More than three years after the implementation of MiFID, the review of the directive is now well on its way. Earlier this year, the Committee of European Securities Regulators (CESR) conducted consultations and provided the European Commission with technical advice on specific topics within MiFID. The European Parliament is also in the process of adopting an own initiative report touching upon several relevant topics. The eagerly awaited consultation document from the European Commission was published last week.
The consultation document runs to 83 pages and contains wide-ranging proposals on a variety of topics under the following headings:
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Market structures
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Pre- and post-trade transparency
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Data consolidation
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Commodity derivative markets
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Transaction reporting
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Investor protection and the provision of investment services
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Convergence of regulatory framework and supervisory practices
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Reinforcement of supervisory powers in key areas
For ease of reference, a summary of the proposals is set out here. A detailed consideration of the MiFID review proposals will be set out in a full briefing in due course.
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Timing
2011
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Key contacts
Karen Anderson
Consultant, London
Susannah Cogman
Partner, London
Elizabeth Head
Of Counsel, London
Clive Cunningham
Consultant, London
Marina Reason
Partner, London
Kelesi Blundell
Partner, London
Hywel Jenkins
Partner, London
Chris Ninan
Partner, London
Jon Ford
Partner, London
Simone Hui
Of Counsel, Hong Kong
Chee Hian Kwah
Director, Prolegis LLC, Singapore
Valerie Tao
Knowledge Lawyer, Hong Kong
Cat Dankos
Senior Regulatory Consultant, London
Disclaimer
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