The Swiss Register of Consultants is part of the Swiss Financial Services Act. The Swiss Financial Services Act (FinSA) is expected to enter into force on 1 January 2020. [1] The FinSA regulates the exercise of financial services in Switzerland and the preparation of financial instruments for the Swiss market. Its obligations apply to Swiss financial service providers as well as non-Swiss financial service providers who provide cross-border financial services in Switzerland. [2]

Financial services within the meaning of the FinSA are the acquisition and sale of financial instruments, the acceptance and transmission of orders relating to financial instruments, the management of financial instruments (asset management), the issue of personal recommendations relating to transactions in financial instruments (investment advice) and the granting of loans for the conduct of transactions in financial instruments. [3] Financial instruments are equity securities, receivables securities, funds, structured products, derivatives, structured deposits and bonds. [4]

Financial service providers affected by the scope of the FinSA must fulfil various obligations. [5] These include, but are not many other, obligations to conduct,[6] information obligations,[7], adequacy and aptitude,[8] documentation and accountability obligations,[9] obligations to appropriate organisation,[10], obligations relating to conflicts of interest[11] and the obligation to join an ombudsman. [12]

table of contents

• 1Function, organisation and creation
• 2Obligation to register
• 3Penalties for non-registration
• 4Links
• 5References

Function, organization and creation[Edit | Edit source code]

The Swiss register of consultants is expected to be managed by the regulatory body Regulatory Services AG. [13] Approval by the Swiss Financial Market Supervisory Authority (FINMA),[14] which is currently pending, is required. [15]

Obligation to register[Edit | Edit source code]

Like client advisors of Swiss financial service providers who are not subject to the supervision of the Swiss Financial Market Supervisory Authority (FINMA), client advisors from non-Swiss financial service providers who serve clients in Switzerland or provide financial services in Switzerland, for example in the form of distribution of financial instruments, must be registered in a consultant register. [16] Prior registration in the register of consultants is a prerequisite for the provision of financial services in Switzerland. It must be made by 30 June 2020 at the latest,[17] or before, provided that a client advisor provides financial services to customers in Switzerland.

Prerequisites for entry in the register of consultants are sufficient knowledge of the rules of conduct under the FinSA, the necessary expertise for the activity, the conclusion of professional liability insurance or the existence of equivalent security, the connection to an ombudsman's office, no entry for criminal offences against the assets under the StGB and no prohibition on activities or occupations imposed by FINMA. [18] The register of consultants, which was itself licensed by FINMA, thus has a discretion as to whether a client advisor has sufficient knowledge of the code of conduct under the FinSA and the expertise necessary for the activity. [19]

The client advisor must prove that he has the necessary knowledge and skills when registering by means of documents and possibly also on the basis of an oral conversation. The consultant register contains at least the following information about the client advisors:

• Name and first name
• Name or company and address of the financial service provider for whom they work
• Function and position of customer advisors within the organization
• Activities
• the completed education and further education
• the ombudsman to which they are themselves affiliated as financial service providers or the financial service providers for which they operate
• Date of the register entry.

However, a client advisor also has obligations after registration: Customer advisors must report the following developments to the consultant register within 14 days:

• Change their name or address
• Change the name or address of the financial service provider they are working for
• Change of their function and position in the organisation as well as their fields of activity
• completed education and training
• Change of ombudsman office
• complete or partial elimination of professional inertitising insurance
• Termination of work as a client advisor
• Loss certificates issued to them
• Convictions for criminal offences under Swiss or foreign financial market laws
• Prohibitions on employment in Switzerland and abroad

Sanctions for missing registration[Edit | Edit source code]

The FinSA expressly provides for criminal provisions that can be avoided if the FinSA is violated. In addition to these special sanctions provisions, the general sanctions under the FINMAG may also apply. In particular, a preliminary clarification may occur if FINMA's Enforcement Department provides information on possible supervisory relevant maladministration or legislative proposals. [20]

‍

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

MaComp — Mindestanforderungen an die Compliance-Funktion – sets in place the minimum compliance requirements for investment services companies and aligns with MiFID II.

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

MaComp — Mindestanforderungen an die Compliance-Funktion – sets in place the minimum compliance requirements for investment services companies and aligns with MiFID II.

