Description
MiFID II: Impact of new European Regulations – Table of Contents
- 1.0 Summary of Key Changes
- 1.1 Transparency Requirements for Non-Cash Equity Instruments
- 1.2 OTC Derivatives – Clearing Eligibility
- 1.3 Extraterritoriality (“Third Country”)
- 1.4 Proposal to Allow ESMA to Ban Certain Products or Set Limits
- 1.5 Summarized Impact on Asset Classes and Business Areas
- 2.0 MiFID I Impact On Banking Industry
- 2.1 Existing Regulations
- 3.0 Upcoming Regulations – MiFID II
- 3.1 Probable Changes
- 3.2 Industry Focus and Response
- 4.0 Affected Business for Investment Banks
- 4.1 Execution on Organised Trading Facilities
- 4.2 OTC Derivatives
- 4.3 Crossing Systems
- 4.4 Automated Trading
- 4.5 Market Surveillance
- 4.6 Internalisation
- 5.0 Commodity Derivatives
- 5.1 Specific Requirements for Commodity Derivative Exchanges
- 5.2 MiFID exemptions for commodity firms
- 5.3 Definition of other derivative financial instruments
- 5.4 Emission allowances
- 6.0 Pre- and Post- Trade Transparency
- 6.1 Cash Equity and Equity-like Instruments
- 6.2 Bonds and Listed Derivatives
- 6.3 OTC Products
- 7.0 European Consolidated Tape & Post-Trade Data
- 8.0 Transaction Reporting and Market Abuse Detection
- 9.0 Investor Protection and Provision of Investment Services
- 9.1 Activities, Services, Exemptions and “Execution Only” Regime
- 9.2 Complex Product Reporting and Inducement
- 9.3 Classification of Clients
- 9.4 Liability of Investment Firms
- 9.5 Execution Quality
- 10.0 Authorisation and Organisational Requirements
- 10.1 Organizational Criteria
- 10.2 Client Assets
- 10.3 Underwriting and Placing
- 11.0 Increased Supervision and Regulatory Power
- 11.1 Additional Supervisory Powers and Sanctions – Regulatory Framework
- 11.2 Access of Third Country Firms to EU Market
- 11.3 Ban on Specific Activities, Products or Practices
- 11.4. Oversight of Derivatives Positions
- 12.0 Conclusions
