Bovill Briefing Introducing MiFID II September 2014
description
Transcript of Bovill Briefing Introducing MiFID II September 2014
Combining regulatory tools
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Recast MiFID
MiFIR MiFID II
Understanding the levels of detail
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• 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
MiFID II timeline
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2014 2015 2016 2017
Legis
lation
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
A first glance at the implications
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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
Approaching your project line by line
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Helping you tackle MiFID II
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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
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
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• read
• ascertain gaps
• develop solutions
• identify opportunities
Analysis and
planning
• change
• test
• train
• client contact
Implement
Yo
ur
pro
ject