
General Aspects
1.
Who's Afraid of MiFID II?: An Introduction
3
I.
Introduction / Danny Busch Guido Ferrarini
II.
Investment Firms and Investment Services / Danny Busch Guido Ferrarini
III.
Trading / Danny Busch Guido Ferrarini
IV.
Supervision and Enforcement / Danny Busch Guido Ferrarini
V.
Broader View and the Future of MiFID / Danny Busch Guido Ferrarini
VI.
Final Remarks / Danny Busch Guido Ferrarini
II.
Investment Firms And Investment Services / Danny Busch Guido Ferrarini
2.
Scope of MiFID II / Danny Busch Guido Ferrarini
27
I.
Introduction / Kitty Lieverse
II.
Investment Firms under MiFID II / Kitty Lieverse
III.
Credit Institutions / Kitty Lieverse
IV.
Investment Firms under the CRR / Kitty Lieverse
V.
Structured Deposits / Kitty Lieverse
VI.
General Exemptions to MiFID II Applicability / Kitty Lieverse
VII.
Trading on Own Account / Kitty Lieverse
VIII.
Dealings in Emission Allowances / Kitty Lieverse
IX.
Financial Instruments / Kitty Lieverse
X.
Insurance Companies and Insurance Intermediaries / Kitty Lieverse
XI.
Managers of Collective Investment Undertakings / Kitty Lieverse
XII.
Data-Reporting Service Providers / Kitty Lieverse
XIII.
Market Operators / Kitty Lieverse
XIV.
Conclusion / Kitty Lieverse
3.
Governance of Investment Firms under MiFID II / Kitty Lieverse
49
I.
Introduction / Jens-Hinrich Binder
II.
Governance-related Regulation of Investment Firms between Prudential and Conduct-of-Business Regulation / Jens-Hinrich Binder
III.
Technical Framework under MiFID II / Jens-Hinrich Binder
IV.
Conclusions / Jens-Hinrich Binder
4.
Overarching Duty to Act in the Best Interest of the Client in MiFID II / Jens-Hinrich Binder
85
I.
Introduction / Luca Enriques Matteo Gargantini
II.
Antecedents of the Investment Firm's Duty to Act in the Best Interest of the Client / Luca Enriques Matteo Gargantini
III.
Duty to Act in the Best Interest of the Client in MiFID II / Luca Enriques Matteo Gargantini
IV.
Duty's Functions and Contents / Luca Enriques Matteo Gargantini
V.
Articulation of the Duty with Respect to Individual Services and Activities / Luca Enriques Matteo Gargantini
VI.
Look Across the Atlantic / Luca Enriques Matteo Gargantini
VII.
Assessment / Luca Enriques Matteo Gargantini
5.
Product Governance and Product Intervention under MiFID II/MiFIR / Luca Enriques Matteo Gargantini
123
I.
Introduction / Danny Busch
II.
Product Governance / Danny Busch
III.
Product Intervention / Danny Busch
IV.
Conclusion / Danny Busch
6.
Independent Financial Advice / Danny Busch
147
I.
Introduction / Paolo Giudici
II.
Economic Background / Paolo Giudici
III.
MiFID I / Paolo Giudici
IV.
MiFID II / Paolo Giudici
V.
Conclusions / Paolo Giudici
7.
Conflicts of Interest / Paolo Giudici
165
I.
Foundations of the Regime / Stefan Grundmann Philipp Hacker
II.
Regime by Single Stages and Examples / Stefan Grundmann Philipp Hacker
III.
Conclusion / Stefan Grundmann Philipp Hacker
8.
Inducements / Stefan Grundmann Philipp Hacker
205
I.
Introduction / Larissa Silverentand Jasha Sprecher Lisette Simons
II.
Current Legislation / Larissa Silverentand Jasha Sprecher Lisette Simons
III.
Dutch Inducement Ban / Larissa Silverentand Jasha Sprecher Lisette Simons
IV.
UK Inducement Rules / Larissa Silverentand Jasha Sprecher Lisette Simons
V.
MiFID II / Larissa Silverentand Jasha Sprecher Lisette Simons
VI.
Research as an Inducement / Larissa Silverentand Jasha Sprecher Lisette Simons
VII.
Conclusion / Larissa Silverentand Jasha Sprecher Lisette Simons
9.
Agency and Principal Dealing under MiFID I and MiFID II / Larissa Silverentand Jasha Sprecher Lisette Simons
227
II.