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C

UCITs KIIDs for funds

‍

IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017.[1][2][3] It will replace IFRS 4 on accounting for insurance contracts and has an effective date of 1 January 2023.[4] In November 2018 the International Accounting Standards Board proposed to delay the effective date by one year to 1 January 2022.[5] In March 2020, the International Accounting Standards Board decided a further deferral of the effective date to 1 January 2023.[6]

List of insurance contracts that IFRS 17 shall be applied to：

1. Insurance and reinsurance contracts which the insurer issues
2. Reinsurance contracts it holds;
3. Investment contracts with discretionary participation features(DPF) the insurer issues, provided it also issues insurance contracts.[7]

Under the IFRS 17 model, insurance contract liabilities will be calculated as the present value of future insurance cash flows with a provision for risk.[8] The discount rate will reflect current interest rates.[9][10] If the present value of future cash flows would produce a gain at the time a contract is issued the model would also require a "contractual service margin" to offset the day 1 gain.[8] The contractual service margin would amortize over the life of the contract.[8] There would also be a new income statement presentation for insurance contracts, including a revised definition of revenue, and additional disclosure requirements.[8]

IFRS 17 will also have accommodations for certain specific types of contracts. Short-duration insurance contracts will be permitted to use a simplified unearned premium liability model until a claim is incurred.[8] And for some contracts in which the cash flows are linked to underlying items, the liability value will reflect that linkage.[8]

In South Korea there is concern that the use of current interest rates, rather than book yields, to discount the insurance liabilities will cause some insurers to show significantly higher insurance liabilities.[9][11] In other countries there are concerns about volatility of accounting results.[12]

IASB chairman Hans Hoogervorst regards the use of a current discount rate as one of the benefits of the new standard, stating that by doing otherwise "the devastating impact of the current low-interest-rate environment on long-term obligations is not nearly as visible in the insurance industry as it is in the defined benefit pension schemes of many companies."[10] He also stated that current discount rates would "increase comparability between insurance companies and between insurance and other parts of the financial industry, such as banks and asset management."[10] Other benefits Hoogervorst sees in the new standard are increased consistency across companies in accounting for insurance contracts and a more theoretically valid measurement of revenue.[10]

2019 Exposure Draft[edit]

On 26 June 2019, the IASB released an exposure draft proposing several amendments.[13] Comments on the amendments were open for three months, closing on 25 September 2019. In total, 123 submissions were received.[14]

‍

Know Your Client (KYC) guidelines require financial services providers to verify the identity, suitability, and risk involved with each business relationship. KYC is a subset of AML policy.

A Key Information Document (KID) provides important information on the aspects of a Packaged Retail and Insurance-based Investment Product (PRIIP). The purpose of the KID is to ensure that you are well-informed about the PRIIP that you intend to purchase. With the KID you can easily compare the ABN AMRO product to the PRIIPs of other providers.

‍

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

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Know Your Client (KYC) guidelines require financial services providers to verify the identity, suitability, and risk involved with each business relationship. KYC is a subset of AML policy.

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Ut molestiae numquam fuga accusamus doloribus repudiandae. Et et quisquam cumque aut sed expedita ut. Ad fugiat eligendi. Aut magni soluta quisquam voluptatem rerum. Vel quia velit esse doloremque. Quis fuga assumenda et.

Aliquid qui quod harum at eaque. Dolorem optio reiciendis qui totam qui voluptas aliquid. Inventore et quasi ad impedit error recusandae doloremque. Et voluptatibus possimus nam aut accusamus dolores. Facere ut sapiente. Maxime voluptatem consequuntur nostrum inventore.

Aims[edit]

EU insurance legislation aims to unify a single EU insurance market and enhance consumer protection. The third-generation Insurance Directives established an "EU passport" (single licence) for insurers to operate in all member states if they fulfilled EU conditions. Many member states concluded the EU minima were not enough, and took up their own reforms, which still led to differing regulations, hampering the goal of a single market.

Political Implications of Solvency II[edit]

A number of the large Life Insurers in the UK are unhappy with the way the legislation has been developed. In particular, concerns have been publicly expressed over a number of years by the CEO of Prudential, the UK's largest Life Insurance company.[1]

Doubts about the basis of the Solvency II legislation, in particular the enforcement of a market-consistent valuation approach have also been expressed by American subsidiaries of UK parents - the impact of the 'equivalency' requirements are not well understood and there is some concern that the legislation could lead to overseas subsidiaries becoming uncompetitive with local peers, resulting in the need to sell them off, potentially resulting in a 'Fortress Europe'.[2]

Background[edit]

Since Directive 73/239/EEC was introduced in 1973, more elaborate risk management systems developed. Solvency II reflects new risk management practices to define required capital and manage risk. While the "Solvency I" Directive was aimed at revising and updating the current EU Solvency regime, Solvency II has a much wider scope. A solvency capital requirement may have the following purposes:

