Market Regulation

The Markets in Financial Instruments Regulation (“MIFIR”) and the Markets in Financial Instruments Directive (“MIFID”), together “MIFID II”, enter into application on 3 January 2018.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA), signed into U.S. law in July 2010, is intended to promote financial stability, transparency and market integrity within the financial system.

The Securities Financing Transactions Regulation (Regulation (EU) 2015/2365, hereafter “EU SFTR”) came into force on 12 January 2016, although many of its requirements were subject to transitional provisions.

Le règlement (UE) du Parlement européen et du Conseil du 26 novembre 2014 sur les documents d’informations clés relatifs aux « produits d’investissement packagés de détail et fondés sur l’assurance » (PRIIP) oblige leurs initiateurs à rédiger et à mettre à disposition des investisseurs de détail des « documents d’informations clés » ou KID.

The CSDR (Central Securities Depositories Regulation) Settlement discipline regime introduces new measures for the authorisation and supervision of EU Central Security Depositories (CSDs) and sets out to create a common set of standards at a European level.It will entry in force the 01st February 2022.

This section addresses specific regulatory requirements (e.g. MiFID II, EMIR, etc.) that apply to clearing and prime brokerage activities (including information to be disclosed to clients).