Shedding Light on the UCITS-MiFID Nexus and Potential Impact of MiFID on the Asset Management Sector
There remains considerable confusion as to how exactly the MiFID and UCITS directives will interact in the long run. This uncertainty reflects the growing pains of a regulatory transformation that represents no less than a tectonic shift from intense and prescriptive product regulation to a more flexible, principles-based regulation of management functions. Unlike UCITS, MiFID is a horizontal directive that cuts across the entire financial services industry (except for insurance). Precisely because the two directives are rooted in diverging regulatory philosophies, they are not natural partners, and the exercise of trying to fit the two together will likely be neither effortless nor seamless. This paper attempts to shed light on the complex interaction between UCITS and MiFID and gives some preliminary indications of how MiFID might impact on the asset management industry.
| Attachment | Size | Hits | Last download |
|---|---|---|---|
| 1634.pdf | 203.23 KB | 864 | 21 hours 44 min ago |
There remains considerable confusion as to how exactly the MiFID and UCITS directives will interact in the long run. This uncertainty reflects the growing pains of a regulatory transformation that represents no less than a tectonic shift from intense and prescriptive product regulation to a more flexible, principles-based regulation of management functions. Unlike UCITS, MiFID is a horizontal directive that cuts across the entire financial services industry (except for insurance). Precisely because the two directives are rooted in diverging regulatory philosophies, they are not natural partners, and the exercise of trying to fit the two together will likely be neither effortless nor seamless. This paper attempts to shed light on the complex interaction between UCITS and MiFID and gives some preliminary indications of how MiFID might impact on the asset management industry.
-en-1463
[list_price] => 0.00000 [cost] => 0.00000 [sell_price] => 12.00000 [weight] => 300 [weight_units] => g [length] => 0 [width] => 0 [height] => 0 [length_units] => cm [pkg_qty] => 0 [default_qty] => 1 [unique_hash] => d60db2f56d393be6f4573e272a0da192 [ordering] => 0 [shippable] => 1 [path] => book/shedding-light-ucits-mifid-nexus-and-potential-impact-mifid-asset-management-sector [field_book_isbn] => Array ( [0] => Array ( [value] => [safe] => ) ) [field_book_number] => Array ( [0] => Array ( [value] => 11 [safe] => 11 [view] => 11 ) ) [field_book_short_title] => Array ( [0] => Array ( [value] => [safe] => [view] => ) ) [field_book_author_external] => Array ( [0] => Array ( [value] => [safe] => ) ) [field_book_old_path] => Array ( [0] => Array ( [value] => 1634 [safe] => 1634 ) ) [field_book_pages] => Array ( [0] => Array ( [value] => 9 [view] => 9 ) ) [field_book_publication_date] => Array ( [0] => Array ( [value] => 2008-04-03T00:00:00 [timezone] => Europe/Brussels [timezone_db] => Europe/Brussels [date_type] => date [view] => 03 April 2008 ) ) [field_book_author] => Array ( [0] => Array ( [nid] => 2314 [safe] => Array ( [nid] => 2314 [title] => Jean-Pierre Casey [status] => 1 ) [view] => Jean-Pierre Casey ) ) [field_image_cache] => Array ( [0] => ) [field_type] => Array ( [0] => Array ( [value] => BOOK [format] => [safe] =>BOOK
[view] => Printed book ) [1] => Array ( [value] => [format] => [safe] => [view] => ) [2] => Array ( [value] => [format] => [safe] => [view] => ) ) [print_display] => 1 [print_display_comment] => 0 [print_display_urllist] => 1 [signup] => 0 [tags] => Array ( ) [uc_order_product_id] => [0] => [taxonomy] => Array ( [taxonomy_term_5] => Array ( [title] => Financial Markets [href] => taxonomy/term/5 [attributes] => Array ( [rel] => tag [title] => ) ) [taxonomy_term_106] => Array ( [title] => ECMI Policy Briefs [href] => catalog/106 [attributes] => Array ( [rel] => tag [title] => Produced by the European Capital Markets Institute, which is managed and staffed by CEPS, papers in this new series provide authoritative insights into ongoing regulatory initiatives that will alter the European financial landscape. ) ) ) [files] => Array ( [1498] => stdClass Object ( [fid] => 1498 [uid] => 1 [filename] => 1634.pdf [filepath] => files/book/1634.pdf [filemime] => application/pdf [filesize] => 208108 [status] => 1 [timestamp] => 2009-11-12 12:24:41 [nid] => 1463 [vid] => 1463 [description] => 1634.pdf [list] => 1 [weight] => 0 ) ) [flatrate] => Array ( ) [shipping_type] => small_package [shipping_address] => stdClass Object ( [first_name] => [last_name] => [company] => CEPS [phone] => +32 2 2293951 [street1] => place du Congres 1 [street2] => [city] => Brussels [zone] => 94 [postal_code] => 1000 [country] => 56 ) [usps] => Array ( [vid] => 1463 [nid] => 1463 [container] => RECTANGULAR ) [weightquote] => Array ( ) [build_mode] => 0 [readmore] => 1 [content] =>There remains considerable confusion as to how exactly the MiFID and UCITS directives will interact in the long run. This uncertainty reflects the growing pains of a regulatory transformation that represents no less than a tectonic shift from intense and prescriptive product regulation to a more flexible, principles-based regulation of management functions. Unlike UCITS, MiFID is a horizontal directive that cuts across the entire financial services industry (except for insurance). Precisely because the two directives are rooted in diverging regulatory philosophies, they are not natural partners, and the exercise of trying to fit the two together will likely be neither effortless nor seamless. This paper attempts to shed light on the complex interaction between UCITS and MiFID and gives some preliminary indications of how MiFID might impact on the asset management industry.