• To reduce the risk that an insurer would be unable to meet claims;
• To reduce the losses suffered by policyholders in the event that a firm is unable to meet all claims fully;
• To provide early warning to supervisors so that they can intervene promptly if capital falls below the required level; and
• To promote confidence in the financial stability of the insurance sector

Often called "Basel for insurers," Solvency II is somewhat similar to the banking regulations of Basel II. For example, the proposed Solvency II framework has three main areas (pillars):

• Pillar 1 consists of the quantitative requirements (for example, the amount of capital an insurer should hold).
• Pillar 2 sets out requirements for the governance and risk management of insurers, as well as for the effective supervision of insurers.
• Pillar 3 focuses on disclosure and transparency requirements.

Contents[edit]

Title I General rules on the taking-up and pursuit of direct insurance and reinsurance activities

• Chapter I Subject matter, scope and definitions
• Chapter II Taking-up of business
• Chapter III Supervisory authorities and general rules
• Chapter IV Conditions governing business
• Chapter V Pursuit of life and non-life insurance activity
• Chapter VI Rules relating to the valuation of assets and liabilities, technical provisions, own funds, solvency capital requirement, minimum capital requirement and investment rules
• Chapter VII Insurance and reinsurance undertakings in difficulty or in an irregular situation
• Chapter VIII Right of establishment and freedom to provide services
• Chapter IX Branches established within the community and belonging to insurance or reinsurance undertakings with head offices situated outside the community
• Chapter X Subsidiaries of insurance and reinsurance undertakings governed by the laws of a third country and acquisitions of holdings by such undertakings

Title II Specific provisions for insurance and reinsuranceTitle III Supervision of insurance and reinsurance undertakings in a groupTitle IV Reorganisation and winding-up of insurance undertakings

MaComp — Mindestanforderungen an die Compliance-Funktion – sets in place the minimum compliance requirements for investment services companies and aligns with MiFID II.

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

The General Data Protection Regulation (EU) 2016/679 (GDPR) is a regulation in EU law on data protection and privacy in the European Union (EU) and the European Economic Area (EEA). It also addresses the transfer of personal data outside the EU and EEA areas. The GDPR's primary aim is to give individuals control over their personal data and to simplify the regulatory environment for international business by unifying the regulation within the EU.[1] Superseding the Data Protection Directive 95/46/EC, the regulation contains provisions and requirements related to the processing of personal data of individuals (formally called data subjects in the GDPR) who are located in the EEA, and applies to any enterprise—regardless of its location and the data subjects' citizenship or residence—that is processing the personal information of individuals inside the EEA.

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

Aims[edit]

EU insurance legislation aims to unify a single EU insurance market and enhance consumer protection. The third-generation Insurance Directives established an "EU passport" (single licence) for insurers to operate in all member states if they fulfilled EU conditions. Many member states concluded the EU minima were not enough, and took up their own reforms, which still led to differing regulations, hampering the goal of a single market.

Political Implications of Solvency II[edit]

A number of the large Life Insurers in the UK are unhappy with the way the legislation has been developed. In particular, concerns have been publicly expressed over a number of years by the CEO of Prudential, the UK's largest Life Insurance company.[1]

Doubts about the basis of the Solvency II legislation, in particular the enforcement of a market-consistent valuation approach have also been expressed by American subsidiaries of UK parents - the impact of the 'equivalency' requirements are not well understood and there is some concern that the legislation could lead to overseas subsidiaries becoming uncompetitive with local peers, resulting in the need to sell them off, potentially resulting in a 'Fortress Europe'.[2]

Background[edit]

Since Directive 73/239/EEC was introduced in 1973, more elaborate risk management systems developed. Solvency II reflects new risk management practices to define required capital and manage risk. While the "Solvency I" Directive was aimed at revising and updating the current EU Solvency regime, Solvency II has a much wider scope. A solvency capital requirement may have the following purposes:

• To reduce the risk that an insurer would be unable to meet claims;
• To reduce the losses suffered by policyholders in the event that a firm is unable to meet all claims fully;
• To provide early warning to supervisors so that they can intervene promptly if capital falls below the required level; and
• To promote confidence in the financial stability of the insurance sector

Often called "Basel for insurers," Solvency II is somewhat similar to the banking regulations of Basel II. For example, the proposed Solvency II framework has three main areas (pillars):

• Pillar 1 consists of the quantitative requirements (for example, the amount of capital an insurer should hold).
• Pillar 2 sets out requirements for the governance and risk management of insurers, as well as for the effective supervision of insurers.
• Pillar 3 focuses on disclosure and transparency requirements.

