The regulation of investment services in Europe under MiFID:: implementation and practice ; special report
Gespeichert in:
| Weitere Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Haywards Heath, West Sussex
Tottel
2008
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XI, 189 S. |
| ISBN: | 9781847660824 |
Internformat
MARC
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| 245 | 1 | 0 | |a The regulation of investment services in Europe under MiFID: |b implementation and practice ; special report |c general ed. Emilios Avgouleas. With contributions from Stuart Bazley ... |
| 264 | 1 | |a Haywards Heath, West Sussex |b Tottel |c 2008 | |
| 300 | |a XI, 189 S. | ||
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
Foreword v
1 An Overview of the MiFID Regime for the Regulation of Financial Services
and Markets
Emilios Avgouleas, Reader in International Financial Law, School of Law, University
of Manchester
1.1 General introduction 1
1.1.1 The purpose of the book 1
1.2 FSAP and the Lamfalussy process 2
1.2.1 FSAP background 2
1.2.2 The Lamfalussy process 2
1.3 An overview of the MiFID regime 3
1.3.1 Reforming the ISD regime 3
1.3.2 The scope of MiFID 4
1.3.3 The organisation, operation and supervision of investment firms under
the MiFID regime 8
1.3.4 Epilogue 11
2 The impact of MiFID on Banking Business in Europe and Representing
Banks in the Negotiation of MiFID
Michael McKee, Director, the British Bankers Association
2.1 How the BBA represented banks during the development of MiFID 13
2.1.1 The proposed Directive and the legislative process 14
2.1.2 The role of CESR - the development of technical advice to the
Commission 16
2.1.3 The implementing measures 18
2.2 The practical implications of MiFID for banking business 19
2.3 MiFID and equities market structures 19
2.4 MiFID and conduct of business rules 20
2.5 MiFID and supervision by the regulators 20
2.6 Specific aspects of MiFID 21
2.6.1 Multilateral trading facilities 21
2.6.2 Equities trading - systemic internalisation 21
2.6.3 Client classification 22
2.6.4 Treatment of branches 24
2.6.5 Best execution 25
2.6.6 Inducements and commissions 26
2.6.7 Transaction reporting 26
VII
Contents
2.6.8 The costs of implementing MiFID 27
2.7 Conclusion 28
3 Licensing and Cross-border Supervision of Investment Firms under MiFID:
Regulatory Practice and Challenges
Dr Panagiotis Staikouras, Lecturer in Law, University of Piraeus and Anastasis
Gabrielides, Vice-chairman, Hellenic Capital Market Commission
3.1 Introduction 29
3.2 Demarcating the scope of MiFID 30
3.2.1 Investment firms 30
3.2.2 Investment services and activities: preliminary remarks 31
3.2.3 Core investment services and activities 32
3.2.4 Ancillary investment services 35
3.2.5 Financial instruments falling within the scope of MiFID 35
3.3 Going beyond the boundaries of MiFID: exemptions, constraints and
qualifications 37
3.4 Authorisation of investment firms: creating a harmonised regime for the
licensing of cross-border provision of investment services 40
3.4.1 Scope of authorisation 40
3.4.2 Authorisation requirements for investment firms 41
3.4.3 Licensing the operations of MTFs 54
3.4.4 Procedures for granting, refusing and withdrawing authorisation 54
3.4.5 Ongoing compliance with the authorisation requirements 55
3.5 Providing investment services/activities on a cross-border basis: MiFID s novel
passport scheme and beyond 55
3.5.1 The scope of MiFID s passort regime 55
3.5.2 The employment of tied agents 58
3.5.3 The procedural steps for the utilisation of the passport 61
3.5.4 Relations with third countries 64
3.6 Overseeing the cross-border provision of investment services: assignment and
division of supervisory responsibilities 65
3.7 The competent authorities: designation, powers and redress procedures 68
3.8 Establishing a supra-national supervisory network: cross-border collaboration
between national supervisory authorities 70
3.9 Conclusion 72
4 The MiFID Regime for Trading Venues; Regulated Markets, Multi-lateral
Trading Facilities and Systematic Internalisers
Tim Binning, Senior Counsel, The Financial Services Authority Stuart Willey, Senior
Counsel, The Financial Services Authority
4.1 General Background 73
4.1.1 The treaty 73
4.1.2 ISD 74
4.2 Regulated markets 75
4.2.1 Definition 76
4.2.2 Authorisation of a regulated market 77
