Regulation of the EU Financial Markets

MiFID II & MiFIR

Edited by Danny Busch and Guido Ferrarini

Oxford EU Financial Regulation

The first publication to provide a comprehensive analysis and discussion of the legal and economic aspects of MiFID II.
Compares the innovations of MiFID II with the current MiFID regime, covering all aspects of the new legislative framework.
Includes a chapter which offers an American perspective on the new European regime.
Written by leading scholars with broad practical experience, and leading practitioners in the field.

Regulation of the EU Financial Markets

MiFID II & MiFIR

Edited by Danny Busch and Guido Ferrarini

Oxford EU Financial Regulation

Description

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.

Regulation of the EU Financial Markets

MiFID II & MiFIR

Edited by Danny Busch and Guido Ferrarini

Oxford EU Financial Regulation

PART I: GENERAL ASPECTS
1. Introduction, Danny Busch and Guido Ferrarini
PART II: INVESTMENT FIRMS AND INVESTMENT SERVICES
2. The Scope of MiFID II, Kitty Lieverse
3. Governance of Investment Firms under MiFID II, Jens-Hinrich Binder
4. The Overarching Duty to Act in the Best Interest of the Client in MiFID II, Luca Enriques and Matteo Gargantini
5. Product Governance and Product Intervention, Danny Busch
6. Independent Financial Advice, Paolo Giudici
7. Conflicts of Interest, Stefan Grundmann
8. Inducements, Larissa Silverentand, Jasha Sprecher, and Lisette Simons
9. Agency and Principal Dealing Under MiFID, Danny Busch
10. MiFID II/MiFIR's Regime for Third-Country Firms, Danny Busch & Marije Louisse
PART III: TRADING
11. TGovernance and Organization of Trading Venues: The Role of Financial Market Infrastructures Groups, Guido Ferrarini & Paolo Saguato
12. EU Financial Governance and Transparency Regulation: A Test for the Effectiveness of Post-Crisis Administrative Governance, Niamh Moloney
13. SME Growth Markets, Carmine di Noia & Rudiger Veil
14. Dark Trading Under MiFID II, Peter Gomber & Ilya Gvozdevskiy
15. Derivatives: Trading, Clearing, STP, Indirect Clearing, and Portfolio Compression, Rezah Stegeman & Aron Berket
16. Commodity Derivatives, Antonella Sciarrone Alibrandi & Edoardo Grossule
17. Algorithmic Trading and High Frequency Trading, Pierre-Henri Conac
18. An American perspective, Merritt Fox
PART IV: SUPERVISION AND ENFORCEMENT
19. Public Enforcement of MiFID II, Christos Gortsos
20. The Private Law Effect of MiFID: the Genil Case and Beyond, Danny Busch
PART V: THE BROADER VIEW AND THE FUTURE OF MIFID
21. MiFID II: Picking up the Crumbs of a Piecemeal Approach, Veerle Colaert
22. Shadow Banking and the Functioning of Financial Markets, Eddy Wymeersch
23. Investment-based Crowdfunding: Is MiFID II enough?, Guido Ferrarini & Eugenia Macchiavello

Regulation of the EU Financial Markets

MiFID II & MiFIR

Edited by Danny Busch and Guido Ferrarini

Oxford EU Financial Regulation

Author Information

Danny Busch, Professor of Financial Law, University of Nijmegen, The Netherlands,Guido Ferrarini, Professor of Commercial Law, University of Genoa, Italy

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).

Contributors:

Danny Busch
Guido Ferrarini
Kitty Lieverse
Jens-Henrich Binder
Luca Enriques
Matteo Gargantini
Emilios Avgouleas
Paolo Giudici
Stefan Grundmann
Philipp Hacker
Larissa Silverentand
Marije Louisse
Paolo Saguato
Niamh Moloney
Carmine di Noia
Rudiger Veil
Peter Gomber
Ilya Gvozdevskiy
Rezah Stegeman
Aron Berket
Antonella Sciarrone Alibrandi
Pierre-Henri Conac
Merritt Fox
Christos Gortsos
Veerle Colaert
Eddy Wymeersch
Eugenia Macchiavello