This book provides a comprehensive and expert examination of the Markets in Financial Instruments Directive II, which comes into force in January 2018 and will have a major impact on investment firms and financial markets. It offers detailed guidance on interpretation of MiFID II, its measure and aims which include: to increase transparency; better protect investors; reinforce confidence; address unregulated areas; and ensure that supervisors are granted adequate powers to fulfil their tasks. After a thorough overview of the various innovative features of the new legislative framework in comparison with the former MiFID, the book's chapters are grouped thematically to cover the following areas: general aspects; investment firms and investment services; trading; supervision and enforcement; and reform perspectives. Offering high-quality analysis of both the theoretical and practical aspects of MiFID II, this book is an essential guide to this major EU legislation. It brings together the expert opinions of leading practitioners and legal and economic scholars with access to practice, providing a variety of perspectives on the new regime and the likely effect of the increased regulation.
PART I: GENERAL ASPECTS 1: Danny Busch and Guido Ferrarini: Introduction PART II: INVESTMENT FIRMS AND INVESTMENT SERVICES 2: Kitty Lieverse: The Scope of MiFID II 3: Jens-Hinrich Binder: Governance of Investment Firms under MiFID II 4: Luca Enriques and Matteo Gargantini: The Overarching Duty to Act in the Best Interest of the Client in MiFID II 5: Danny Busch: Product Governance and Product Intervention 6: Paolo Giudici: Independent Financial Advice 7: Stefan Grundmann and Philipp Hacker: Conflicts of Interest 8: Larissa Silverentand, Jasha Sprecher, and Lisette Simons: Inducements 9: Danny Busch: Agency and Principal Dealing Under MiFID 10: Danny Busch & Marije Louisse: MiFID II/MiFIR's Regime for Third-Country Firms PART III: TRADING 11: Guido Ferrarini & Paolo Saguato: TGovernance and Organization of Trading Venues: The Role of Financial Market Infrastructures Groups 12: Niamh Moloney: EU Financial Governance and Transparency Regulation: A Test for the Effectiveness of Post-Crisis Administrative Governance 13: Carmine di Noia & Rudiger Veil: SME Growth Markets 14: Peter Gomber & Ilya Gvozdevskiy: Dark Trading Under MiFID II 15: Rezah Stegeman & Aron Berket: Derivatives: Trading, Clearing, STP, Indirect Clearing, and Portfolio Compression 16: Antonella Sciarrone Alibrandi & Edoardo Grossule: Commodity Derivatives 17: Pierre-Henri Conac: Algorithmic Trading and High Frequency Trading 18: Merritt Fox: An American perspective PART IV: SUPERVISION AND ENFORCEMENT 19: Christos Gortsos: Public Enforcement of MiFID II 20: Danny Busch: The Private Law Effect of MiFID: the Genil Case and Beyond PART V: THE BROADER VIEW AND THE FUTURE OF MIFID 21: Veerle Colaert: MiFID II: Picking up the Crumbs of a Piecemeal Approach 22: Eddy Wymeersch: Shadow Banking and the Functioning of Financial Markets 23: Guido Ferrarini & Eugenia Macchiavello: Investment-based Crowdfunding: Is MiFID II enough?
Professor Danny Busch holds the Chair for Financial Law and is the Director of the Institute for Financial Law, Radboud University Nijmegen, The Netherlands. He is author of many articles in the field of financial and commercial law, and editor of several books, including European Banking Union (with G. Ferrarini), OUP 2015. From 2002 until 2010 he was an attorney-at-law with the Dutch international law firm De Brauw Blackstone Westbroek in Amsterdam where he practised banking and securities law (both the private law and regulatory aspects). Professor Guido Ferrarini is Professor of Business Law and Capital Markets Law at the University of Genoa, Department of Law, and Director of the Centre for Law and Finance. He is author of many articles in the fields of financial law, corporate law and business law, and editor of several books, including Financial Regulation and Supervision: A Post-crisis Analysis (with E. Wymeersch and K. Hopt).
