Stephen Lear and Henry Raschen
Providers of custodial and investment services in the EU, whether they are based in the EU or elsewhere, will be impacted by the revised Markets in Financial Instruments Directive (MiFID) and the new Markets in Financial Instruments Regulation (MiFIR), collectively known as MiFID II. The legislation has now been agreed by the European Commission, Parliament and Council and will come into effect in late 2016 or early 2017. It implements the G20 requirement in Europe for standardised OTC derivative contracts to be traded on exchanges or electronic trading platforms where appropriate, and makes other significant additions to the original Directive in force since 2007.
Henry Raschen, Head of Regulatory and Industry Affairs, Europe, HSBC Securities Services, and Stephen Lear, Associate General Counsel, HSBC Securities Services, will discuss MiFID II’s main provisions and identify some key implications, particularly for custodians and investment managers.