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OUR EUROPEAN AND INTERNATIONAL CAPABILITYMIFID II/MIFIR
OUR MIFID II/MIFIR TEAM
The new Markets in Financial Instruments Directive (“MIFID II”) and Markets in Financial Instruments Regulation (“MIFIR”) make major changes to existing European laws for investment firms and market infrastructure. They come into force across Europe on 3 January 2017, but significant work is already underway at the European Commission (“the Commission”) and the European Securities and Markets Authority (“ESMA”) to develop additional implementing legislation. The key work on implementation will take place during late 2015 and throughout 2016.
The legislation does not just affect “investment firms”. It affects anyone participating in securities, commodities and energy markets – both the buy side and sell side, and the operators of exchanges, multilateral trading facilities and market infrastructure.
WHO IS AFFECTED?
■ Investment Banks
■ Stockbrokers and other types of Brokers and Intermediaries dealing in securities
■ Commodity Firms
■ Energy Traders
■ Derivatives Traders
■ Banks who deal in securities
■ Insurance Firms who deal in securities (indirectly)
■ Fund Managers and Investment Firms
■ Exchanges
■ Multilateral Trading Facilities
■ Crossing Networks
OTHER REGULATORY EXPERIENCE
■ Business Conduct
■ Dodd Frank
■ EMIR
■ FATCA
■ Regulatory Capital
HOW ARE YOU AFFECTED?
How you will be affected will depend considerably on your business model, the sort of “firm” that you are, and the sort of securities that you deal in.
Amongst the major changes which are taking place include:
■ The imposition of major new transparency requirements for bond and derivatives markets
■ Quicker exposure of large scale equity orders and block trades
■ A new “third country” regime for persons accessing EU markets from outside of the EU
■ New regulation for crossing networks and similar sorts of crossing systems
■ Major new requirements relating to commissions and inducements – expected to have a big impact on fund managers
■ Significant new investor protection measures to protect investors, particularly retail investors
■ New product governance powers for ESMA
■ New obligations for those who create investment products and sell them through others
■ New obligations relating to client agreements for those dealing with non-retail clients
■ New requirements for electronic and programme trading
HOW CAN WE HELP YOU?
DLA Piper has a worldwide network of quality financial services lawyers who can help you with both product-related and regulatory aspects of your implementation projects. We can provide both EU level advice and member state advice across a wide range of EU jurisdictions. If you are based outside of the EU, but need advice because you will be operating in EU securities markets, you can access us through lawyers in your home jurisdiction. In addition to our broad knowledge across a wide range of areas, we also have specialist lawyers with expertise in areas such as:
■ Equities
■ Fixed Income
■ Derivatives
■ Commodities
■ Funds and Asset Management
■ Insurance
OUR INTERNATIONAL TEAM
Michael McKee Partner, London T +44 20 7153 7468 michael.mckee@dlapiper.com
Richard Usher Partner, London T +44 20 7153 7335 richard.usher@dlapiper.com
Ronan Mellon Partner, London T +44 20 7796 6770 ronan.mellon@dlapiper.com
Tony Katz Partner, London T +44 20 7153 7835 tony.katz@dlapiper.com
Sam Millar Partner, London T +44 20 7153 7714 sam.millar@dlapiper.com
UK
CONTINENTAL EUROPE
Koen Vanderheyden Partner, Belgium T +32 2 500 6552 koen.vanderheyden@dlapiper.com
Fabrice Armand Partner, France T +33 1 40 15 24 43 fabrice.armand@dlapiper.com
Iñigo Gomez-Jordana Partner, Spain T +34 91 788 7351 inigo.gomez-jordana@dlapiper.com
Ignacio Gomez-Sancha Partner, Spain T +34 91 788 7344 inigo.gomez-sancha@dlapiper.com
Jasna Zwitter-Tehovnik Partner, Austria T +43 1 531 78 1025 jasna.zwitter-tehovnik@dlapiper.com
Ricardo Plasencia Legal Director, Spain T +34 91 790 1708 ricardo.plasencia@dlapiper.com
Paul Hopman Partner, Netherlands T +31 20 541 9952 paul.hopman@dlapiper.com
Agostino Papa Partner, Italy T +39 06 68 880 513 agostino.papa@dlapiper.com
Patrick Van Eecke Partner, Belgium T +32 2 500 1630 patrick.vaneecke@dlapiper.com
Muriel Goldberg-Darmon Partner, France T +33 1 40 15 25 66 muriel.goldberg-darmon@dlapiper.com
Dr. Gunne W. Bähr Partner, Germany T +49 221 277 277 283 gunne.baehr@dlapiper.com
Okko Behrends Partner, Germany T +49 692 713 3270 okko.behrends@dlapiper.com
Camilla Wollan Partner, Norway T +47 2413 1659 camilla.wollan@dlapiper.com
Kryzstof Wiater Partner, Poland T +48 22 5407 447 kryzstof.wiater@dlapiper.com
Richard Wachtmeister Senior Associate, Sweden T +46 8701 7800 richard.wachtmeister@dlanordic.se
Andreea Badea Managing Associate, Romania T +40 372 155 827 andreea.badea@dlapiper.com
UNITED STATES
ASIA
MIDDLE EAST
Gerald Francese Partner, New York T +1 212 335 4565 gerald.francese@dlapiper.com
Edward Johnsen Partner, New York T +1 212 335 4730 edward.johnsen@dlapiper.com
Jeffrey Hare Partner, Washington D.C. T +1 202 799 4375 jeffrey.hare@dlapiper.com
Nicolette Kost De Sevres Senior Policy Advisor, Washington D.C. T +1 202 799 4264 nicolette.kostdesevres@dlapiper.com
Bart Chilton Senior Policy Advisor, Washington D.C. T +1 202 799 4451 bart.chilton@dlapiper.com
Wesley Nissen Partner, Chicago T +1 312 368 3411 wesley.nissen@dlapiper.com
Harris Chan Partner, Hong Kong T +852 2103 0763 harris.chan@dlapiper.com
Adrian Elms Of Counsel, Hong Kong T +852 2103 0755 adrian.elms@dlapiper.com
Debbie Barbour Partner, United Arab Emirates T +9712 494 1524 debbie.barbour@dlapiper.com
www.dlapiper.com
DLA Piper is a global law firm operating through various separate and distinct legal entities. Further details of these entities can be found at
www.dlapiper.com. Copyright © 2015 DLA Piper. All rights reserved. | DEC15 | 3027370
Eva Skottke Senior Associate, Slovakia T +421 2 592 021 11 eva.skottke@dlapiper.com
Catherine Pogorzelski Partner, Luxembourg T +352 26 29 04 catherine.pogorzelski@dlapiper.com
András Nemescsói Partner, Hungary T +36 1 510 1180 andras.nemescsoi@dlapiper.com
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