Four Transaction Types / Danny Busch
III.
Investor Protection / Danny Busch
IV.
Acting as Agent or as Principal: Not a Justified Distinction to Serve as a Basis for Determining the Degree of Investor Protection / Danny Busch
V.
Conclusion / Danny Busch
10.
MiFID II/MiFIR's Regime for Third-Country Firms / Danny Busch
251
I.
General / Danny Busch Marije Louisse
II.
Scope of MiFID II/MiFIR's Regime for Third-Country Firms / Danny Busch Marije Louisse
III.
Eligible Counterparties and Per Se Professional Clients / Danny Busch Marije Louisse
IV.
Retail Clients and Opt Up Professional Clients / Danny Busch Marije Louisse
V.
Retail Clients, Professional Clients, and Eligible Counterparties / Danny Busch Marije Louisse
VI.
Initiative Test / Danny Busch Marije Louisse
VII.
Conclusion / Danny Busch Marije Louisse
III.
Trading / Danny Busch Marije Louisse
11.
Governance and Organization of Trading Venues: The Role of Financial Market Infrastructure Groups / Danny Busch Marije Louisse
285
I.
Introduction / Guido Ferrarini Paolo Saguato
II.
Trading Facilities: Concept and Regulatory Framework / Guido Ferrarini Paolo Saguato
III.
EU Scenario of Trading Venues / Guido Ferrarini Paolo Saguato
IV.
FMI Groups in an MiFID II World / Guido Ferrarini Paolo Saguato
V.
Conclusion / Guido Ferrarini Paolo Saguato
12.
EU Financial Governance and Transparency Regulation: A Test for the Effectiveness of Post-Crisis Administrative Governance / Guido Ferrarini Paolo Saguato
315
I.
Transparency Regulation and EU Financial Governance: Why It Matters / Niamh Moloney
II.
Transparency Regulation and EU Financial Governance / Niamh Moloney
III.
MiFIR, Transparency, and Supervisory Administrative Governance / Niamh Moloney
IV.
MiFIR, Transparency, and Administrative Regulatory Governance / Niamh Moloney
V.
Conclusion / Niamh Moloney
13.
SME Growth Markets / Niamh Moloney
345
I.
Introduction / Rudiger Veil Carmine Di Noia
II.
Existing Alternative Markets for SMEs in Europe / Rudiger Veil Carmine Di Noia
III.
SME Growth Markets under MiFID II / Rudiger Veil Carmine Di Noia
IV.
Alternative Disclosure Obligations? / Rudiger Veil Carmine Di Noia
V.
What Role for the 'SME Growth Market' Label? Some Reflections on Alternative Scenarios / Rudiger Veil Carmine Di Noia
VI.
Conclusion / Rudiger Veil Carmine Di Noia
14.
Dark Trading under MiFID II / Rudiger Veil Carmine Di Noia
363
I.
Introduction / Peter Gomber Ilya Gvozdevskiy
II.
Dark Pools: Motivation, Classification, and Related Literature / Ilya Gvozdevskiy Peter Gomber
III.
Dark Pools under MiFID I / Peter Gomber Ilya Gvozdevskiy
IV.
Dark Pool Regulation under MiFID II/MiFIR / Peter Gomber Ilya Gvozdevskiy
V.
Summary / Ilya Gvozdevskiy Peter Gomber
15.
Derivatives: Trading, Clearing, STP, Indirect Clearing, and Portfolio Compression / Peter Gomber Ilya Gvozdevskiy
391
I.
Introduction / Rezah Stegeman Aron Berket
II.
Trading Obligation / Rezah Stegeman Aron Berket
III.
Clearing Obligation / Aron Berket Rezah Stegeman
IV.
Straight-Through-Processing Obligations / Aron Berket Rezah Stegeman
V.
Obligations in Respect of Indirect Clearing / Rezah Stegeman Aron Berket
VI.
Obligations in Respect of Portfolio Compression / Rezah Stegeman Aron Berket
VII.
Few Final Remark / Rezah Stegeman Aron Berket
16.
Commodity Derivatives / Aron Berket Rezah Stegeman
439
I.
Introduction / Antonella Sciarrone Alibrandi, Edoardo Grossule
II.
Features of the Commodity Derivatives Markets and Its Relation to the Crisis / Antonella Sciarrone Alibrandi, Edoardo Grossule
III.
Overview of the Most Important EU Provisions on Commodity Derivatives / Edoardo Grossule Antonella Sciarrone Alibrandi
IV.
