{"id":47028,"date":"2015-09-29T17:54:19","date_gmt":"2015-09-29T21:54:19","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/the-3-pillars-of-mifid-ii-establishing-a-new-model-for-global-regulation-2\/"},"modified":"2025-12-01T21:26:10","modified_gmt":"2025-12-02T02:26:10","slug":"the-3-pillars-of-mifid-ii-establishing-a-new-model-for-global-regulation-2","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/the-3-pillars-of-mifid-ii-establishing-a-new-model-for-global-regulation-2\/","title":{"rendered":"The 3 pillars of MiFID II &#8211; Establishing a new model for global regulation?"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a04e8992aa10]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a04e8992aa10'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">The 3 pillars of MiFID II &#8211; Establishing a new model for global regulation?<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a04e899307e2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">September 29, 2015<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a04e89931f2e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em><br \/>\nThis article is by <\/em><em>Steve Niven is the EMEA Head of Compliance, Bloomberg. C<em>hristopher McDonald is the Regulation and Compliance Product Manager for Bloomberg TOMS. Chris leads the design, development and delivery of the regulatory compliance capabilities incorporated into Bloomberg&#8217;s sell-side fixed income order management system, Bloomberg TOMS. Prior to joining Bloomberg in 2011, Chris managed middle office operations supporting credit, exotic and interest rate derivatives trading desks in London and New York for JP Morgan and Gary Stone is the Chief Strategy Officer for Bloomberg Trading Solutions and is a recognized expert on U.S. equity market structure currently serving a two year term on the U.S. Securities and Exchange Commission\u2019s Equity Market Structure Advisory Committee.<\/em><\/em><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>MiFID I harmonized the European marketplace by creating EU-wide passport concepts. It also provided regulators with reports that enabled them to assess how the markets worked. Nearly eight years after implementation of MiFID I, MiFID II is about to arrive on our door step. Guidance will probably be delivered in phases so that the organizations impacted by the regulation can start to put processes and procedures in place to comply with the mandate by the January 2017 deadline, which is rapidly approaching.<\/p>\n<p>MiFID II is a massive undertaking centered generally around the obligations that \u201cinvestment companies\u201d have toward \u201cinvestor protection.\u201d\u00a0 Investment companies is the key phrase here.<\/p>\n<p>The use of &#8220;investment companies&#8221; in many of MiFID II\u2019s articles results in the practical application of the technical standards applying equally to the buy and sell side. Regulation was traditionally bifurcated by the buy side and sell side roles. The new guidelines essentially shift responsibility from a role-based (institutional buy side \/ sell side) to an activity-basis (what you are doing\/how you are doing it).<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>In our opinion, most of the regulation is being done in the name of end \u201cinvestor protection\u201d \u2013 the individual. And, because of that, it is effectively creating a new framework for regulation based on three principle pillars:<\/p>\n<ol>\n<li>Best execution, information to clients, and surveillance<\/li>\n<li>Limits, monitoring and controls<\/li>\n<li>Regulatory reporting and Transparency<\/li>\n<\/ol>\n<p>MiFID II is creating a new regulatory eco-system. And, because MiFID II is being copied in some regions and has extra-territorial effects in other, almost all new regulation is now standing on one of these principle pillars.<\/p>\n<p>We will examine these three pillars in more detail in future posts.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a04e899342e2]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a04e899342e2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = 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And, because MiFID II is being copied in some regions and has extra-territorial effects in other, almost all new regulation is now standing on one of three principle pillars.<\/p>\n","protected":false},"author":1884,"featured_media":18103,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"486","footnotes":""},"categories":[486],"tags":[],"series":[],"class_list":["post-47028","post","type-post","status-publish","format-standard","hentry","category-regulation","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The 3 pillars of MiFID II - Establishing a new model for global regulation? | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"MiFID II is creating a new regulatory eco-system. 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