The primary purpose of MiFID II is to enhance and strengthen “MiFID I.” However, MiFID II is a complicated, winding road of directives. The areas of business impacted cover everything from the investment decision, all the way to client reporting. The systems impacted span from the front to back office. To break the enormity of MiFID II for the sake of sanity, we will cover five main areas of focus.
MiFID Who? Three Areas Where Non-EU Compliance Teams Need to Pay Attention
If you’re in compliance, specifically with a Non-EU asset management firm, you may have sat back and enjoyed the show that MiFID II produced among those firms servicing clients in the European Union. It can be hard enough to keep up with the ever-changing landscape of regulations at home, never mind keeping an eye on what goes on across the pond.
Out of Options for This Self-dealing PM
In May of 2017, it was reported that a portfolio manager for a major asset manager has agreed to plead guilty to defrauding investors in closed-end funds for which he executed option trades. One major newspaper described this as an “option scheme”. However, it may also be viewed as a scheme that was best effected by using options. There is a difference.