| Attachment | Size | Hits | Last download |
|---|---|---|---|
| 1634.pdf | 203.23 KB | 864 | 21 hours 44 min ago |
There remains considerable confusion as to how exactly the MiFID and UCITS directives will interact in the long run. This uncertainty reflects the growing pains of a regulatory transformation that represents no less than a tectonic shift from intense and prescriptive product regulation to a more flexible, principles-based regulation of management functions. Unlike UCITS, MiFID is a horizontal directive that cuts across the entire financial services industry (except for insurance). Precisely because the two directives are rooted in diverging regulatory philosophies, they are not natural partners, and the exercise of trying to fit the two together will likely be neither effortless nor seamless. This paper attempts to shed light on the complex interaction between UCITS and MiFID and gives some preliminary indications of how MiFID might impact on the asset management industry.
-en-1463
[list_price] => 0.00000 [cost] => 0.00000 [sell_price] => 12.00000 [weight] => 300 [weight_units] => g [length] => 0 [width] => 0 [height] => 0 [length_units] => cm [pkg_qty] => 0 [default_qty] => 1 [unique_hash] => d60db2f56d393be6f4573e272a0da192 [ordering] => 0 [shippable] => 1 [path] => book/shedding-light-ucits-mifid-nexus-and-potential-impact-mifid-asset-management-sector [field_book_isbn] => Array ( [0] => Array ( [value] => [safe] => ) ) [field_book_number] => Array ( [0] => Array ( [value] => 11 [safe] => 11 [view] => 11 ) ) [field_book_short_title] => Array ( [0] => Array ( [value] => [safe] => [view] => ) ) [field_book_author_external] => Array ( [0] => Array ( [value] => [safe] => ) ) [field_book_old_path] => Array ( [0] => Array ( [value] => 1634 [safe] => 1634 ) ) [field_book_pages] => Array ( [0] => Array ( [value] => 9 [view] => 9 ) ) [field_book_publication_date] => Array ( [0] => Array ( [value] => 2008-04-03T00:00:00 [timezone] => Europe/Brussels [timezone_db] => Europe/Brussels [date_type] => date [view] => 03 April 2008 ) ) [field_book_author] => Array ( [0] => Array ( [nid] => 2314 [safe] => Array ( [nid] => 2314 [title] => Jean-Pierre Casey [status] => 1 ) [view] => Jean-Pierre Casey ) ) [field_image_cache] => Array ( [0] => ) [field_type] => Array ( [0] => Array ( [value] => BOOK [format] => [safe] =>BOOK
[view] => Printed book ) [1] => Array ( [value] => [format] => [safe] => [view] => ) [2] => Array ( [value] => [format] => [safe] => [view] => ) ) [print_display] => 1 [print_display_comment] => 0 [print_display_urllist] => 1 [signup] => 0 [tags] => Array ( ) [uc_order_product_id] => [0] => [taxonomy] => Array ( [5] => stdClass Object ( [tid] => 5 [vid] => 3 [name] => Financial Markets [description] => [weight] => 6 ) [106] => stdClass Object ( [tid] => 106 [vid] => 4 [name] => ECMI Policy Briefs [description] => Produced by the European Capital Markets Institute, which is managed and staffed by CEPS, papers in this new series provide authoritative insights into ongoing regulatory initiatives that will alter the European financial landscape. [weight] => 0 ) ) [files] => Array ( [1498] => stdClass Object ( [fid] => 1498 [uid] => 1 [filename] => 1634.pdf [filepath] => files/book/1634.pdf [filemime] => application/pdf [filesize] => 208108 [status] => 1 [timestamp] => 2009-11-12 12:24:41 [nid] => 1463 [vid] => 1463 [description] => 1634.pdf [list] => 1 [weight] => 0 ) ) [flatrate] => Array ( ) [shipping_type] => small_package [shipping_address] => stdClass Object ( [first_name] => [last_name] => [company] => CEPS [phone] => +32 2 2293951 [street1] => place du Congres 1 [street2] => [city] => Brussels [zone] => 94 [postal_code] => 1000 [country] => 56 ) [usps] => Array ( [vid] => 1463 [nid] => 1463 [container] => RECTANGULAR ) [weightquote] => Array ( ) [build_mode] => 0 [readmore] => 1 [content] => Array ( [print_links] => Array ( [#weight] => -101 [#suffix] => [#value] => [#prefix] => [#title] => [#description] => [#printed] => 1 ) [display_price] => Array ( [#weight] => -10 [#access] => 1 [#value] =>BOOK
