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JUAN SIEGFRIED. HEAD OF DEALINGpg. 1
Market of Financial Instrument Directive II (24/1/2018)
1. ProductGovernance
2. InducementsandConflictsof Interest
3. ReportingandTransparency
4. ClientInformation
5. ClientReportsandComplaints
MiFID isthe Markets inFinancial InstrumentsDirective(2004/39/EC)1
.It has beenapplicableacrossthe
EuropeanUnionsince November2007. It isa cornerstone of the EU's regulationof financial markets
seekingtoimprove theircompetitivenessbycreatingasingle marketforinvestmentservicesand
activitiesandtoensure ahighdegree of harmonisedprotectionforinvestorsinfinancial instruments.
MiFID setsout:
 conduct of businessand organisationalrequirementsforinvestmentfirms;
 authorisationrequirementsforregulatedmarkets;
 regulatoryreportingtoavoidmarketabuse;
 trade transparencyobligationforshares;and
 rulesonthe admissionof financial instrumentstotrading.
In 2011 the EuropeanCommisionadoptedalegislativeproposal forthe revisionof MiFIDwhichtookthe
formof a revised Directiveandanewregulation,commonlyreferredtoasMiFID II andMiFIR: these
were adoptedbythe EuropeanParliamenton15 April 2014, and by the Council of the europeanUnion
on 13 May 2014.
1 ESMA-Europa/Policy-Rules/Mifid-ii
JUAN SIEGFRIED. HEAD OF DEALINGpg. 2
DifferencesBetweenMiFIDandMiFIDII
1. Extendedscope of productsandactivities
Additional financialinstrumentswillbe broughtintothe scope of MiFIDII, such as:
• Structureddepositsissued orsoldbycreditinstitutions
• Certainpackagedretail investmentproducts(PRIPs)
• All emissionsallowances(suchascarbon)
• The sale of financial instrumentsissuedbythe investmentfirm.
2. Prohibitedpaymentandretentionof inducements(MiFIDarticle 24)
3. Enhancedinvestorprotection
4. Creationof a newexecutionvenue - the OTF
5. Strictergovernance requirementsandmore accountabilityonSeniorManagement
6. Productintervention&strengthenedsupervisionwithstrictersanctions
7. Harmonizedregime forthirdcountryfirms
8. Extendedmarkettransparencyandtransactionreporting
MiFID II_Seminar2018.01.23.pdf
JUAN SIEGFRIED. HEAD OF DEALINGpg. 3
Nigel WebbandFedericaTaccognabothmembersof FTI Consulting,anUS businessadvisory firm
specializedinthe fieldsof corporate finance andrestructuring,economicsconsultingforensicand
litigation, were responsibleforthe introductionanddevelopmentof the topic.
1. establishingacommonunderstandingof the regulatoryobligationsin
each of them;
2. highlightingfrequentchallengesandcommonshortfalls;and
3. describingbestpractice approachestocompliance.
Specifiedby ESMA guidelinesandQuestionsandAnswers.
In the areasof:
 Productand ClientGovernance
 InducementsandConflictsof Interest
 BestExecution
 ReportingandTransparency
Doingspecial emphasisin“TargetMarket”and the classificationof the clients,clearlydifferentiatingin3
categories:Eligible Counterparties,ProfessionalandRetail.Aswell asthe crucial informationtobe clear
and fairon investmentadvice,onproductsandcostsand charges. Alwaysbearinginmindactinginthe
BestInterestof the clients.
Some researchandcase studieswere properlyaddress andhow tomanage BestExecutionandConflicts
of Interest.
FinallyendingupwithReportingandTransparencytopics.

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Cysec mifid ii seminar

  • 1. JUAN SIEGFRIED. HEAD OF DEALINGpg. 1 Market of Financial Instrument Directive II (24/1/2018) 1. ProductGovernance 2. InducementsandConflictsof Interest 3. ReportingandTransparency 4. ClientInformation 5. ClientReportsandComplaints MiFID isthe Markets inFinancial InstrumentsDirective(2004/39/EC)1 .It has beenapplicableacrossthe EuropeanUnionsince November2007. It isa cornerstone of the EU's regulationof financial markets seekingtoimprove theircompetitivenessbycreatingasingle marketforinvestmentservicesand activitiesandtoensure ahighdegree of harmonisedprotectionforinvestorsinfinancial instruments. MiFID setsout:  conduct of businessand organisationalrequirementsforinvestmentfirms;  authorisationrequirementsforregulatedmarkets;  regulatoryreportingtoavoidmarketabuse;  trade transparencyobligationforshares;and  rulesonthe admissionof financial instrumentstotrading. In 2011 the EuropeanCommisionadoptedalegislativeproposal forthe revisionof MiFIDwhichtookthe formof a revised Directiveandanewregulation,commonlyreferredtoasMiFID II andMiFIR: these were adoptedbythe EuropeanParliamenton15 April 2014, and by the Council of the europeanUnion on 13 May 2014. 1 ESMA-Europa/Policy-Rules/Mifid-ii
  • 2. JUAN SIEGFRIED. HEAD OF DEALINGpg. 2 DifferencesBetweenMiFIDandMiFIDII 1. Extendedscope of productsandactivities Additional financialinstrumentswillbe broughtintothe scope of MiFIDII, such as: • Structureddepositsissued orsoldbycreditinstitutions • Certainpackagedretail investmentproducts(PRIPs) • All emissionsallowances(suchascarbon) • The sale of financial instrumentsissuedbythe investmentfirm. 2. Prohibitedpaymentandretentionof inducements(MiFIDarticle 24) 3. Enhancedinvestorprotection 4. Creationof a newexecutionvenue - the OTF 5. Strictergovernance requirementsandmore accountabilityonSeniorManagement 6. Productintervention&strengthenedsupervisionwithstrictersanctions 7. Harmonizedregime forthirdcountryfirms 8. Extendedmarkettransparencyandtransactionreporting MiFID II_Seminar2018.01.23.pdf
  • 3. JUAN SIEGFRIED. HEAD OF DEALINGpg. 3 Nigel WebbandFedericaTaccognabothmembersof FTI Consulting,anUS businessadvisory firm specializedinthe fieldsof corporate finance andrestructuring,economicsconsultingforensicand litigation, were responsibleforthe introductionanddevelopmentof the topic. 1. establishingacommonunderstandingof the regulatoryobligationsin each of them; 2. highlightingfrequentchallengesandcommonshortfalls;and 3. describingbestpractice approachestocompliance. Specifiedby ESMA guidelinesandQuestionsandAnswers. In the areasof:  Productand ClientGovernance  InducementsandConflictsof Interest  BestExecution  ReportingandTransparency Doingspecial emphasisin“TargetMarket”and the classificationof the clients,clearlydifferentiatingin3 categories:Eligible Counterparties,ProfessionalandRetail.Aswell asthe crucial informationtobe clear and fairon investmentadvice,onproductsandcostsand charges. Alwaysbearinginmindactinginthe BestInterestof the clients. Some researchandcase studieswere properlyaddress andhow tomanage BestExecutionandConflicts of Interest. FinallyendingupwithReportingandTransparencytopics.