ISBN : 9780198767671
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.
PART I: GENERAL ASPECTS
1 Danny Busch and Guido Ferrarini: Introduction
PART II: INVESTMENT FIRMS AND INVESTMENT SERVICES
2 Kitty Lieverse: The Scope of MiFID II
3 Jens-Hinrich Binder: Governance of Investment Firms under MiFID II
4 Luca Enriques and Matteo Gargantini: The Overarching Duty to Act in the Best Interest of the Client in MiFID II
5 Danny Busch: Product Governance and Product Intervention
6 Paolo Giudici: Independent Financial Advice
7 Stefan Grundmann: Conflicts of Interest
8 Larissa Silverentand, Jasha Sprecher, and Lisette Simons: Inducements
9 Danny Busch: Agency and Principal Dealing Under MiFID
10 Danny Busch & Marije Louisse: MiFID II/MiFIR's Regime for Third-Country Firms
PART III: TRADING
11 Guido Ferrarini & Paolo Saguato: TGovernance and Organization of Trading Venues: The Role of Financial Market Infrastructures Groups
12 Niamh Moloney: EU Financial Governance and Transparency Regulation: A Test for the Effectiveness of Post-Crisis Administrative Governance
13 Carmine di Noia & Rudiger Veil: SME Growth Markets
14 Peter Gomber & Ilya Gvozdevskiy: Dark Trading Under MiFID II
15 Rezah Stegeman & Aron Berket: Derivatives: Trading, Clearing, STP, Indirect Clearing, and Portfolio Compression
16 Antonella Sciarrone Alibrandi & Edoardo Grossule: Commodity Derivatives
17 Pierre-Henri Conac: Algorithmic Trading and High Frequency Trading
18 Merritt Fox: An American perspective
PART IV: SUPERVISION AND ENFORCEMENT
19 Christos Gortsos: Public Enforcement of MiFID II
20 Danny Busch: The Private Law Effect of MiFID: the Genil Case and Beyond
PART V: THE BROADER VIEW AND THE FUTURE OF MIFID
21 Veerle Colaert: MiFID II: Picking up the Crumbs of a Piecemeal Approach
22 Eddy Wymeersch: Shadow Banking and the Functioning of Financial Markets
23 Guido Ferrarini & Eugenia Macchiavello: Investment-based Crowdfunding: Is MiFID II enough?