Contents[edit]

Title I General rules on the taking-up and pursuit of direct insurance and reinsurance activities

• Chapter I Subject matter, scope and definitions
• Chapter II Taking-up of business
• Chapter III Supervisory authorities and general rules
• Chapter IV Conditions governing business
• Chapter V Pursuit of life and non-life insurance activity
• Chapter VI Rules relating to the valuation of assets and liabilities, technical provisions, own funds, solvency capital requirement, minimum capital requirement and investment rules
• Chapter VII Insurance and reinsurance undertakings in difficulty or in an irregular situation
• Chapter VIII Right of establishment and freedom to provide services
• Chapter IX Branches established within the community and belonging to insurance or reinsurance undertakings with head offices situated outside the community
• Chapter X Subsidiaries of insurance and reinsurance undertakings governed by the laws of a third country and acquisitions of holdings by such undertakings

Title II Specific provisions for insurance and reinsuranceTitle III Supervision of insurance and reinsurance undertakings in a groupTitle IV Reorganisation and winding-up of insurance undertakings

The Financial Assessment Framework (in Dutch “Financieel Toezichtskader” or FTK) mandates more thorough reporting on investment statements for Dutch pension funds.

MER (milieueffectrapport) states the potential positive or negative impact a proposed project may have, and compares the environmental consequences of your project.

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

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Debitis quos quo quod quaerat blanditiis sit aut enim. Sint deleniti eum vel tempore aperiam. Qui quam sunt.

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

UCITs KIIDs for funds

‍

The Financial Assessment Framework (in Dutch “Financieel Toezichtskader” or FTK) mandates more thorough reporting on investment statements for Dutch pension funds.

MaComp — Mindestanforderungen an die Compliance-Funktion – sets in place the minimum compliance requirements for investment services companies and aligns with MiFID II.

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

UCITs KIIDs for funds

‍

A Key Information Document (KID) provides important information on the aspects of a Packaged Retail and Insurance-based Investment Product (PRIIP). The purpose of the KID is to ensure that you are well-informed about the PRIIP that you intend to purchase. With the KID you can easily compare the ABN AMRO product to the PRIIPs of other providers.

‍

MaComp — Mindestanforderungen an die Compliance-Funktion – sets in place the minimum compliance requirements for investment services companies and aligns with MiFID II.

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

A Key Information Document (KID) provides important information on the aspects of a Packaged Retail and Insurance-based Investment Product (PRIIP). The purpose of the KID is to ensure that you are well-informed about the PRIIP that you intend to purchase. With the KID you can easily compare the ABN AMRO product to the PRIIPs of other providers.

‍

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

UCITs KIIDs for funds

‍

MaComp — Mindestanforderungen an die Compliance-Funktion – sets in place the minimum compliance requirements for investment services companies and aligns with MiFID II.

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

Voluptatem dolore at sit.

Dignissimos quia et maiores doloremque neque molestias quod. Laborum reprehenderit provident expedita. Vero praesentium ea aliquam odio reprehenderit illum optio. Nostrum ut consequuntur quo neque totam dicta. Minima rerum non suscipit aut ut. Accusantium omnis repellat dolore nostrum aspernatur voluptatibus tenetur exercitationem ullam.

Facilis velit molestias harum provident id quasi quae.

Itaque perspiciatis dolore ullam rerum. Ipsa omnis occaecati quasi et consequuntur aut. Itaque qui consequatur voluptatem a. Excepturi error iste repellendus. Commodi necessitatibus excepturi et facilis laudantium consequatur sit.

Quis est quam dolorum nisi. Voluptas labore sed dignissimos et. Id est quos architecto explicabo tempore. Sit omnis eum fuga facilis quia ea.

Debitis veritatis ut excepturi explicabo delectus amet. Et quia dolorem ut veniam maiores beatae aut. Eius nam dolores rerum et aut ex debitis molestiae omnis. Autem necessitatibus saepe temporibus consequuntur fuga autem expedita eius. A debitis temporibus.

Rerum eos voluptas qui neque perspiciatis esse.

Occaecati aperiam dolores. Molestias et dolorem eaque ut. Tempora aperiam rem dolorum molestiae a nostrum est molestias. Hic ab enim. Ut quas ut eum rerum dolore ut est possimus enim. Rerum adipisci tempore quis earum earum eos dolores.

In in non enim cum in ab doloremque ut enim.

Voluptas ipsum mollitia ea iure nihil ad deserunt. Officiis veniam aut quidem quae nulla voluptatem. Voluptas dolor aut qui ut. Cum aut hic quis iste esse vero. Error minima voluptatem in eos veritatis et aut provident aut.

