ＥＵの「金融商品市場指令（MiFID)」と最良執行義務

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きゅうたかたづ
7 years ago
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1 EU MiFID

2 EU MiFID EU 6 EU The Market in Financial Instrument Directive, MiFID MiFID Investment Service Directive, IDS EU EU EU EU MiFID FSA MiFID FSA 1

3 EU MiFID EU The Market in Financial Instruments DirectiveMiFID 1 EU 5 FSA MiFID 2 MiFID MiFID FSA EU FSA MiFID FSA MiFID EU MiFID EU EU MiFID 4 EU EU MiFID implementing measures ESC 1 Draft COMMISSION DIRECTIVE implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organizational requirements and operating conditions for investment firms, and defined terms for the purposes of that Directive, Commission of the European Communities,6/02/ Financial Service Authority Implementing MiFID s best execution requirements, Discussion Paper 06/3, May Financial Service Authority Best execution, Consultation Paper 154, October EU EU

4 MiFID DIRECTIVE 2004/39/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 21 April 2004, on market in financial instruments amending Council Directives 85/611/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC 1993 Investment Service DirectiveISD EU EU EU Single Market Program single passport EU ISD CAD UCITS EU 1990 EU EC 1997 Single Market Review Financial Services Action PlanFSAP 5 FSAP 4 42 ISD 1993 ISD EU investment firm 6 90 ISD FSAP 5 FSAP EU ISD 1 3

5 7 conduct of business obligations ISD ISD MiFID MiFID MiFID ISD 32 ISD MiFID MiFID MiFID regulated market Proposal for a Directive of the Parliament and of the Council on Investment Services and Regulated Markets, and Amending Council Directive 85/611/EEC and European Parliament and Council Directive 2000/12/EC. 9 MiFID 2 4

6 competent authority market operator transparent and non-discriminatory rules MTF Alternative Trading SystemATS MiFID Multilateral Trading FacilityMTF A (8) MTF ISD 14 3 MiFID MiFID MTF

7 internalization 18 MiFID MTF IDS a client limit order 22 2 systematic internalisers 27 EU tied agents MiFID EU EU 184 6

8 22 EU ISD MiFID 24 1 eligible counterparties credit institutions UCITS 2 on a general form on a trade-by-trade base 2 3 MiFID Investment advice MTF Operation of Multilateral Facilities A Investment service and financial analysis Ancillary services B C (5)(6)(7) C(8) 7

9 Dealing on own account Professional client 12 Retail client 34 central counterparty 35 MiFID MiFID ITC Baron Alexandre Lamfalussy EU EU FINAL REPORT OF THE COMMITTEE OF WISE MEN ON THE REGURATION OF EUROPEAN SECURITIES MARKETSBrussels, 15 February

10 comitology 2 European Securities CommitteeESC European Securities Regulators CommitteeCESR 1 ESC CESR CESR CESR ESC ESC EU CESR EU 4 EU MiFID 1 MiFID ESC 2 MiFID MiFID 64 2 MiFID MTF 18 3 (a) (b) 14 9

11 19 10 (a) (b) (c) 21 6 (a) (b) (c) 22 3 (a) (b) 24 5 (a) (b) (c) quantitative thresholds MTF 30 3MTF

12 MiFID 15 MiFID 16 (a) MiFID 2 MiFID fiduciary duties suitable appropriate MiFID inducements MiFID sophistication 3 3 retail investors professional investors eligible counterparties (b) EU MEMO/06/576/02/ MiFID 3

13 12 3 MiFID (c) (d) suitability appropriateness MiFID MiFID MiFID 19 1

14 unsuitable recommendation MiFID 19 1 MiFID 19 6 execution-only non-complex 39 (e) (f) client s order flow (g) inducement 26 (a)

15 14 function collective investment undertakings 12 3 (b) (c) the steps 22 MiFID

16 15 (a) MiFID (b) MiFID 25 3 UK (c) technical standard (d) substantial importance MiFID (a) pre-trade transparency 19 post-trade transparency 27

17 16 liquidity provision (b) 3 quotes 3 systematic internaliser liquid MiFID (a) MiFID MiFID MiFID (b) MiFID

18 MiFID (a) generic advice MiFID 52 MiFID MiFID EU MiFID EU MiFID EU MEMO/06/57 17 best possible result best possible most favorable result MiFID 19 1 MiFID MiFID

19 18 MiFID MiFID MiFID 21 1 MiFID 21 2 MTF MiFID 21 3 MiFID a b 46

20 19 MiFID off-the-shell best execution package providers steps 45

21 MiFID 21 3 MiFID 19 8 FSA FSA FSA EU MiFID MiFID DP MiFID unified European requirement MiFID FSA UK FSA 154CP CP154 UK MiFID UK MiFID 21 FSA MiFID 21 MiFID 20

22 21 3 FSA Execution Policy and Arrangement Dealer Markets Review and Monitoring 3 MiFID FSA CP154 best execution requirements market fragmentation execution venues MiFID concentration rules MiFID CP challenges

