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(Non-)complexity through the eyes of MiFID

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  • Jürgen Vandenbroucke

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Abstract

The European Commission recently published legislative proposals to reform the Markets In Financial Instruments Directive (MiFID). This note elaborates on the proposed shift in classification of “structured Undertakings for Collective Investment in Transferable Securities (UCITS)”. While MiFID I labeled all UCITS “non-complex”, MiFID II deems all structured UCITS “complex”. We propose a logical and consistent framework to refine this dichotomy and identify a limited number of product types amongst the various kinds of structured investments. The classification is traceable, comprehensible and is proposed as the basis of a “complexity indicator” that surpasses the current generalisation. Copyright Springer Science+Business Media New York 2014

Suggested Citation

  • Jürgen Vandenbroucke, 2014. "(Non-)complexity through the eyes of MiFID," European Journal of Law and Economics, Springer, vol. 37(3), pages 477-488, June.
  • Handle: RePEc:kap:ejlwec:v:37:y:2014:i:3:p:477-488
    DOI: 10.1007/s10657-012-9378-4
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    File URL: http://hdl.handle.net/10.1007/s10657-012-9378-4
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    References listed on IDEAS

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    1. Vanduffel, Steven, 2010. "Thou shalt buy ‘simple’ structured products only," Journal of Financial Transformation, Capco Institute, vol. 28, pages 12-14.
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    Keywords

    MiFID; UCITS; Complex; Options; K22; K23; G18; G28;

    JEL classification:

    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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