To comply with changing international privacy requirements, ICI informs its visitors that we use cookies on our web site. ICI only uses cookies to allow subscribers and members to more easily use our site and to record site utilization. No personal or private information is gathered or stored. More details, including how to disable cookies, can be found on our privacy and cookie policy page. If you disable cookies, you will see this message on future visits to our site. Please click the enable button to consent to accepting cookies.
  • ICI Global
  • Independent Director's Council
Sign In  |  Forgot Password?
Advanced | Tips
  • Home
  • Policy Priorities
    • Fund Regulation
    • Retirement Security
    • Trading & Markets
    • Fund Governance
    • Taxes
    • ICI Comment Letters
  • Research & Statistics
    • Industry Research
    • Investor Research
    • Retirement Research
    • Statistics
  • Government Affairs
    • Financial Services
    • Retirement Security
    • Tax
    • Testimony
  • Industry Operations
    • Fund Accounting, Financial Reporting, and Valuation
    • Fund Distribution, Fund Clearance, and Settlement
    • Operations, Transfer Agent Servicing, and Recordkeeping
    • Portfolio Security Operations
    • Resource Centers
    • Technology, Business Continuity, and Information Security
  • News & Media
    • Media Contacts
    • News Releases
    • Blog: ICI Viewpoints
    • Speeches & Commentaries
    • Opinions & Responses
    • Videos
    • Podcasts
  • Publications & Resources
    • Resource Centers
    • Frequently Asked Questions
    • Fact Books
    • Research Publications
    • White Papers
    • Annual Reports
  • Events
    • ICI Events
    • ICI Global Events
    • IDC Events
    • Past Event Highlights
    • Sponsorship Opportunities
    • Event Contacts
  • About ICI
    • Mission & History
    • Board & Leadership
    • Membership
    • Annual Reports
    • ICI Education Foundation
    • Business Continuity
    • Careers
    • Contact Us
  • Fund Regulation
    • Advertising
    • Broker-Dealer & Principal Underwriter Issues
    • CFTC Rule 4.5
    • Compliance
    • Derivatives
    • Disclosure
    • Electronic Delivery
    • Enforcement Actions
    • Fees
    • Financial Stability
    • Fixed-Income Securities
    • Investment Advisers
    • International
    • Municipal Securities
    • Privacy
    • Products
    • Risk Management
    • State Issues
    • Valuation
  • Retirement Security
    • Support of a Defined Contribution System
    • Regulatory Activities
    • Legislation
    • International
    • Plan Type
    • State Issues
    • Current Topics
      • Target Date Funds
      • Money Market Funds
      • Fiduciary Definition
      • E-Delivery
      • Lifetime Income
      • Fee Disclosure
  • Trading & Markets
    • Domestic
    • Global
  • Fund Governance
    • Directors & Fund Governance
    • Corporate Governance
  • Taxes
    • FATCA
    • Foreign Tax Issues
    • Information Reporting
    • Legislation
    • State Tax Issues
    • U.S. Taxation of Mutual Funds & Shareholders
    • 529 Plans
  • ICI Comment Letters

Home Policy Priorities Fund Regulation International

Print this page

Focus on Funds

Landmark European Financial Regulation Faces Reform

Regulators in the European Union are planning “quick fix” changes to the Markets in Financial Instruments Directive (MiFID) that could affect the rules governing investor protections, as well as trading and markets rules. In the July 24, 2020, edition of Focus on Funds, ICI Global Director of Global Financial Policy Giles Swan details what is in the works and ICI’s advocacy on the issue.


Transcript

Stephanie Ortbals-Tibbs, ICI director of media relations: Giles, the Markets in Financial Instruments Directive, or MiFID, is not only a mouthful, but it’s something that’s quite important to global funds and their investors. The European directive is something now that regulators are picking up again and we have gone back to them with comments. What did we say at a high level?

Giles Swan, ICI Global director of global funds policy: We made a number of recommendations both to the investor protection rules under MiFID II and also the trading and markets structure elements.

But we made those recommendations to enhance the investment protection framework under MiFID II to improve the process for fund investment, enhancing the choice that investors have in different funds, and really enabling them to benefit from the various cost efficiencies that can be derived from the management of all fund assets.

On the trading and markets structure side, we made a number of recommendations to enhance meaningfully some of the pre-trade and post-trade transparency MiFID II has, really to ensure that fund managers can maximize the execution quality that they’re delivering for their end investors.

Ortbals-Tibbs: Knowing that the European Union is about to take up some of this work pretty quickly, how are we going to engage? What are we the most concerned about?

Swan: As the European Commission takes forward its proposals under the quick fix, we’re going to be focused on three issues: firstly, changes to simplify the investment process for fund investors; second, to maximize the choice that investors have to different funds; and third, to adapt the provisions under the MiFID framework to bring them into the modern world, including the use of digital technology by fund investors.

Ortbals-Tibbs: And so Giles, then, within the abnormal new normal under which we all operate, how are you engaging with European policymakers on this?

Swan: Well, we’re all getting used to engagement through more virtual means these days, and that’s how we are engaging with the European Commission and other European policymakers to discuss some of the recommendations that we’ve made under the MiFID framework and how those can be taken forward.


Additional Resources

  • ICI Global
  • Comment Letter: European Commission Public Consultation on the Review of the MiFID/MiFIR Regulatory Framework
  • Speech: The Role of Investment Funds in the Global Economy

 


top
  • About ICI
  • About IDC
  • About ICI Global
  • Privacy and Cookie Policy
  • Apply for User Account
  • Business Continuity
  • Contact ICI

Copyright © 2021 by the Investment Company Institute