23 22 CESR ,2,3 2 1

24 23 A A A,, A MiFID rink nature MiFID collective investment scheme

25 24 MiFID 21 A process approach MiFID 21 best possible result 21 (a) The execution arrangement and execution policy the basis MTF 21 1 (b) Relevant factors

26 25 21 in a block the indicated size

27 26 Likelihood of execution nature the particular characteristics stock loans (c) The relative importance of the factors MiFID (d) MiFID MiFID

28 27 MiFID the principal pool of liquidity (e) MiFID MiFID proprietary trading proprietary position 21 (f) Client instructions MiFID 21 specific client instructions 21 (g) Information to clients 21 appropriate information

29 nature quality UCITS UCITSUndertakings for Collective Investment in Transferable SecuritiesUCITS collective investment undertakings; CIU MiFID UCITS UCITS MiFID UCITSUCITS MiFID UCITS UCITS UCITS FSA 21 OTC OTC MiFID protections 28

30 29 MiFID reference price MiFID MiFID eligible counterparties MiFID FSA MiFID FSA intermediate customers MiFID MiFID COB requirements MiFID COB COB COB MiFID spread betting company MiFID

31 30 MiFID UK intermediate customers MiFID MiFID Implementation challenges and options for dealers MiFID MiFID OTC 24 MTF 21 a request-for-quote basis 21 MiFID misalignment MiFID

32 31 at the keenest price MiFID 18 the best visible bid and offer an external price IBM UK a benchmark reference price x 21 FSA MiFID 18

33 MiFID a material change driver 21

34 33 MiFID effectiveness DP154 coverage

35 34 outliers 21 MTF

36 35 MTF MTF broker voting systems MiFID MTF MiFID MiFID MTFEEA OTC MiFID EEA liquid shares firm bit and offer quotes up to certain size thresholds a binding price for trades MiFID EEA MTF EEA

37 36 MiFID reporting channels integrity MiFID ? MiFID MiFID MiFID transposition

38 EU MiFID MiFID EU MiFID EU 19 DIRECTIVE 2006/31/EC OF THE EUROPEAN PARLIAMENT AND FO THE COUNCIL of 5 April 2006, amending directive 2004/39/EC on markets in financial instrument, as regards certain deadlines 37

39 38 1 IDS

40 39

41 2004/39/ECMiFID 1 Scope 2 Exemptions 3 Optional exemptions 4 Definitions 5 Requirement for authorisation 6 Scope of authorisation 7 Procedures for granting and refusing requests for authorisation 8 Withdrawal of authorisation 9 Persons who effectively direct the business 10 Shareholders and members with qualifying holdings 11 Membership of an authorized Investor Compensation Scheme 12 Initial capital endowment 13 Organisational requirements 14MTF Trading process and finalization of transactions in an MTF 15 Relations with third countries 1 General provisions 16 Regular review of conditions for initial authorisation 17 General obligation in respect of on-going supervision 18 Conflicts of interest 2 Provisions to ensure investor protection 19 Conduct of business obligations when providing investment services to clients 20 Provision of services through the 40

42 medium of another investment firm 21 Obligation to excute orders on terms most favourable to the client 22 Client order handling rules 23 Obligations of investment firms when appointing tied agents 24 Transactions executed with eligible counterparties 3 Market transparency and integrity 25 Obligation to uphold integrity of markets, report transactions and maintain records 26MTF Monitoring of compliance with the rule of the MTF and with other legal obligations 27 Obligation for investment firms to make public firm quotes 28 Post-trade disclosure by investment firms 29MTF Pre-trade transparency requirements for MTF 30MTF Post-trade transparency requirements for MTF 31 Freedom to provide investment services and activities 32 Establishment of a branch 33 Access to regulated markets 34 Access to central counterparty, clearing and settlement facilities and right to designate settlement system 35MTF Provisions regarding central counterparty, clearing and settlement arrangements in respect of MTF 36 Authorisation and applicable law 37 Requirement for the management of the regulated market 38 Requirements relating to persons exercising significant influence over the management of the regulate 41

43 market 39 Organisational requirements 40 Admission of financial instruments to trading 41 Suspension and removal of instruments from trading 42 Access to the regulated market 43 Monitoring of compliance with the rules of the regulated market and with other legal obligations 44 Pre-trade transparency requirements for regulated markets 45 Post-trade transparency requirements for regulated markets 46 Provisions regarding central counterparty and clearing and settlement arrangements 47 List of regulated markets 48 Designation of competent authorities 49 Cooperation between authorities in athe same Member State 50 Powers to be made available to competent authorities 51 Administrative sanctions 52 Right of appeal 53 Extra-judicial mechanism for investors complaints 54Professional secrecy 55 Relations with auditors 56 Obligation to cooperate 57 Cooperation in supervisory activities, on-the-spot verifications or in investigations 58 Exchange of information 59 Refusal to cooperate 42

