As banks and product manufacturers weigh the extraterritorial impact of the EU's new retail investor protection regime, some are withholding products in lieu of further guidance while others consider rolling it out globally
In the absence of clarity from Esma on a key piece of the new reform, firms are being left to decide internally how to treat fee disclosure. That's led to wild inconsistencies in approach, according to four banks that spoke to Practice Insight
Part one of Practice Insight's landmark survey on Mifid II and its impact on market structure focuses on systematic internalisers. All respondents are market participants at banks that have opted in to the regime
Bankers are divided over an element of the sweeping new directive that some think has the potential to end order inflation in initial bond sales for good
Buy and sellside firms and industry associations tell Practice Insight what they are lobbying the European Commission on, from scope to performance scenarios. They now have the support of the ESAs too
Almost a year after implementation, sources are still having “shocking” conversations on the regulation, particularly in the US. Many are having to start from scratch after recognising they have not been compliant
A letter seen by Practice Insight has shown that banks and trade associations are imploring the European Commission to clarify the scope of the new retail investor protection framework. Uncertainty within the Priips regime is pushing issuers to err on the side of caution and designate new deals to professional investors only
Product manufacturers and distributors at some of the world’s largest buyside firms have explained to Practice Insight how the new Priips regime is causing chaos. This includes everything from negative transaction costs and absurdly optimistic projections to standing in the way of their Mifid II obligations
Banks, stock exchanges, industry associations and even some MEPs are uniting against the proposal, which has the potential to disrupt capital markets for years. While the broader harmonisation project is generally supported, here they explain how the practical challenges could hinder the capital market union and damage Europe’s reputation as a securities listing hub