4.2.3 List of regulated markets 79
4.2.4 Access to the regulated market 79
4.2.5 Organisational requirements 80
4.2.6 Financial resources 81
Contents
4.2.7 Admission to trading 81
4.2.8 Initial and ongoing compliance with disclosure requirements 83
4.2.9 Suspension and removal of instruments from trading 83
4.2.10 Disapplying COB requirements to regulated market transactions 83
4.2.11 Monitoring compliance with rules 84
4.2.12 Regulated markets and pre and post trade transparency 84
4.3 Multilateral Trading Facilities 87
4.3.1 Background 87
4.3.2 New investment service 87
4.3.3 What is a MTF? 87
4.3.4 Who may operate a MTF? 88
4.3.5 Home State of a MTF operator 89
4.3.6 Requirements for firm or market operator operating an MTF 89
4.3.7 Withdrawal of authorisation 89
4.3.8 General requirements 89
4.3.9 Organisational requirements 90
4.3.10 Fair and orderly trading process 90
4.3.11 Criteria for admission of financial instruments 90
4.3.12 Access to MTF 91
4.3.13 COB requirements do not apply to certain MTF transactions 91
4.3.14 Clearing and settlement 91
4.3.15 Suspension or removal of instrument from trading 92
4.3.16 Monitoring compliance and reporting breeaches 92
4.3.17 MTFs and pre and post trade transparency 92
4.3.18 Pre trade transparency 92
4.3.19 Post trade transparency 93
4.3.20 Capital requirements 93
4.3.21 Passporting rights of MTF operator 94
4.4 Systematic internalisers 94
4.4.1 Background 94
4.4.2 Definition of a systematic internaliser 95
4.4.3 Financial instruments to which the definition applies 96
4.4.4 Obligation of a SI to provide quotes 96
4.4.5 Determining whether shares are liquid or non-liquid 96
4.4.6 Standard market size 97
4.4.7 Continuous quotes for liquid shares 97
4.4.8 Publication and recording of quotes 97
4.4.9 Quote on request for non-liquid shares 98
4.4.10 Quote size or sizes 98
4.4.11 Access to quotes 98
4.4.12 Execution of client orders 98
4.4.13 Price improvement for professional clients 98
4.4.14 Limiting execution of orders 99
4.4.15 Ceasing to be a SI 99
4.4.16 Passporting rights 99
4.4.17 Published list of Sis 99
4.4.18 Disclosure of client limit orders by investment firms 100
4.4.19 Post trade transparency for investment firms 100
IX
Contents
5 MiFID s Investor Protection Regime: Best Execution of Client Orders and
Related Conduct of Business Rules
Christos Gortsos, General Secretary of the Hellenic Banks Association
5.1 A general overview of investor protection rules under MiFID 101
5.1.1 Introductory remarks 101
5.1.2 The differential treatment of investors under MiFID 105
5.1.3 Categories of investment services providers subject to the stricto sensu
investor protection rules under MiFID 113
5.2 Best execution of client orders under MiFID 116
5.2.1 Sources and field of application of the provisions on best execution of
client orders 116
5.2.3 The means of obtaining the requirement for best execution of client
orders 123
5.3 The other stricto sensu investor protection rules under MiFID: a synoptic
presentation 129
5.3.1 Conduct of business obligations when providing investment services to
clients 129
5.3.2 Handling of client orders 134
5.3.3 Provision of services through another investment firm or credit
institution 137
6 The Internal Organisation of Investment Firms under MiFID
Stuart Bazley, Managing Director, Momenta
6.1 General organisational requirements 140
6.1.1 Introductory 140
6.1.2 Persons directing the business 141
6.1.3 Management information and reporting to senior management 142
6.1.4 Responsibility for compliance 141
6.1.5 Compliance function 142
6.1.6 Effective 144
6.1.7 Independent 145
6.1.8 Risk management and compliance 146
6.1.9 Skill, knowledge and expertise (training and competence) 147
6.2 Outsourcing of critical business functions 149
6.2.1 What is an outsourcing arrangement, as denned under the
Directive 150
6.2.2 Outsourcing and its impact on investment firm authorisation 150
6.2.3 Management and governance of outsourced arrangements 151
6.2.4 Investment firm to retain responsibility 151
6.2.5 Entering into, modifying and termination outsourcing
arrangements 151
6.2.6 Service provider capacity, capability, competence and systems and
controls 151
6.2.7 Investment firm supervision of outsourced service provider 152
6.2.8 Regulatory cooperation 153
6.2.9 Outsourcing to third countries 153
