Bovill Briefing Introducing MiFID II September 2014
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This document discusses the regulatory framework for MiFID II, including the different levels of directives, regulations, technical standards, and enforcement. It provides a timeline for MiFID II implementation between 2014 and 2017. It also outlines some of the key implications of MiFID II, such as changes to scope, authorization requirements, corporate governance, transparency, and transaction reporting. The document advises firms to start planning and implementing changes now in preparation for MiFID II, rather than waiting for final rules.
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Bovill Briefing Introducing MiFID II September 2014
- 4. Combining regulatory tools 4 Recast MiFID MiFIR MiFID II
- 5. Understanding the levels of detail 5 •Framework Directive and Regulation Level 1 – Framework Legislation •Delegated and Implementing Acts Level 2 – Implementing Measures •Implementing Technical Standards and Regulatory Technical Standards Level 2.5 – Technical Standards •ESMA issue non-binding guidance on the meaning of the Levels 1 and 2 •National regulators comply or explain Level 3 – Regulatory convergence •EC takes enforcement action for any failure to implement or inconsistent implementation. Level 4 – Enforcement of Directive
- 6. MiFID II timeline 6 2014 2015 2016 2017 Legislation ESMA Level Two Advice to EC Due 03/01/15 Level One entry into force 02/07/14 Level Two Published in OJ Due 03/01/16 MiFID II applies 03/01/17 RTS to EC Due 03/07/15 National Transposition Due 03/07/16 ITS to EC Due 03/01/16
- 7. A first glance at the implications 7 MiFID (Directive) Scope – Exemptions and Definitions Authorisation Corporate Governance Conflicts of Interest Inducements and Commissions Client Categorisation Product Governance Best Execution Algorithmic Trading Passporting Third Country Firms – Branch MiFIR (Regulation) Third Country Firms – Cross Border Pre and Post Trade Transparency Trading Obligations Consolidated Tape Transaction Reporting Product Intervention
- 11. Approaching your project line by line 11
- 12. Helping you tackle MiFID II 12 Briefing series •Start 2015 •Based on draft Level 2 •Topic by topic Client toolkit •Topic by topic •Level 1 and 2 •Main changes •Next steps
- 13. There is a lot of content in MiFID II and a lot more to come in Level 2. Don’t wait for FCA rules or even the final EU legislation START PLANNING FOR MIFID II NOW Final thoughts 13 •read •ascertain gaps •develop solutions •identify opportunities Analysis and planning •change •test •train •client contact Implement Your project
Hinweis der Redaktion
- EC published proposal to amend MiFID I on 20 October 2011 After intense discussions between the Commission, Council and Parliament (the “Trialogue”), the revised Directive was adopted: European Parliament on 15 April 2014 Council on 13 May 2014. Final texts published in OJ 12 June 2014. Entered into force on 2 July 2014. THIS IS A KEY DATE FOR WORKING OUT WHEN IT ALL COMES INTO EFFECT All level 2 measures – over 100 need to be drafted and endorsed, all within two years. 2 July 2014 MiFID II and MiFIR enter into force Due by 03/01/15 ESMA submits (Level Two) Delegated Acts to European Commission Due by 03/07/15 ESMA submits draft regulatory technical standards (RTS) to EC Due by 03/01/16 ESMA submits draft implementing technical standards (ITS) to EC Due by 03/01/16 Level Two Published in Official Journal Due by 03/07/16 National Transposition 03/01/17 MiFID II applies (well, majority does…let’s not get bogged down by this now though) WHAT DOES IT COVER AND HOW?
- Level ONE ONLY Where do we start