Regulation of the EU Financial Markets: MiFID II & MiFIR

by Danny Busch, Guido Ferrarini

Overview

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.

Product Details

ISBN-13:	9780198767671
Publisher:	Oxford University Press
Publication date:	03/12/2017
Series:	Oxford EU Financial Regulation
Pages:	768
Product dimensions:	7.00(w) x 9.60(h) x 1.80(d)

About the Author

Danny Busch, Professor of Financial Law, University of Nijmegen, The Netherlands,Guido Ferrarini, Professor of Commercial Law, University of Genoa, Italy

Professor Danny Busch holds the Chair for Financial Law and is the Director of the Institute for Financial Law, Radboud University Nijmegen, The Netherlands. He is author of many articles in the field of financial and commercial law, and editor of several books, including European Banking Union (with G. Ferrarini), OUP 2015. From 2002 until 2010 he was an attorney-at-law with the Dutch international law firm De Brauw Blackstone Westbroek in Amsterdam where he practised banking and securities law (both the private law and regulatory aspects).

Professor Guido Ferrarini is Professor of Business Law and Capital Markets Law at the University of Genoa, Department of Law, and Director of the Centre for Law and Finance. He is author of many articles in the fields of financial law, corporate law and business law, and editor of several books, including Financial Regulation and Supervision: A Post-crisis Analysis (with E. Wymeersch and K. Hopt).

Table of Contents

PART I: GENERAL ASPECTS1. Introduction, Danny Busch and Guido FerrariniPART II: INVESTMENT FIRMS AND INVESTMENT SERVICES2. The Scope of MiFID II, Kitty Lieverse3. Governance of Investment Firms under MiFID II, Jens-Hinrich Binder4. The Overarching Duty to Act in the Best Interest of the Client in MiFID II, Luca Enriques and Matteo Gargantini5. Product Governance and Product Intervention, Danny Busch6. Independent Financial Advice, Paolo Giudici7. Conflicts of Interest, Stefan Grundmann8. Inducements, Larissa Silverentand, Jasha Sprecher, and Lisette Simons9. Agency and Principal Dealing Under MiFID, Danny Busch10. MiFID II/MiFIR's Regime for Third-Country Firms, Danny Busch & Marije LouissePART III: TRADING11. TGovernance and Organization of Trading Venues: The Role of Financial Market Infrastructures Groups, Guido Ferrarini & Paolo Saguato12. EU Financial Governance and Transparency Regulation: A Test for the Effectiveness of Post-Crisis Administrative Governance, Niamh Moloney13. SME Growth Markets, Carmine di Noia & Rudiger Veil14. Dark Trading Under MiFID II, Peter Gomber & Ilya Gvozdevskiy15. Derivatives: Trading, Clearing, STP, Indirect Clearing, and Portfolio Compression, Rezah Stegeman & Aron Berket16. Commodity Derivatives, Antonella Sciarrone Alibrandi & Edoardo Grossule17. Algorithmic Trading and High Frequency Trading, Pierre-Henri Conac18. An American perspective, Merritt FoxPART IV: SUPERVISION AND ENFORCEMENT19. Public Enforcement of MiFID II, Christos Gortsos20. The Private Law Effect of MiFID: the Genil Case and Beyond, Danny BuschPART V: THE BROADER VIEW AND THE FUTURE OF MIFID21. MiFID II: Picking up the Crumbs of a Piecemeal Approach, Veerle Colaert22. Shadow Banking and the Functioning of Financial Markets, Eddy Wymeersch23. Investment-based Crowdfunding: Is MiFID II enough?, Guido Ferrarini & Eugenia Macchiavello