Ea necessitatibus ipsa pariatur eos. Facilis cum perspiciatis. Qui aperiam ipsam nemo ratione ut itaque fuga. Doloribus et in perspiciatis voluptate laboriosam corrupti vitae alias. Dolorum enim similique vel. Qui repellendus quisquam officia voluptas atque sequi quia quis id.

Et laboriosam dicta impedit enim ut sunt doloremque sed. Minus praesentium iure possimus et magni error excepturi. Vel aut veniam repellendus omnis ratione voluptatem. Quas incidunt est enim et aperiam dolor. Voluptatem et dolor deserunt error.

Consectetur voluptatem impedit reprehenderit voluptas vitae enim sint.

Tenetur omnis repellendus similique dolores. Velit est aut incidunt maxime eius est. Quo eos odio libero assumenda ut. Fugit vel dolores. Inventore deserunt magni.

Distinctio a consequuntur.

Totam nesciunt accusamus eligendi hic aut est rem eligendi. Eum est quia est totam placeat explicabo ut delectus sit. Enim

C

UCITs KIIDs for funds

‍

Institutions for Occupational Retirement Provision Directive 2016

From Wikipedia, the free encyclopedia

Jump to navigationJump to search

The Institutions for Occupational Retirement Provision Directive 2016/2341 is a European Union Directive designed to create an internal market for occupational retirement provision. It lays down minimum standards on funding pension schemes, the types of investments pensions may make and permits cross-border management of pension plans.

The original Directive was released in 2003, and was replaced in 2016.

Contents

• 12003 Directive contents
• 2Revision
• 3See also
• 4Notes
• 5References
• 6External links

‍

A Key Information Document (KID) provides important information on the aspects of a Packaged Retail and Insurance-based Investment Product (PRIIP). The purpose of the KID is to ensure that you are well-informed about the PRIIP that you intend to purchase. With the KID you can easily compare the ABN AMRO product to the PRIIPs of other providers.

‍

UCITs KIIDs for funds

‍

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Eligendi adipisci animi nostrum omnis aliquid unde ipsa.

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Debitis quos quo quod quaerat blanditiis sit aut enim. Sint deleniti eum vel tempore aperiam. Qui quam sunt.

Know Your Client (KYC) guidelines require financial services providers to verify the identity, suitability, and risk involved with each business relationship. KYC is a subset of AML policy.

The EU Prospectus Regulation aligns requirements for drafting, approving, and distributing prospectuses to be published when securities are offered to the public — or, admitted to trading on a regulated market in an EU Member State.

The regime was designed to reinforce investor protection by ensuring that all prospectuses, wherever drawn up in the EU, provide clear and comprehensive information while at the same time making it easier for companies to raise capital throughout the EU on the basis of approval from a competent authority.

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

MaComp — Mindestanforderungen an die Compliance-Funktion – sets in place the minimum compliance requirements for investment services companies and aligns with MiFID II.

UCITs KIIDs for funds

‍

VAG reporting provides smaller insurance firms and pension funds with a breakdown of their fund’s portfolio to fulfill the requirements of the German Insurance Supervision Act (VAG).

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

Voluptatem dolore at sit.

Dignissimos quia et maiores doloremque neque molestias quod. Laborum reprehenderit provident expedita. Vero praesentium ea aliquam odio reprehenderit illum optio. Nostrum ut consequuntur quo neque totam dicta. Minima rerum non suscipit aut ut. Accusantium omnis repellat dolore nostrum aspernatur voluptatibus tenetur exercitationem ullam.

Facilis velit molestias harum provident id quasi quae.

Itaque perspiciatis dolore ullam rerum. Ipsa omnis occaecati quasi et consequuntur aut. Itaque qui consequatur voluptatem a. Excepturi error iste repellendus. Commodi necessitatibus excepturi et facilis laudantium consequatur sit.

Quis est quam dolorum nisi. Voluptas labore sed dignissimos et. Id est quos architecto explicabo tempore. Sit omnis eum fuga facilis quia ea.

Debitis veritatis ut excepturi explicabo delectus amet. Et quia dolorem ut veniam maiores beatae aut. Eius nam dolores rerum et aut ex debitis molestiae omnis. Autem necessitatibus saepe temporibus consequuntur fuga autem expedita eius. A debitis temporibus.

Rerum eos voluptas qui neque perspiciatis esse.

Occaecati aperiam dolores. Molestias et dolorem eaque ut. Tempora aperiam rem dolorum molestiae a nostrum est molestias. Hic ab enim. Ut quas ut eum rerum dolore ut est possimus enim. Rerum adipisci tempore quis earum earum eos dolores.

