5 / 72
Global Trustee and Fiduciary Services News and Views | MiFID II Special Edition 2016
3
Of course MiFID II does not just impact asset
managers who are MiFID firms: various
out-of-scope firms will also be affected — such
as UCITS management companies, AIFMs and
insurance companies offering life and pensions
insurance products.
MiFID II contains various mandates that
either require or permit the European and
Securities Markets Authority (ESMA) to
produce non-binding guidelines on various
aspects of the Level I texts. Work is
progressing on these Level 3 guidelines in
the form of Q&As, most recently with the
publication of a Q&A covering certain investor
protection measures.
Some jurisdictions are much further ahead in
terms of discussing how MiFID II and MiFIR will
be implemented into local rules, such as in the
UK and France, for example. Here we have seen
that the two regulators have differing views on
requirements concerning investment research.
In the UK specifically, we saw the publication of
the Financial Conduct Authority’s (FCA’s) third
consultation paper (CP16/29), which looks at
investor protection issues.
We hope that you find this Special Edition helpful
for its insights into the Level 2 legislation and for
its utility as a useful resource for assisting you in
your MiFID II and MiFIR planning.
January 2018 may seem like a long way off. But
even just considering the areas touched on in
this Special Edition, we think that there is still a
lot to be done in a rapidly diminishing timeline.
We would like to thank all the contributors for
their time and insights into this complex and
very technical legislation, and we are grateful
to them for sharing their knowledge and
experience with us and our readership.
We hope that you enjoy this MiFID II/MiFIR
Special Edition of
Global Trustee and Fiduciary
Services News and Views
.
In the meantime, if you have any questions or
would like to know more about other regulatory
matters not covered in this edition, we invite
you to contact our Regulatory Services team
(see contact details at the back), who will be
happy to help.