MiFID "Gold-plating": Divergences in the EU's Capital Markets Union

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62156489%3A43110%2F18%3A43913787" target="_blank" >RIV/62156489:43110/18:43913787 - isvavai.cz</a>

Výsledek na webu

<a href="http://ece.mendelu.cz/wcd/w-rek-ece/ece2018_fin.pdf" target="_blank" >http://ece.mendelu.cz/wcd/w-rek-ece/ece2018_fin.pdf</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

MiFID "Gold-plating": Divergences in the EU's Capital Markets Union

Popis výsledku v původním jazyce

One of the objectives of the European Commission&apos;s Capital Markets Union (CMU) initiative from 2014/2015 is to achieve a single rule book in the EU. This initiative was kicked off in parallel with a significant revision of the Markets in Financial Instruments Directive - originally implemented in 2004. This paper analyses the level of divergences in the implementations of the Markets in Financial Instruments Directive (MiFID) which has strong impact on financial markets participants. Unlike EU regulations that become directly applicable in all member states, EU Directives require an additional national implementation. Seven countries including some of the largest EU financial markets (incl. UK and Germany) are in scope of the national implementation analysis. The research results show that the type of divergences contrast with the CMU initiatives. These divergences referred to as &quot;gold-plating&quot; can cause significant operational hurdles for cross-border market activities within and outside of the EU. Nevertheless, with exception of UK, the number of gold-plating under MiFID II was found relatively low, but in some member states a divergence is identified due to early implementation of MiFID II measures. The paper concludes with a summary of observations and recommendations (including the implementation of a score methodology) for EU policy makers who intend to reduce or avoid unwanted divergences from the CMU initiative&apos;s goals.

Název v anglickém jazyce

MiFID "Gold-plating": Divergences in the EU's Capital Markets Union

Popis výsledku anglicky

One of the objectives of the European Commission&apos;s Capital Markets Union (CMU) initiative from 2014/2015 is to achieve a single rule book in the EU. This initiative was kicked off in parallel with a significant revision of the Markets in Financial Instruments Directive - originally implemented in 2004. This paper analyses the level of divergences in the implementations of the Markets in Financial Instruments Directive (MiFID) which has strong impact on financial markets participants. Unlike EU regulations that become directly applicable in all member states, EU Directives require an additional national implementation. Seven countries including some of the largest EU financial markets (incl. UK and Germany) are in scope of the national implementation analysis. The research results show that the type of divergences contrast with the CMU initiatives. These divergences referred to as &quot;gold-plating&quot; can cause significant operational hurdles for cross-border market activities within and outside of the EU. Nevertheless, with exception of UK, the number of gold-plating under MiFID II was found relatively low, but in some member states a divergence is identified due to early implementation of MiFID II measures. The paper concludes with a summary of observations and recommendations (including the implementation of a score methodology) for EU policy makers who intend to reduce or avoid unwanted divergences from the CMU initiative&apos;s goals.

Druh

D - Stať ve sborníku

CEP obor

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OECD FORD obor

50204 - Business and management

Projekt

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Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2018

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

Enterprise and Competitive Environment: Conference Proceedings

ISBN

978-80-7509-561-9

ISSN

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e-ISSN

neuvedeno

Počet stran výsledku

9

Strana od-do

591-599

Název nakladatele

Mendelova univerzita v Brně

Místo vydání

Brno

Místo konání akce

Brno

Datum konání akce

22. 3. 2018

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

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