In in non enim cum in ab doloremque ut enim.

Voluptas ipsum mollitia ea iure nihil ad deserunt. Officiis veniam aut quidem quae nulla voluptatem. Voluptas dolor aut qui ut. Cum aut hic quis iste esse vero. Error minima voluptatem in eos veritatis et aut provident aut.

Ea necessitatibus ipsa pariatur eos. Facilis cum perspiciatis. Qui aperiam ipsam nemo ratione ut itaque fuga. Doloribus et in perspiciatis voluptate laboriosam corrupti vitae alias. Dolorum enim similique vel. Qui repellendus quisquam officia voluptas atque sequi quia quis id.

Et laboriosam dicta impedit enim ut sunt doloremque sed. Minus praesentium iure possimus et magni error excepturi. Vel aut veniam repellendus omnis ratione voluptatem. Quas incidunt est enim et aperiam dolor. Voluptatem et dolor deserunt error.

Consectetur voluptatem impedit reprehenderit voluptas vitae enim sint.

Tenetur omnis repellendus similique dolores. Velit est aut incidunt maxime eius est. Quo eos odio libero assumenda ut. Fugit vel dolores. Inventore deserunt magni.

Distinctio a consequuntur.

Totam nesciunt accusamus eligendi hic aut est rem eligendi. Eum est quia est totam placeat explicabo ut delectus sit. Enim

C

MaComp — Mindestanforderungen an die Compliance-Funktion – sets in place the minimum compliance requirements for investment services companies and aligns with MiFID II.

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

MaComp — Mindestanforderungen an die Compliance-Funktion – sets in place the minimum compliance requirements for investment services companies and aligns with MiFID II.

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The General Data Protection Regulation (EU) 2016/679 (GDPR) is a regulation in EU law on data protection and privacy in the European Union (EU) and the European Economic Area (EEA). It also addresses the transfer of personal data outside the EU and EEA areas. The GDPR's primary aim is to give individuals control over their personal data and to simplify the regulatory environment for international business by unifying the regulation within the EU.[1] Superseding the Data Protection Directive 95/46/EC, the regulation contains provisions and requirements related to the processing of personal data of individuals (formally called data subjects in the GDPR) who are located in the EEA, and applies to any enterprise—regardless of its location and the data subjects' citizenship or residence—that is processing the personal information of individuals inside the EEA.

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

The Swiss Register of Consultants is part of the Swiss Financial Services Act. The Swiss Financial Services Act (FinSA) is expected to enter into force on 1 January 2020. [1] The FinSA regulates the exercise of financial services in Switzerland and the preparation of financial instruments for the Swiss market. Its obligations apply to Swiss financial service providers as well as non-Swiss financial service providers who provide cross-border financial services in Switzerland. [2]

Financial services within the meaning of the FinSA are the acquisition and sale of financial instruments, the acceptance and transmission of orders relating to financial instruments, the management of financial instruments (asset management), the issue of personal recommendations relating to transactions in financial instruments (investment advice) and the granting of loans for the conduct of transactions in financial instruments. [3] Financial instruments are equity securities, receivables securities, funds, structured products, derivatives, structured deposits and bonds. [4]

Financial service providers affected by the scope of the FinSA must fulfil various obligations. [5] These include, but are not many other, obligations to conduct,[6] information obligations,[7], adequacy and aptitude,[8] documentation and accountability obligations,[9] obligations to appropriate organisation,[10], obligations relating to conflicts of interest[11] and the obligation to join an ombudsman. [12]

table of contents

• 1Function, organisation and creation
• 2Obligation to register
• 3Penalties for non-registration
• 4Links
• 5References

Function, organization and creation[Edit | Edit source code]

The Swiss register of consultants is expected to be managed by the regulatory body Regulatory Services AG. [13] Approval by the Swiss Financial Market Supervisory Authority (FINMA),[14] which is currently pending, is required. [15]

Obligation to register[Edit | Edit source code]

Like client advisors of Swiss financial service providers who are not subject to the supervision of the Swiss Financial Market Supervisory Authority (FINMA), client advisors from non-Swiss financial service providers who serve clients in Switzerland or provide financial services in Switzerland, for example in the form of distribution of financial instruments, must be registered in a consultant register. [16] Prior registration in the register of consultants is a prerequisite for the provision of financial services in Switzerland. It must be made by 30 June 2020 at the latest,[17] or before, provided that a client advisor provides financial services to customers in Switzerland.

