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E-grāmata: Regulation of the EU Financial Markets: MiFID II and MiFIR

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Edited by (Professor of Financial Law, University of Nijmegen, The Netherlands), Edited by (Professor of Commercial Law, University of Genoa, Italy)
  • Formāts: 736 pages
  • Sērija : Oxford EU Financial Regulation
  • Izdošanas datums: 12-Jan-2017
  • Izdevniecība: Oxford University Press
  • Valoda: eng
  • ISBN-13: 9780191080296
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Regulation of the EU Financial Markets: MiFID II and MiFIRPalielināt
  • Formāts: 736 pages
  • Sērija : Oxford EU Financial Regulation
  • Izdošanas datums: 12-Jan-2017
  • Izdevniecība: Oxford University Press
  • Valoda: eng
  • ISBN-13: 9780191080296
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This book provides a comprehensive and expert 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 detailed 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 a thorough 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.

Offering high-quality analysis of both the theoretical and practical aspects of MiFID II, this book is an essential guide to this major EU legislation. It brings together the expert opinions of leading practitioners and legal and economic scholars with access to practice, providing a variety of perspectives on the new regime and the likely effect of the increased regulation.
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
Danny Busch
Guido Ferrarini
I Introduction
1(13)
II Investment Firms and Investment Services
14(15)
III Trading
29(16)
IV Supervision and Enforcement
45(3)
V The Broader View and the Future of MiFID
48(4)
VI Final Remarks
52
II INVESTMENT FIRMS AND INVESTMENT SERVICES
2 The Scope of MiFID II
Kitty Lieverse
I Introduction
1(1)
II Investment Firms under MiFID II
2(13)
III Credit Institutions
15(1)
IV Investment Firms under the CRR
16(10)
V Structured Deposits
26(3)
VI General Exemptions to MiFID II Applicability
29(8)
VII Trading on Own Account
37(5)
VIII Dealings in Emission Allowances
42(1)
IX Financial Instruments
43(8)
X Insurance Companies and Insurance Intermediaries
51(4)
XI Managers of Collective Investment Undertakings
55(2)
XII Data-Reporting Service Providers
57(3)
XIII Market Operators
60(1)
XIV Conclusion
61
3 Governance of Investment Firms under MiFID II
Jens-Hinrich Binder
I Introduction
1(3)
II Governance-related Regulation of Investment Firms between Prudential and Conduct-of-Business Regulation
4(17)
III The Technical Framework under MiFID II
21(44)
IV Conclusions
65
4 The Overarching Duty to Act in the Best Interest of the Client in MiFID II
Luca Enriques
Matteo Gargantini
I Introduction
1(3)
II Antecedents of the Investment Firm's Duty to Act in the Best Interest of the Client
4(3)
III The Duty to Act in the Best Interest of the Client in MiFID II
7(9)
IV The Duty's Functions and Contents
16(16)
V The Articulation of the Duty with Respect to Individual Services and Activities
32(41)
VI A Look Across the Atlantic
73(9)
VII Assessment
82
5 Product Governance and Product Intervention under MiFID II/MiFIR
Danny Busch
I Introduction
1(1)
II Product Governance
2(39)
III Product Intervention
41(33)
IV Conclusion
74
6 Independent Financial Advice
Paolo Giudici
I Introduction
1(2)
II Economic Background
3(12)
III MiFID I
15(5)
IV MiFID II
20(25)
V Conclusions
45
7 Conflicts of Interest
Stefan Grundmann
Philipp Hacker
I Foundations of the Regime
1(30)
II The Regime by Single Stages and Examples
31(56)
III Conclusion
87
8 Inducements
Larissa Silverentand Jasha Sprecher
Lisette Simons
I Introduction
1(3)
II Current Legislation
4(14)
III The Dutch Inducement Ban
18(12)
IV The UK Inducement Rules
30(7)
V MiFID II
37(23)
VI Research as an Inducement
60(7)
VII Conclusion
67
9 Agency and Principal Dealing under MiFID I and MiFID II
Danny Busch
I Introduction
1(3)
II Four Transaction Types
4(15)
III Investor Protection
19(4)
IV Acting as Agent or as Principal: Not a Justified Distinction to Serve as a Basis for Determining the Degree of Investor Protection
23(32)
V Conclusion
55
10 MiFID II/MiFIR's Regime for Third-Country Firms
Danny Busch
Marije Louisse
I General
1(3)
II Scope of MiFID II/MiFIR's Regime for Third-Country Firms
4(13)
III Eligible Counterparties and Per Se Professional Clients
17(28)
IV Retail Clients and Opt Up Professional Clients
45(12)
V Retail Clients, Professional Clients, and Eligible Counterparties
57(8)
VI Initiative Test
65(11)
VII Conclusion
76
III TRADING
11 Governance and Organization of Trading Venues: The Role of Financial Market Infrastructure Groups
Guido Ferrarini
Paolo Saguato
I Introduction
1(2)
II Trading Facilities: Concept and Regulatory Framework
3(29)
III The EU Scenario of Trading Venues
32(26)
IV FMI Groups in an MiFID II World
58(28)
V Conclusion
86
12 EU Financial Governance and Transparency Regulation: A Test for the Effectiveness of Post-Crisis Administrative Governance
Niamh Moloney
I Transparency Regulation and EU Financial Governance: Why It Matters
