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MiFID II key concerns

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  • Peter Yeoh

Abstract

Purpose - This paper aims to discuss key concerns surrounding the recent implementation of the Markets in Financial Instruments Directive (MIFID II). It focuses on the UK regime. The insights derived are envisaged to be helpful guides for participants and regulators in financial markets. Design/methodology/approach - This paper used the legal-economics perspective. It relied on primary data from statutes and regulations and secondary data from the public domain to analyze the phenomenon. The analytical framework comprised the following sections: Introduction, MiFID I review, MiFID II scope, MiFID II key concerns and concluding remarks. Findings - Only half of the EU Member States including the UK managed to transpose MiFID II within the 3rd January 2018 effective date. At this early stage of implementation, various teething problems were encountered. These pertained to costs and charges reporting, firm governance, product governance, transaction reporting, best execution and research. Owing to the sheer scale and complexity of MIFID II, most entities barely coped with their reporting obligations. Noting the situation, the Financial Conduct Authority assured firms taking all sufficient steps that they would be treated fairly. Research limitations/implications - The paper was not sufficiently empirical. However, the study benefited reasonably from triangulation of data and perspectives to provide good insights on the implementation effects of the complex and voluminous EU rules for governing financial markets with global implications. Practical implications - Investors could gain from the enhanced transparency and best execution rules. Investment banks could gain from the emerging resilient, integrated and efficient financial markets. Regulators with better access to more and higher quality reporting could intervene more effectively when required. Originality/value - This paper assembled and critically analyzed currently available research insights in these areas so as to provide useful guidance to those needing to work and comply with MiFID II rules and academics teaching financial services law.

Suggested Citation

  • Peter Yeoh, 2019. "MiFID II key concerns," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 27(1), pages 110-123, January.
    • Handle: RePEc:eme:jfrcpp:jfrc-04-2018-0062
    DOI: 10.1108/JFRC-04-2018-0062
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    Cited by:

    1. Helena Holter Antonsen & Dag Øivind Madsen, 2021. "Developing a Maturity Model for the Compliance Function of Investment Firms: A Preliminary Case Study from Norway," Administrative Sciences, MDPI, vol. 11(4), pages 1-34, October.
    2. Meier, Samira & Rodriguez Gonzalez, Miguel & Kunze, Frederik, 2021. "The global financial crisis, the EMU sovereign debt crisis and international financial regulation: lessons from a systematic literature review," International Review of Law and Economics, Elsevier, vol. 65(C).

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