Embed Size (px)
Citation preview
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 [email protected]
Richard Usher Partner, London T +44 20 7153 7335 [email protected]
Ronan Mellon Partner, London T +44 20 7796 6770 [email protected]
Tony Katz Partner, London T +44 20 7153 7835 [email protected]
Sam Millar Partner, London T +44 20 7153 7714 [email protected]
UK
CONTINENTAL EUROPE
Koen Vanderheyden Partner, Belgium T +32 2 500 6552 [email protected]
Fabrice Armand Partner, France T +33 1 40 15 24 43 [email protected]
Iñigo Gomez-Jordana Partner, Spain T +34 91 788 7351 [email protected]
Ignacio Gomez-Sancha Partner, Spain T +34 91 788 7344 [email protected]
Jasna Zwitter-Tehovnik Partner, Austria T +43 1 531 78 1025 [email protected]
Ricardo Plasencia Legal Director, Spain T +34 91 790 1708 [email protected]
Paul Hopman Partner, Netherlands T +31 20 541 9952 [email protected]
Agostino Papa Partner, Italy T +39 06 68 880 513 [email protected]
Patrick Van Eecke Partner, Belgium T +32 2 500 1630 [email protected]
Muriel Goldberg-Darmon Partner, France T +33 1 40 15 25 66 [email protected]
Dr. Gunne W. Bähr Partner, Germany T +49 221 277 277 283 [email protected]
Okko Behrends Partner, Germany T +49 692 713 3270 [email protected]
Camilla Wollan Partner, Norway T +47 2413 1659 [email protected]
Kryzstof Wiater Partner, Poland T +48 22 5407 447 [email protected]
Richard Wachtmeister Senior Associate, Sweden T +46 8701 7800 [email protected]
Andreea Badea Managing Associate, Romania T +40 372 155 827 [email protected]
UNITED STATES
ASIA
MIDDLE EAST
Gerald Francese Partner, New York T +1 212 335 4565 [email protected]
Edward Johnsen Partner, New York T +1 212 335 4730 [email protected]
Jeffrey Hare Partner, Washington D.C. T +1 202 799 4375 [email protected]
Nicolette Kost De Sevres Senior Policy Advisor, Washington D.C. T +1 202 799 4264 [email protected]
Bart Chilton Senior Policy Advisor, Washington D.C. T +1 202 799 4451 [email protected]
Wesley Nissen Partner, Chicago T +1 312 368 3411 [email protected]
Harris Chan Partner, Hong Kong T +852 2103 0763 [email protected]
Adrian Elms Of Counsel, Hong Kong T +852 2103 0755 [email protected]
Debbie Barbour Partner, United Arab Emirates T +9712 494 1524 [email protected]
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 [email protected]
Catherine Pogorzelski Partner, Luxembourg T +352 26 29 04 [email protected]
András Nemescsói Partner, Hungary T +36 1 510 1180 [email protected]
