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MiFID – GENERAL PRESEN T ATION (practical example of Lamfalussy process ). Conference on Implementation o f Markets in Financial Instruments Directive (MiFID) Split – 14 June 2007. J a n Š o v a r Ministry of Finance, Czech republic.
Conference on Implementation of Markets in Financial Instruments Directive (MiFID) Split – 14 June 2007
J a n Š o v a r
Ministry of Finance, Czech republic
The views expressed herein are those of the author and do not necessarily reflect the views of the Ministry or of the author’s colleagues on the staff of the Ministry.DISCLAIMER
The FSAP consisted of a set of 42 measures intended to improve the Single Market in financial services by filling gaps and removing remaining barriers to provide a legal and regulatory environment that supports the integration of financial markets across the EU.Financial integration – legislative developments
The report proposed a four level approach with regard to the legislative process in order to solve these problems.Lamfalussy process
There are four "level 1 Directives
Markets in Financial Instruments Directive (MiFID)
Market Abuse Directive (MAD)
Prospectus Directive (PD)
Transparency Directive (TD)
All four are crucial pieces of EU legislation on securities and investment business.Transposition of Lamfalussy Directives
It will replace the Investment Services Directive 93/22/EEC.
Extends the coverage of the current ISD regime
Introduces new and more extensive requirements to which firms will have to adaptWhat is MiFID?
Commission Directive 2006/73/EC of 10 August 2006, on organisational requirements and operating conditions for investment firms (ID) and
Commission Regulation (EC) 1287/2006 of 10 August 2006, on record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading (IR).
The MiFID and the Level 2 Directive are due to be transposed into the national laws of Member States by January 2007 and apply by November 2007. The Level 2 Regulation will be directly applicable, at the same time.Implementing measures (L2)
CESR is shortly to publish guidance on BE, inducements, passport and transaction reporting
Launching infringements for late or faulty transposition
Scrutinising Art.4 notifications, and esp. justifications
The role of CESR at Level 3 under the Lamfalussy Process, Ref.: CESR/04-527b
Future and option firms
Some commodities firms
Stock brokers and broker dealers
Banks adn building societies
Firms competing for the same type of business ≠ subject to same regulatory standardsWhich firms will be affected?
Instead, new EU legislation should be considered on a selective basis, and only where absolutely necessary.
Green Paper (03/2005)
White Paper (12/2005) – EU financial service policy for the next five yearsA new strategic approach
FAQ on MiFID – http://tinyurl.com/ypcc6s
Background notes to the MiFID – IR and ID http://tinyurl.com/hsqx6 and http://tinyurl.com/ywx6qj
MiFID Transposition State of Play
Legal texts, historical info, other links
Expert Group – MiFID Level 3More information