the post mifid financial world
Download
Skip this Video
Download Presentation
The Post-MiFID Financial World

Loading in 2 Seconds...

play fullscreen
1 / 12

The Post-MiFID Financial World - PowerPoint PPT Presentation


  • 68 Views
  • Uploaded on

The Post-MiFID Financial World. László Seregdi June 15, 2007 Split. Agenda. Introduction of HFSA Main effects of MiFID Issues for integrated supervisors Questions Conclusions. Introduction of HFSA. Government agency, separately from NBH Integrated supervision Financed by the industry

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' The Post-MiFID Financial World' - margie


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
the post mifid financial world

The Post-MiFID Financial World

László Seregdi

June 15, 2007

Split

agenda
Agenda
  • Introduction of HFSA
  • Main effects of MiFID
  • Issues for integrated supervisors
  • Questions
  • Conclusions
introduction of hfsa
Introduction of HFSA

Government agency, separately from NBH

Integrated supervision

Financed by the industry

Institution and market supervision

Nearly 2000 institutions + individuals

Staff: 500

Supervisory Council

MiFID implementation in Hungary

main effects of mifid
Main effects of MiFID
  • Capital requirement + rules of internal procedures

- this is a guiding principle also in banking and insurance sector

- stronger internal regulation of service providers

- more proactive, risk based supervision

main effects of mifid1
Main effects of MiFID

2. Focused on client

- best execution (Elements of best execution (price, speed, type of transaction etc.), best execution policy, monitoring and review, new risk for service providers

- client classification (suitability and appropriateness test)

- transparency: need for a better financial culture and education

main effects of mifid2
Main effects of MiFID

3. Need for a new supervisory approach

- Close connection (not only through examinations, information sharing)

- Guidelines, transparent supervisory work

- Examination of outsourced activity

- Hungary: MiFID Panel, 6 meetings, consultations, problems, documents on internet, transaction reporting system

issues for integrated supervisors
Issues for integrated supervisors
  • Main principles can be used also in banking and insurance sector (best execution, transparency etc.)
  • Need for further harmonization: outsourcing, compliance officer, client classification, agents
common elements of mifid and crd
Common elements of MiFID and CRD

Requirements for managers

Internal governance and risk management

Proportionality

Supervisory tools

Transparency (institutions and supervisors)

Co-operation between supervisory authorities

Internalization- pricing

questions
Questions
  • Future role of MTFs and exchanges
  • Internalization (cost-benefit)
  • Single passport (how to collect data on activity)
  • Effect on EU competitiveness (strong regulation vs. higher administrative cost)
tasks of the institutions
Tasks of the institutions
  • Internal procedures, regulations
  • Compliance function
  • Decision on internalization
  • Decision on MTF
  • IT developments
  • Client categorization
  • Best execution principle
  • Outsourcing
tasks of the supervisors
Tasks of the supervisors
  • Creating legislative background, discussions
  • Guidelines and recommendations
  • Licensing
  • Information sharing with other supervisors
  • List of market instruments
  • List of liquid shares
  • List of systematic internalizers
conclusions
Conclusions

Preparation is time-consuming

Close co-operation between supervisors and market participants

Long list of practical questions

Common principles in other financial sectors

ad