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MiFID / MiFIR

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Zielsetzungen

Die Erarbeitung der MiFID-II-Richtlinie und der MiFIR-Verordnung wurde ein Jahr nach Inkrafttreten von MiFID in die Wege geleitet. Der Gesetzgeber will hierbei Schwächen, die während der Finanzkrise im Jahr 2008 zutage getreten sind, beheben und sich auf neue Praktiken sowie neue Entwicklungen an den Märkten einstellen (Aufkommen des Hochfrequenzhandels, Volatilität der Rohstoffpreise, verstärkter Rückgriff auf OTC-Geschäfte). Hierdurch sollen die Sicherheit, die Transparenz und die Funktionsweise der Finanzmärkte verbessert sowie der Schutz von Anlegern gestärkt werden.

Wichtigste Bestimmungen

MiFID II/MiFIR setzen sich im Wesentlichen aus einer Richtlinie und einer Verordnung zusammen:

Die ursprünglich für 2017 geplante MiFID II trat am 3. Januar 2018 in Kraft.

Diese Vorschriften werden durch zahlreiche Stufe-2- und -3-Texte ergänzt.

Anwendungsbereich

Die Texte der Richtlinie und der Verordnung (MiFID II/MiFIR) wirken sich in unterschiedlichem Umfang auf alle Akteure in der Wertschöpfungskette der Anlageverwaltungsbranche, alle Finanzinstrumente und alle Wertpapierfirmen aus.

Alle Akteure, Wertpapierfirmen und Verwaltungsgesellschaften müssen Änderungen an ihren Regelungen in den Bereichen Unternehmensführung, Bewertung der Kompetenzen ihrer Mitarbeiter, Umgang mit Interessenkonflikten und Speicherung von Daten vornehmen.

Allgemeine Grundsätze


MiFID II legt einen neuen Rahmen für Wertpapierdienstleistungen und Finanzinstrumente fest. Die behandelten Themen lassen sich anhand der beiden verfolgten Hauptziele zusammenfassen.

  • Schutz der Anleger

 

Main provisionsClarification
Modification des exigences actuelles de "suitability" et "appropriateness"
  • According to criteria specified by ESMA : recommend to the client (or potential client) only the investment services and financial instruments that are in accordance with his risk tolerance and ability to bear losses 
  • Long-term adequacy, mandatory periodic assessment
New notion of product governance which defines two kinds of obligations for product manufacturers and distributors
  • Define a positive target market and a negative one 
  • Exchange information on a yearly basis to assess the distribution strategy
Evolution of investment advice : Independent investment advice and non independent investment advice
  • Independent investment advice has to assess a sufficiently diverse range of financial instruments available on the market. Inducements are banned
  • Non-independent investment advice can be provided by a distributor for example. Inducements are, under certain conditions, possible
Pohibition for investment firms to receive inducements with the exception of payments or non-monetary benefits which meet the following requirements
  • Enhance the quality of the service provided to the client and disclose the inducements ex-ante and ex-post to the client
Best execution
Reinforce MiFID I requirements
  • MiFID I required to take all « reasonable steps », MiFID II requires to take all « sufficient steps » to obtain, when executing orders, the best possible result for clients
  • Scope of financial instruments expanded (non-equity instruments, OTC operations)
  • Criteria have to be precised and detailed
  • Qualitative and quantitative information have to be published on a yearly basis
Best execution and best selection policies are clearly distinguished
  • Two policies communicated to clients and available (on the firm’s website for instance)
Costs and charges related to investment services, ancillary services and financial instruments
  • Related to Investment services and / or ancillary services
  • Related to financial instrument
Obligation to report to the client when the overall value depreciates by 10% 
  • Overall value of a portfolio
  • Leveraged financial instruments depreciation registered on the account of a non-professional client
Safeguard client’s assets and keep all necessary recordings
  • Client asset protection reinforced by new prohibitions (prohibition against entering into title transfer collateral arrangements (TTCAs) with retail clients, appointment of the Single Officer)
  • Data recording and record keepings requirements are enhanced (scope concerns investment services only, Minimum archiving period : 5 years for all recordings)


Die durch MiFID II entstehenden Verpflichtungen im Zusammenhang mit Kosten und Nebenkosten stehen mit den durch PRIIP eingeführten Vorgaben in Verbindung. Weitere Informationen. Lesen Sie mehr.  

  • Erhöhung der Transparenz

Main provisionsClarification
Market structures are reformed, two new types of « venues » are introduced
  • Organised Trading Facility (OTF), multilateral system which is not a regulated market or an MTF and in which multiple third-party buying and selling interests in bonds, structured finance products, emission allowances or derivatives are able to interact in the system in a way that results in a contract
  • Systematic internalizer (SI) : investment firm which, on an organised, frequent systematic and substantial basis, deals on own account when executing client orders outside a regulated market, an MTF or an OTF without operating a multilateral system
High Frequency Trading has to be regulated 
New pre and post trade requirements apply to all market players
  • Pre-trade transparency apply to trading venues and SI
  • Post-tade transparency also applies to investment firms that execute OTC transaction
Enlarge transaction reporting obligations 
  • All financial instruments are concerned, all trading venues are under the scope (regulated markets, OTF, MTF, OTC)
  • Identify precisely the client, stakeholders in decision-making and execution process
  • Trade reports to be published directly or through an ARM (Approved Reporting Mecanism)
  • Trade reports to be published directly or through an ARM (Approved Reporting Mecanism)
  • In France, asset management companies performing collective asset management are not subject to transaction reporting obligations anymore
Set up a reporting on commodities positions
  • Daily and weekly reportings sent out to the markets and AMF
  • The reporting also aims at preventing and detecting market manipulation and abusive practices
Reinforce transaprency: risk management 
  • New requirements for General Clearing Members (GCM) and providers providing Direct Electronic Access (DEA)
  • GCM are required to monitor « as close to real time as possible » clients ‘ positions concerning securities
  • A delegated regulation under MIFID and EMIR introduces clarification on indirect clearing arrangements

 

HERAUSFORDERUNGEN UND LÖSUNGEN

CACEIS begleitet Sie bei der Umsetzung von MiFID II. Für weitere Informationen setzen Sie sich bitte mit Ihrem gewohnten Ansprechpartner in Verbindung. 

WEITERE INFORMATIONEN

> Die AMF unterhält eine eigene Seite, auf der es um die Überarbeitung der Richtlinie über Märkte für Finanzinstrumente (MiFID II) geht.

> Die ESMA bietet auf ihrer Website ebenfalls eine Seite zum Thema MiFID II (auf Englisch)

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Wichtige Daten

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