[#delta] => 0 ) [#title] => [#description] => [#theme_used] => 1 [#printed] => 1 [#type] => [#value] => [#prefix] => [#suffix] => [#children] => Printed book ) [1] => Array ( [#formatter] => default [#node] => stdClass Object *RECURSION* [#type_name] => book [#field_name] => field_type [#weight] => 1 [#theme] => text_formatter_default [#item] => Array ( [value] => [format] => [safe] => [#delta] => 1 ) [#title] => [#description] => [#theme_used] => 1 [#printed] => 1 [#type] => [#value] => [#prefix] => [#suffix] => ) [2] => Array ( [#formatter] => default [#node] => stdClass Object *RECURSION* [#type_name] => book [#field_name] => field_type [#weight] => 2 [#theme] => text_formatter_default [#item] => Array ( [value] => [format] => [safe] => [#delta] => 2 ) [#title] => [#description] => [#theme_used] => 1 [#printed] => 1 [#type] => [#value] => [#prefix] => [#suffix] => ) [#title] => [#description] => [#children] => Printed book [#printed] => 1 ) [#single] => 1 [#attributes] => Array ( ) [#required] => [#parents] => Array ( ) [#tree] => [#context] => full [#page] => 1 [#field_name] => field_type [#title] => type [#access] => 1 [#label_display] => inline [#teaser] => [#node] => stdClass Object *RECURSION* [#type] => content_field [#children] => Printed book [#printed] => 1 ) [#title] => [#description] => [#children] =>| Attachment | Size |
|---|---|
| 1634.pdf | 203.23 KB |
There remains considerable confusion as to how exactly the MiFID and UCITS directives will interact in the long run. This uncertainty reflects the growing pains of a regulatory transformation that represents no less than a tectonic shift from intense and prescriptive product regulation to a more flexible, principles-based regulation of management functions. Unlike UCITS, MiFID is a horizontal directive that cuts across the entire financial services industry (except for insurance). Precisely because the two directives are rooted in diverging regulatory philosophies, they are not natural partners, and the exercise of trying to fit the two together will likely be neither effortless nor seamless. This paper attempts to shed light on the complex interaction between UCITS and MiFID and gives some preliminary indications of how MiFID might impact on the asset management industry.
| Attachment | Size |
|---|---|
| 1634.pdf | 203.23 KB |
There remains considerable confusion as to how exactly the MiFID and UCITS directives will interact in the long run. This uncertainty reflects the growing pains of a regulatory transformation that represents no less than a tectonic shift from intense and prescriptive product regulation to a more flexible, principles-based regulation of management functions. Unlike UCITS, MiFID is a horizontal directive that cuts across the entire financial services industry (except for insurance). Precisely because the two directives are rooted in diverging regulatory philosophies, they are not natural partners, and the exercise of trying to fit the two together will likely be neither effortless nor seamless. This paper attempts to shed light on the complex interaction between UCITS and MiFID and gives some preliminary indications of how MiFID might impact on the asset management industry.
Related Publications
- Lending to Households in Europe (1995-2009): ECRI Statistical Package 2010
- Consumer Credit in Europe (1995-2009): ECRI Statistical Package 2010
- The bank stress tests: a work in progress
- Europe 2020 and the Financial System: Smaller is beautiful
- The role of politicians in inciting financial markets to attack the eurozone
- Do we need a resolution fund paid for by financial institutions?
- When financial markets force too much austerity
- The MiFID Metamorphosis
- The Future of Retail Banking in Europe: Competition and regulatory challenges
- Regulatory Challenges for the EU Asset Management Industry
Editor's choice
-
Financial Markets
-
Politics and Institutions
-
Justice and Home Affairs
-
Economic Policy
-
EU Neighbourhood Policy
-
Economic Policy