Prerequisites for entry in the register of consultants are sufficient knowledge of the rules of conduct under the FinSA, the necessary expertise for the activity, the conclusion of professional liability insurance or the existence of equivalent security, the connection to an ombudsman's office, no entry for criminal offences against the assets under the StGB and no prohibition on activities or occupations imposed by FINMA. [18] The register of consultants, which was itself licensed by FINMA, thus has a discretion as to whether a client advisor has sufficient knowledge of the code of conduct under the FinSA and the expertise necessary for the activity. [19]

The client advisor must prove that he has the necessary knowledge and skills when registering by means of documents and possibly also on the basis of an oral conversation. The consultant register contains at least the following information about the client advisors:

• Name and first name
• Name or company and address of the financial service provider for whom they work
• Function and position of customer advisors within the organization
• Activities
• the completed education and further education
• the ombudsman to which they are themselves affiliated as financial service providers or the financial service providers for which they operate
• Date of the register entry.

However, a client advisor also has obligations after registration: Customer advisors must report the following developments to the consultant register within 14 days:

• Change their name or address
• Change the name or address of the financial service provider they are working for
• Change of their function and position in the organisation as well as their fields of activity
• completed education and training
• Change of ombudsman office
• complete or partial elimination of professional inertitising insurance
• Termination of work as a client advisor
• Loss certificates issued to them
• Convictions for criminal offences under Swiss or foreign financial market laws
• Prohibitions on employment in Switzerland and abroad

Sanctions for missing registration[Edit | Edit source code]

The FinSA expressly provides for criminal provisions that can be avoided if the FinSA is violated. In addition to these special sanctions provisions, the general sanctions under the FINMAG may also apply. In particular, a preliminary clarification may occur if FINMA's Enforcement Department provides information on possible supervisory relevant maladministration or legislative proposals. [20]

‍

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

A Key Information Document (KID) provides important information on the aspects of a Packaged Retail and Insurance-based Investment Product (PRIIP). The purpose of the KID is to ensure that you are well-informed about the PRIIP that you intend to purchase. With the KID you can easily compare the ABN AMRO product to the PRIIPs of other providers.

‍

MaComp — Mindestanforderungen an die Compliance-Funktion – sets in place the minimum compliance requirements for investment services companies and aligns with MiFID II.

The Financial Assessment Framework (in Dutch “Financieel Toezichtskader” or FTK) mandates more thorough reporting on investment statements for Dutch pension funds.

Aims[edit]

EU insurance legislation aims to unify a single EU insurance market and enhance consumer protection. The third-generation Insurance Directives established an "EU passport" (single licence) for insurers to operate in all member states if they fulfilled EU conditions. Many member states concluded the EU minima were not enough, and took up their own reforms, which still led to differing regulations, hampering the goal of a single market.

Political Implications of Solvency II[edit]

A number of the large Life Insurers in the UK are unhappy with the way the legislation has been developed. In particular, concerns have been publicly expressed over a number of years by the CEO of Prudential, the UK's largest Life Insurance company.[1]

Doubts about the basis of the Solvency II legislation, in particular the enforcement of a market-consistent valuation approach have also been expressed by American subsidiaries of UK parents - the impact of the 'equivalency' requirements are not well understood and there is some concern that the legislation could lead to overseas subsidiaries becoming uncompetitive with local peers, resulting in the need to sell them off, potentially resulting in a 'Fortress Europe'.[2]

Background[edit]

Since Directive 73/239/EEC was introduced in 1973, more elaborate risk management systems developed. Solvency II reflects new risk management practices to define required capital and manage risk. While the "Solvency I" Directive was aimed at revising and updating the current EU Solvency regime, Solvency II has a much wider scope. A solvency capital requirement may have the following purposes:

• To reduce the risk that an insurer would be unable to meet claims;
• To reduce the losses suffered by policyholders in the event that a firm is unable to meet all claims fully;
• To provide early warning to supervisors so that they can intervene promptly if capital falls below the required level; and
• To promote confidence in the financial stability of the insurance sector

Often called "Basel for insurers," Solvency II is somewhat similar to the banking regulations of Basel II. For example, the proposed Solvency II framework has three main areas (pillars):

• Pillar 1 consists of the quantitative requirements (for example, the amount of capital an insurer should hold).
• Pillar 2 sets out requirements for the governance and risk management of insurers, as well as for the effective supervision of insurers.
• Pillar 3 focuses on disclosure and transparency requirements.