6.2.10 Regulator s Third Country Statement of Policy 154
6.2.11 Relationships and tied agents 154
6.3 Safeguarding of client assets 155
6.3.1 Defining client money 156
Contents
6.3.2 General organisational requirements 156
6.3.3 Accounting, record keeping and reconciliation 157
6.3.4 Safeguarding clients rights and segregation 158
6.3.5 Client financial instruments and segregation 158
6.3.6 Client funds and segregation 159
7 Articles 34, 35 and 46 of MiFID
Dimitris Tsibanoulis, The Bank of Greece and Tsibanoulis Partners
7.1 Clearing and securities settlement systems in MiFID 161
7.1.1 The importance of post-trading 161
7.1.2 Central counterparty, clearing and settlement systems 162
7.2 Rules of MiFID handling securities settlement systems 163
7.2.1 Content of Article 34 and systematic placement in MiFID 163
7.2.2 Paragraph 1 of Article 34 164
7.2.3 Article 34(2): the principle and its limits 165
7.2.4 Article 34(3): further limitation on legitimate commercial
grounds 168
7.2.5 Facit 169
7.2.6 Systematic incorporation of Articles 35 and 46 into MiFID 169
7.2.7 Article 35(1): the principle 169
7.2.8 Restrictions 170
7.3 Interaction between free access to SSS, the legal regime governing
intermediated securities and the CSD /account providers function as securities
registrar 171
7.3.1 Introductory remarks 171
7.3.2 Securities held with intermediaries and legal risks in the settlement
systems 172
7.3.3 Need for further action at European level to remove existing legal
obstacles 178
Index 181
XI
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| spelling | The regulation of investment services in Europe under MiFID: implementation and practice ; special report general ed. Emilios Avgouleas. With contributions from Stuart Bazley ... Haywards Heath, West Sussex Tottel 2008 XI, 189 S. txt rdacontent n rdamedia nc rdacarrier Europäische Union Richtlinie über Märkte für Finanzinstrumente (DE-588)7580161-9 gnd rswk-swf Regulierung (DE-588)4201190-5 gnd rswk-swf Finanzdienstleistung (DE-588)4212226-0 gnd rswk-swf Europäische Union/Richtlinie über Märkte für Finanzinstrumente/ Regulierung Finanzdienstleistung Europäische Union Richtlinie über Märkte für Finanzinstrumente (DE-588)7580161-9 u Regulierung (DE-588)4201190-5 s Finanzdienstleistung (DE-588)4212226-0 s DE-604 Avouleas, Emilios edt Bazley, Stuart Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027839214&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | The regulation of investment services in Europe under MiFID: implementation and practice ; special report Europäische Union Richtlinie über Märkte für Finanzinstrumente (DE-588)7580161-9 gnd Regulierung (DE-588)4201190-5 gnd Finanzdienstleistung (DE-588)4212226-0 gnd |
| subject_GND | (DE-588)7580161-9 (DE-588)4201190-5 (DE-588)4212226-0 |
| title | The regulation of investment services in Europe under MiFID: implementation and practice ; special report |
| title_auth | The regulation of investment services in Europe under MiFID: implementation and practice ; special report |
| title_exact_search | The regulation of investment services in Europe under MiFID: implementation and practice ; special report |
| title_full | The regulation of investment services in Europe under MiFID: implementation and practice ; special report general ed. Emilios Avgouleas. With contributions from Stuart Bazley ... |
| title_fullStr | The regulation of investment services in Europe under MiFID: implementation and practice ; special report general ed. Emilios Avgouleas. With contributions from Stuart Bazley ... |
| title_full_unstemmed | The regulation of investment services in Europe under MiFID: implementation and practice ; special report general ed. Emilios Avgouleas. With contributions from Stuart Bazley ... |
| title_short | The regulation of investment services in Europe under MiFID: |
| title_sort | the regulation of investment services in europe under mifid implementation and practice special report |
| title_sub | implementation and practice ; special report |
| topic | Europäische Union Richtlinie über Märkte für Finanzinstrumente (DE-588)7580161-9 gnd Regulierung (DE-588)4201190-5 gnd Finanzdienstleistung (DE-588)4212226-0 gnd |
| topic_facet | Europäische Union Richtlinie über Märkte für Finanzinstrumente Regulierung Finanzdienstleistung |
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