2018-05-07T09:29:31Z

2018-05-07

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Investment services directive (ISD)

Markets in Financial Instruments Directive II (MiFID)

Investment Firms: Basic Operating Conditions under the Investment Services Directive (93/22/EEC), the Markets in Financial Instruments Directive (2004/39/EC) and other relevant legislation

Basic Operating Conditions under the Investment Services Directive (93/22/EEC), the Markets in Financial Instruments Directive (2004/39/EC) and other relevant legislation

European Commercial Law

Financial instruments--Law and legislation

European Parliament.--Markets in Financial Instruments Directive

Financial services industry--Law and legislation |z European Union countries.

Securities--European Union countries

en

http://creativecommons.org/licenses/by-nc/4.0

2018-05-07

CONTENTS ABSTRACT................................................................................................................................I CONTENTS................................................................................................................III ΙΙ. The Investment Services Directive..................................................................................5 2.1. The responsibilities of the Home State- prudential requirements.........................6 2.2. Non-EC Nationals obtaining authorization..............................................................10 2.3. The responsibility of the Host State..........................................................................11 3. The right of Establishment - The European Passport......................................................11 4. Rules of Conduct and General Good...................................................................................13 5. Final thoughts........................................................................................................................14 III. The Markets in Financial Instruments Directive (“MiFID”)........................................15 1. Introduction...........................................................................................................................15 2. Scope of MiFID- Scope of Αuthorization............................................................................17 2.1. Investment advice........................................................................................................19 3. Authorization and Prudential requirements.....................................................................20 4.Organisational requirements...............................................................................................22 4.1. Conflicts of Interest - Investment research...............................................................22 4.2. Outsourcing...................................................................................................................24 5. Investor Protection..............................................................................................................25 5.1. Segmentation of the Clients.......................................................................................26 5.2. Conduct of business obligations: provided information and suitability test.......28 5.3. The Rule of “Best Execution”......................................................................................31 5.4. Client Order Handling Rules........................................................................................32 6. Transparency requirements................................................................................................33 7. Freedoms of Investment Firms...........................................................................................34 IV. The Markets in Financial Instruments Directive Level 2 (Dir. 2006/73/EC)............ 35 1. General Overview.................................................................................................................35 2. Outsourcing under the MiFID Level 2 Directive................................................................36 V. The Markets in Financial Instruments Directive II (“MiFID II”)...................................39 1. Introduction...........................................................................................................................39 2. Algorithmic Trading..............................................................................................................40 3. Conduct of business rules under MIFID II.........................................................................43 4. Final thoughts.......................................................................................................................45 Preface.....................................................................................................................................1 Ι. Introduction.........................................................................................................................3 1. Introduction...........................................................................................................................5 2. Home and Host Member State............................................................................................6 -iii- CONCLUSIONS..........................................................................................................46 BIBLIOGRAPHY......................................................................................................................48

Papadopoulos, Thomas

ihu

European Union countries