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Alternative Market Briefing

How MiFID II may impact asset managers

Wednesday, June 17, 2015

Benedicte Gravrand, Opalesque Geneva:

The Markets in Financial Instruments Directive (MiFID II) and the related Regulation (MiFIR) are the next revisions of EU legislation due to take effect at the beginning of 2017, according to Dechert, a global financial law firm. And although its greatest impact will be on sell-side broker-dealers and markets, there will also be significant changes for asset managers.

MiFID is a European law that provides harmonized regulation for investment services across the 31 member states of the European Economic Area (28 EU states plus Iceland, Norway, and Liechtenstein), which main objective is to increase competition and consumer protection in investment services. The first version came in force in November 2007, but the financial crisis revealed its shortcomings. The European Commission proposed a set of revisions in October 2011, with the aim of making financial markets more efficient, resilient and transparent, and to strengthen the protection of investors.

Richard Frase, partner at Dechert's Financial Services Practice has just authored a report called MiFID II: The Next Big Challenge Key Issues for Asset Managers......................

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