1(9)
II Transparency Regulation and EU Financial Governance
10(24)
III MiFIR, Transparency, and Supervisory Administrative Governance
34(11)
IV MiFIR, Transparency, and Administrative Regulatory Governance
45(11)
V Conclusion
56
13 SME Growth Markets
Rudiger Veil
Carmine Di Noia
I Introduction
1(3)
II Existing Alternative Markets for SMEs in Europe
4(11)
III SME Growth Markets under MiFID II
15(19)
IV Alternative Disclosure Obligations?
34(13)
V What Role for the `SME Growth Market' Label? Some Reflections on Alternative Scenarios
47(7)
VI Conclusion
54
14 Dark Trading under MiFID II
Peter Gomber
Ilya Gvozdevskiy
I Introduction
1(9)
II Dark Pools: Motivation, Classification, and Related Literature
10(29)
III Dark Pools under MiFID I
39(20)
IV Dark Pool Regulation under MiFID II/MiFIR
59(42)
V Summary
101
15 Derivatives: Trading, Clearing, STP, Indirect Clearing, and Portfolio Compression
Rezah Stegeman
Aron Berket
I Introduction
1(5)
II The Trading Obligation
6(26)
III The Clearing Obligation
32(17)
IV The Straight-Through-Processing Obligations
49(27)
V The Obligations in Respect of Indirect Clearing
76(29)
VI The Obligations in Respect of Portfolio Compression
105(23)
VII A Few Final Remarks
128
16 Commodity Derivatives
Antonella Sciarrone Alibrandi
Edoardo Grossule
I Introduction
1(7)
II Features of the Commodity Derivatives Markets and Its Relation to the Crisis
8(9)
III Overview of the Most Important EU Provisions on Commodity Derivatives
17(25)
IV The Regulatory Perimeter of the MiFID II/MiFIR Package
42(21)
V The New Position Limits Regime
63(20)
VI A New Set of Intervention Powers for Authorities and Trading Venues
83(7)
VII Conclusion
90
17 Algorithmic Trading and High-Frequency Trading (HFT)
Pierre-Henri Conac
I Introduction
1(21)
II Algorithmic Trading
22(20)
III High-Frequency Trading
42(19)
IV Conclusion
61
18 MiFID II and Equity Trading: A US View
Merritt B. Fox
I Basic Building Blocks
4(36)
II High-Frequency Trading
40(54)
III Dark Pools and Internalization
94(11)
IV Conclusions: Reflections on Issues Raised by MiFID II
105
IV SUPERVISION AND ENFORCEMENT
19 Public Enforcement of MiFID II
Christos V. Gortsos
1 Introductory Remarks
1(6)
II Structure of the Study
7(4)
III Competent Authorities: General Aspects, Powers, and Redress Procedures
11(72)
IV Cooperation Arrangements
83(44)
V Concluding Remarks and Assessment
127
20 The Private Law Effect of MiFID I and MiFID II: The Genii Case and Beyond
Danny Busch
I General
1(2)
II May Civil Courts Be Less Strict Than MiFID I and MiFID II?
3(2)
III May Civil Courts Be Stricter Than MiFID I and MiFID II?
5(16)
IV May Contracting Parties Be Less Strict Than MiFID I and MiFID II?
21(1)
V May Contracting Parties Be Stricter Than MiFID I and MiFID II?
22(6)
VI Influence of MiFID I and MiFID II on the Principle of Relativity
28(2)
VII Influence of MiFID I and MiFID II on Proof of Causation
30(6)
VIII Influence of MiFID I and MiFID II on a Contractual Limitation or Exclusion of Liability
36(3)
IX MiFID I and MiFID II Assessments by the Courts of Their Own Motion in Relation to Private Investors?
39(1)
X Conclusion
40
V THE BROADER VIEW AND THE FUTURE OF MIFID
21 MiFID II in Relation to Other Investor Protection Regulation: Picking Up the Crumbs of a Piecemeal Approach
Veerle Colaert
I Introduction
1(3)
II MiFID II versus IDD
4(23)
III MiFID II and IDD versus UCITS KII and PRIIPs KID
27(25)
IV Cross-Selling Practices
52(5)
V Conclusion
57
22 Shadow Banking and the Functioning of Financial Markets
Eddy Wymeersch
I Introduction
1(9)
II Shadow Banking: Concept and Terminology
10(7)
III Non-Regulated Activity According to the FSB Approach
17(10)
IV What Financial Activity is not Subject to Banking Supervision?
27(8)
V The European Response to Shadow Banking
35(97)
VI Conclusion
132
23 Investment-Based Crowdfunding: Is MiFID II Enough?
Guido Ferrarini
Eugenia Macchiavello
I Introduction
1(3)
II Benefits, Risks, and Challenges
4(8)
III MiFID I
12(6)
IV National Approaches to Crowdfunding
18(16)
V MiFID II
34(21)
VI Concluding Remarks
55(638)
Index 693
Professor Danny Busch holds the Chair for Financial Law and is the Director of the Institute for Financial Law, Radboud University Nijmegen, The Netherlands. He is author of many articles in the field of financial and commercial law, and editor of several books, including European Banking Union (with G. Ferrarini), OUP 2015. From 2002 until 2010 he was an attorney-at-law with the Dutch international law firm De Brauw Blackstone Westbroek in Amsterdam where he practised banking and securities law (both the private law and regulatory aspects).

Professor Guido Ferrarini is Professor of Business Law and Capital Markets Law at the University of Genoa, Department of Law, and Director of the Centre for Law and Finance. He is author of many articles in the fields of financial law, corporate law and business law, and editor of several books, including Financial Regulation and Supervision: A Post-crisis Analysis (with E. Wymeersch and K. Hopt).
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