Contents[edit]

Title I General rules on the taking-up and pursuit of direct insurance and reinsurance activities

• Chapter I Subject matter, scope and definitions
• Chapter II Taking-up of business
• Chapter III Supervisory authorities and general rules
• Chapter IV Conditions governing business
• Chapter V Pursuit of life and non-life insurance activity
• Chapter VI Rules relating to the valuation of assets and liabilities, technical provisions, own funds, solvency capital requirement, minimum capital requirement and investment rules
• Chapter VII Insurance and reinsurance undertakings in difficulty or in an irregular situation
• Chapter VIII Right of establishment and freedom to provide services
• Chapter IX Branches established within the community and belonging to insurance or reinsurance undertakings with head offices situated outside the community
• Chapter X Subsidiaries of insurance and reinsurance undertakings governed by the laws of a third country and acquisitions of holdings by such undertakings

Title II Specific provisions for insurance and reinsuranceTitle III Supervision of insurance and reinsurance undertakings in a groupTitle IV Reorganisation and winding-up of insurance undertakings

Under Solvency II insurers are obliged to submit the results of their Own Risk and Solvency Assessment (ORSA) to the supervisory authority at least once a year.

At the heart of the prudential Solvency II directive, the own risk and solvency assessment (ORSA) is defined as a set of processes constituting a tool for decision-making and strategic analysis. It aims to assess, in a continuous and prospective way, the overall solvency needs related to the specific risk profile of the insurance company. Risk Management and own risk and solvency assessment is a similar regulation that has been enacted in the US by the NAIC.[1] Other jurisdictions are enacting similar regulations to comply with the Insurance Core Principle 16 enacted by the IAIS.[2]

‍

MiFID II/MiFIR entered into force on 3 January 2018.  This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID and Investor Protection

• BACKGROUND
• IMPROVEMENTS
• ESMA’S ROLE
• TIMEFRAME

BACKGROUND

MiFID is the Markets in Financial Instruments Directive (2004/39/EC). It has been applicable across the European Union since November 2007. It is a cornerstone of the EU's regulation of financial markets seeking to improve their competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonized protection for investors in financial instruments.

MiFID sets out:

• conduct of business and organizational requirements for investment firms;
• authorization requirements for regulated markets;
• regulatory reporting to avoid market abuse;
• trade transparency obligation for shares; and
• rules on the admission of financial instruments to trading.

On 20 October 2011, the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation. After more than two years of debate, the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament and the Council of the European Union. They were published in the EU Official Journal on 12 June 2014.

MIFID II IMPROVEMENTS

MiFID II and MiFIR will ensure fairer, safer and more efficient markets and facilitate greater transparency for all participants. New reporting requirements and tests will increase the amount of information available, and reduce the use of dark pools and OTC trading.  The rules governing high-frequency-trading will impose a strict set of organizational requirements on investment firms and trading venues, and the provisions regulating the non-discriminatory access to central counter-parties (CCPs), trading venues and benchmarks are designed to increase competition.

The protection of investors is strengthened through the introduction of new requirements on product governance and independent investment advice, the extension of existing rules to structured deposits, and the improvement of requirements in several areas, including on the responsibility of management bodies, inducements, information and reporting to clients, cross-selling, remuneration of staff, and best execution.

  Legal Entity Identifiers (LEI)

ESMA’S ROLE

ESMA, having completed the technical standards and technical advices, has contributed to the smooth implementation of MiFID II/MIFIR by issuing Q&As, and Guidelines, which will be updated when necessary.

On an ongoing basis, ESMA will have a number of duties including:

• the on-going publication of information on its website (e.g. reference data or volumes of trading executed under certain waivers for the purpose of the double volume cap mechanism),
• the production of reports in cooperation with the European Commission (e.g. on the functioning of OTF or SME growth markets),
• the registers on trading venues, data reporting service providers investment firms and systematic internalisers,
• the monitoring and publication of opinions of how certain provisions are implemented (e.g. implementation of position limits or use of pre-trade transparency waivers), and
• specific product intervention powers where ESMA and national supervisors are able to temporarily prohibit or restrict the marketing, distribution or sale of a financial instrument or a type of financial activity or practice where certain conditions are met.

‍

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MaComp — Mindestanforderungen an die Compliance-Funktion – sets in place the minimum compliance requirements for investment services companies and aligns with MiFID II.

UCITs KIIDs for funds

‍

A Key Information Document (KID) provides important information on the aspects of a Packaged Retail and Insurance-based Investment Product (PRIIP). The purpose of the KID is to ensure that you are well-informed about the PRIIP that you intend to purchase. With the KID you can easily compare the ABN AMRO product to the PRIIPs of other providers.

‍