44 60Inter-authority consultation prior to authorisation 61Powers for host Member States 62 Precautionary measures to be taken by host Member States 63 Exchange of information with third countries 64 Committee procedure 65Reports and review 66 85/611/EEC Amendment of Directive85/611/EEC 67 93/6/EEC Amendment of Directive93/6/EEC /12/EC Amendment of Directive2000/12/EC 69 93/22/EEC Repeal of Directive93/22/EEC 70 Transposition 71 Transitional provisions 72Entry into force 73 Addressees RIST OF SERVICES ANDACTIVITIES AND FINANCIAL INSTRUMENTS PROFESSIONAL CLIENTS FOR THE PURPOSEOF THIS DIRECTIVE 43

45 MiFID 2 Scope and definitions 1 Subject-matter and scope 2 Definitions 3 Provision of information in a durable medium 4 Additional requirements on investment firms in certain cases Organisational requirements 1 ORGANISATION /39/EC General organizational requirement /39/EC 13 2 Compliance /39/EC Risk management /39/EC Internal audit /39/EC 13 2 Responsibility of senior management /39/EC 13 2 Complaints handling /39/EC 13 2 Meaning of personal transaction /39/EC 13 2 Personal transactions 2 OUTSOURCING /39/EC Meaning of critical and important operational functions /39/EC (Conditions for outsourcing critical or important operational functions or investment services or activities) /39/EC Service providers located in third countries 44

46 3 SAFEGUARDING OF CLIENT ASSETS /39/EC (Safeguarding of client financial instruments and funds) /39/EC 13 7 Depositing client financial instruments /39/EC 13 8 Depositing client funds /39/EC 13 8 (Use of client financial instruments) /39/EC Reports by external auditors 4 CONFLICTS OF INTEREST /39/EC (1) (Conflicts of interest potentially detrimental to a client) /39/EC (1) (Conflicts of interest policy) /39/EC 13 6 (Record of services or activities giving rise to detrimental conflict of interest) /39/EC 19 2 (Investment research) /39/EC 13 3 (Additional organizational requirements where a firm produces and disseminates investment research) Operating conditions for investment firms 1 INDUCEMENT /39/EC 19 1 Inducements 2 INFORMATION TO CLIENTS AND POTENTIAL CLIENTS /39/EC 19 2 Conditions with which information must comply in order to be fair, clear and not misleading 45

47 /39/EC 19 3 (Information concerning client classification) /39/EC 19 3 (General requirement for information to client) /39/EC (Information about the investment firm and its services for retail clients and potential retail clients) /39/EC (Information about financial instruments) /39/EC (Information requirements concerning safeguarding of client financial instruments or client funds) /39/EC (Information about costs and associated charges) /39/EC /611/EEC (Information drawn up in accordance with Directive85/611/EEC) /39/EC /71/EC (Information drawn up in accordance with Directive2003/71/EC) 3 ASSESSMENT OF SUITABILITY AND APPROPRIATENESS /39/EC 19 4 (Assessment of stability) /39/EC 19 5 (Assessment of appropriateness) /39/EC (Provisions common to the assessment of suitability or appropriateness) /39/EC 19 6 (Provision of services in non-complex instruments) 4 REPORTING TO CLIENTS /39/EC

48 (Reporting obligations in respect of execution of orders other than for portfolio management) /39/EC 19 8 (Reporting obligations in respect of portfolio management) /39/EC 19 8 (Additional reporting obligations for portfolio management or contingent liability transactions) /39/EC 19 8 (Statement of client financial instruments or client funds) 5 BEST EXECUTION /39/EC (Best execution criteria) /39/EC 19 1 (Best execution: application to portfolio management and reception and transmission of orders) /39/EC (Execution policy) 6 CLIENT ORDER HANDLING /39/EC 22 1 (General principles) /39/EC 22 1 (Aggregation and allocation of orders) 49( 2004/39/EC 22 1 ) (Aggregation and allocation of transactions for own account) 7 ELIGIBLE COUNTERPARTIES 50( 2004/39/EC 24 3 ) (Eligible counterparties) 8 RECORD KEEPING /39/EC 13 6 (Retention of records) /EC DEFINED TERMS FOR THE PURPOSES OF DIRECTIVE 2004/39/EC 47

49 /39/EC (Investment advice) 4 Final provisions 53(Transposition) 54 (Entry in force) 55(Adressees) 48

50 49 MiFID 1 Recital 33 contractual obligations agency obligations 19 Conduct of business obligations 2 8

51 50 5 UCITS non-complex Title 18 2 legal text

52 51 a b c 21 nature 1 arrangement Multilateral Trading FacilityMTF MTF

53 eligible counterparties UCITS 2 1 (k) (l) undertakings entities quantitative thresholds proportionate requirement other undertakings prospective counterparties 1 undertakings 2 entities 3 undertakings 3

54 a2 b3 c3 undertakings quantitative thresholds proportionate requirement 53

55 54 5 MiFID 2 Recitals /39/EC parts aspects EC 59 best possible result OTC 60

56 55 speed likelihood settlement size nature duplication availability comparability consolidation

57 /39/EC criteria 2004/39/EC 21 1 (a) (b) nature (c) characteristics (d) 46 execution venue regulated marketmtf systematic internaliser liquidity provider /39/EC /39/EC

58 /39/EC /39/EC /39/EC 21 2 a /39/EC 211 b

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