Regulatory Perimeter of the MiFID II/MiFIR Package / Antonella Sciarrone Alibrandi, Edoardo Grossule
V.
New Position Limits Regime / Antonella Sciarrone Alibrandi, Edoardo Grossule
VI.
New Set of Intervention Powers for Authorities and Trading Venues / Edoardo Grossule Antonella Sciarrone Alibrandi
VII.
Conclusion / Antonella Sciarrone Alibrandi, Edoardo Grossule
17.
Algorithmic Trading and High-Frequency Trading (HFT) / Edoardo Grossule Antonella Sciarrone Alibrandi
469
I.
Introduction / Pierre-Henri Conac
II.
Algorithmic Trading / Pierre-Henri Conac
III.
High-Frequency Trading / Pierre-Henri Conac
IV.
Conclusion / Pierre-Henri Conac
18.
MiFID II and Equity Trading: A US View / Pierre-Henri Conac
487
I.
Basic Building Blocks / Merritt B. Fox
II.
High-Frequency Trading / Merritt B. Fox
III.
Dark Pools and Internalization / Merritt B. Fox
IV.
Conclusions: Reflections on Issues Raised by MiFID II / Merritt B. Fox
IV.
Supervision And Enforcement / Merritt B. Fox
19.
Public Enforcement of MiFID II / Merritt B. Fox
529
I.
Introductory Remarks / Christos V. Gortsos
II.
Structure of the Study / Christos V. Gortsos
III.
Competent Authorities: General Aspects, Powers, and Redress Procedures / Christos V. Gortsos
IV.
Cooperation Arrangements / Christos V. Gortsos
V.
Concluding Remarks and Assessment / Christos V. Gortsos
20.
Private Law Effect of MiFID I and MiFID II: The Genil Case and Beyond / Christos V. Gortsos
567
I.
General / Danny Busch
II.
May Civil Courts Be Less Strict Than MiFID I and MiFID II? / Danny Busch
III.
May Civil Courts Be Stricter Than MiFID I and MiFID II? / Danny Busch
IV.
May Contracting Parties Be Less Strict Than MiFID I and MiFID II? / Danny Busch
V.
May Contracting Parties Be Stricter Than MiFID I and MiFID II? / Danny Busch
VI.
Influence of MiFID I and MiFID II on the Principle of Relativity / Danny Busch
VII.
Influence of MiFID I and MiFID II on Proof of Causation / Danny Busch
VIII.
Influence of MiFID I and MiFID II on a Contractual Limitation or Exclusion of Liability / Danny Busch
IX.
MiFID I and MiFID II Assessments by the Courts of Their Own Motion in Relation to Private Investors? / Danny Busch
X.
Conclusion / Danny Busch
V.
Broader View And The Future Of MIFID / Danny Busch
21.
MiFID II in Relation to Other Investor Protection Regulation: Picking Up the Crumbs of a Piecemeal Approach / Danny Busch
589
I.
Introduction / Veerle Colaert
II.
MiFID II versus IDD / Veerle Colaert
III.
MiFID II and IDD versus UCITS MI and PRIIPs KID / Veerle Colaert
IV.
Cross-Selling Practices / Veerle Colaert
V.
Conclusion / Veerle Colaert
22.
Shadow Banking and the Functioning of Financial Markets / Veerle Colaert
613
I.
Introduction / Eddy Wymeersch
II.
Shadow Banking: Concept and Terminology / Eddy Wymeersch
III.
Non-Regulated Activity According to the FSB Approach / Eddy Wymeersch
IV.
What Financial Activity is not Subject to Banking Supervision? / Eddy Wymeersch
V.
European Response to Shadow Banking / Eddy Wymeersch
VI.
Conclusion / Eddy Wymeersch
23.
Investment-Based Crowdfunding: Is MiFID II Enough? / Eddy Wymeersch
659
I.
Introduction / Guido Ferrarini Eugenia Macchiavello
II.
Benefits, Risks, and Challenges / Guido Ferrarini Eugenia Macchiavello
III.
MiFID I / Guido Ferrarini Eugenia Macchiavello
IV.
National Approaches to Crowdfunding / Eugenia Macchiavello Guido Ferrarini
V.
MiFID II / Guido Ferrarini Eugenia Macchiavello
VI.
Concluding Remarks / Guido Ferrarini Eugenia Macchiavello
Index / Guido Ferrarini Eugenia Macchiavello
693