MiFID II Directive Transposed Into Irish Law
You would have had to be living in a very remote, dark cave to have missed the spectre of MiFID II (to give it its full name: the second Markets in Financial Instruments Directive (MiFID II”)) over the past 12 months. However, notwithstanding the numerous column inches penned on the subject, many people are still left asking what MiFID II is really all about and, more importantly, whether it will have an impact on their business. The answer to the latter question, if your business involves the distribution and trading of financial instruments in the EU, is highly likely to be answered in the affirmative and this note aims to provide a concise explanation in respect of the former. We have produced a MiFID II secondary legislation tracker to help you track the status of secondary legislation under the MiFID II Directive and MiFIR, together with relevant ESMA publications. To view the tracker, click here The European Union published final versions of its regulatory technical standards (RTS) in the Official Journal on 31 March 2017 (available here ). We are updating our tracker to reflect these developments.
Clive Boothman is probably best known as the initial CEO of the Schroder"s Investment funds business, Schroder Unit Trusts, where he oversaw its huge growth and success in the 1980"s and 1990"s. In 1996-97 he also served as Chairman of the Association of Unit Trusts & Investment Funds (AUTIF - now called The Investment Association). He was the CEO of Gerrards in 2000-01 following the merger of Capel Cure Sharp and Greig Middleton to become the UK"s largest stockbroker.
Whether a particular stock is a growth or value stock could also affect how it reacts to interest rate shifts. Companies that are considered to have value stocks tend to have strong cash flows and a stable financial base; thus, rising interest rates don"t affect them as much as they do the average company. Companies that are considered to have growth stocks, meanwhile, typically have a less abundant cash flow and lots of debt, so rising interest rates have a bigger-than-average impact on them.
If your company is not contemplating to engage in new financial transactions immediately after the entry of the requirements into force, purchasing of an LEI needs not to be done immediately, however, it should be taken into consideration that upon resuming transactions, an LEI will be a mandatory company identifier for transactions in financial instruments to be specified before carrying out the first transaction.
This commonly-used acronym in the US is actually short for the Patient Protection and Affordable Care Act”, which is often referred to as simply the Affordable Care Act, thus ACA, (or sometimes Obamacare”, as it was introduced during the Barack Obama presidency. It was an attempt to ensure all Americans had access to healthcare, even if they couldn"t afford insurance. Obama"s successor, Donald Trump, vowed to put an end to the ACA if elected president, although at this writing he had yet to do so.