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Title: Understanding MiFID II : implications and the way forward
Authors: Chircop, Karl
Keywords: Financial instruments -- European Union countries
Financial services industry -- Law and legislation -- European Union countries
Stockbrokers -- Legal status, laws, etc. -- European Union countries
Investment advisors -- Legal status, laws, etc. -- European Union countries
Issue Date: 2018
Citation: Chircop, K. (2018). Understanding MiFID II:implications and the way forward (Bachelor's dissertation).
Abstract: Purpose: The aim of this study is to analyze the implications of MiFID II on financial institutions and market operators. MiFID II came into force on the 3rd of January 2018. The fulcrum of this directive is to increase the level of consumer protection. A second objective is to make markets more transparent. Design: This study makes use of semi-structured interviews. Interviewees were asked open-ended questions so that they could express their views. Interviews were conducted with six market players, one market operator and the national competent authority. Findings: From the interviews conducted it was found that financial institutions faced several challenges to deal with the new record keeping requirements. Financial institutions are incurring more costs to be MiFID II compliant. Another finding was that implementing MiFID II across the various levels of staff was challenging. Most of the respondents stated that the quality of service will not improve because consumers do not read the additional information that they will be receiving. Conclusion: In the future servicing small retail investors might no longer be viable. Additional disclosure should be complemented with more financial education. The EMT template should be made compulsory across the board. Till now financial institutions are absorbing the additional regulatory induced costs. In the future they might have to pass on these costs on to their clients.
Description: B.COM.(HONS)BANK.&FIN.
Appears in Collections:Dissertations - FacEma - 2018
Dissertations - FacEMABF - 2018

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