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EU의 제2차 금융상품시장지침(MiFIDⅡ)과 금융상품시장규정(MiFIR)의 기본구조 및 주요 내용

Basic Structure and Main Contents of MiFID II/MiFIR Reforms of the EU

증권법연구 v.16 no.2 , 2015년, pp.239 - 277   http://dx.doi.org/10.17785/kjsl.2015.16.2.239

On 13 May 2014, the European Council adopted a set of legislation called Markets in financial instruments directive (MiFID) II, which is a revised version of MiFID, and Markets in financial instruments regulation (MiFIR). These new measures are now a cornerstone of the ambitious plan of the European Union (EU) to establish a more robust and sound framework of financial regulation and supervision - an approach that the EU has consistently taken ever since the financial crisis of 2007. The MiFID II/MiFIR aims at establishing a safer, sounder, more transparent, and more responsible/reliable market structure framework and its key aspects are as follows: 1. MiFID II introduces specific provisions designed to deal effectively with the now widespread use of dark pool trading through the venues of organized trading facilities (OTFs) and tackle the rapid growth of automated trading such as high frequency trading (HFT) that uses algorithms.2. In line with G20 commitments to strengthening regulatory standards and enhancing transparency, MiFID II/MiFIR extends the scope of MiFID. It introduces closer regulation- and-monitoring of various trading venues. It also improves supervision on regulated markets, multilateral trading facilities, and systematic internalisers and strengthens regulation on over-the-counter products.3. MiFID II introduces a stricter regulatory framework to improve oversight and transparency of the operation of commodity derivatives markets.4. It imposes requirements for further protection of investors from the EU’s member states that include provisions on organizational requirements for firms providing investment advice and investor protection rules concerning complex packaged retail investment products.This study analyzes MiFID II/MiFIR requirements. Part II provides an overview of the purposes of revising MiFID and the overall framework and scope of MiFID II/MiFIR. Part III discusses the key elements of MiFID II/MiFIR.MiFID II introduces closer regulation and monitoring of algorithmic trading, imposing new and detailed requirements on algorithmic traders (in certain cases, even where they are exempt from authorisation under MiFID II) and the trading venues on which they trade (including regulated markets (RMs), multilateral trading facilities (MTFs), and OTFs.This paper will provide an overview of MiFID II and MiFIR and summarize the extent of the impacts that are known today.

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