Terms of business will be required when co-manufacturing with a non EU entity and there will be changes to the terms of business with distributors to reflect updated roles and responsibilities.
CME Group is currently evaluating the impact of the MiFID II/MiFIR reforms on our European infrastructure.
David is a Director at Societe Generale, working in the Operations Regulatory Reporting Team as an SME, and has 21 years’ experience in regulatory and asset management operations. He is involved in MiFID and EMIR regulatory reporting and other non-financial regulatory reporting including Dodd-Frank, Canada, REMIT, as well as new regulations such as MiFID2/MiFIR and SFTR. David's current role is also focused on various regulatory referential data initiatives such as counterparty and product referential data.
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We have summarised the key MiFID II client impact areas below.1. Client classification
Local public authorities and municipalities are now categorised as retail clients (RC), which will determine the type of products and services available to them. They may however request to opt up to elective professional counterparties (PCs) but will not be able to opt up to eligible counterparties (ECPs) once they are elective PCs.
i This includes the 28 EU member states and, once incorporated into the EEA Agreement and transposed into national law, Iceland, Norway and Liechtenstein.2. Documentation and dataUncertainties
Member States may adopt specific criteria to assess the knowledge and expertise of local public authorities and municipalities; and their capacity to opt-up to the PC category.3. The manufacture and distribution of productsGovernance
Product governance in relation to design, distribution and life-cycle management will be formalised.Terms of business
Terms of business will be required when co-manufacturing with a non EU entity and there will be changes to the terms of business with distributors to reflect updated roles and responsibilities.Manufacturers and distributorsUncertainties4. Permitted inducementsUncertainties
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