The Post-MiFID Financial World László Seregdi June 15, 2007 Split.

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Presentation transcript:

The Post-MiFID Financial World László Seregdi June 15, 2007 Split

June 15, Agenda 1.Introduction of HFSA 2.Main effects of MiFID 3.Issues for integrated supervisors 4.Questions 5.Conclusions

June 15, Introduction of HFSA Government agency, separately from NBH Integrated supervision Financed by the industry Institution and market supervision Nearly 2000 institutions + individuals Staff: 500 Supervisory Council MiFID implementation in Hungary

June 15, Main effects of MiFID 1.Capital requirement + rules of internal procedures - this is a guiding principle also in banking and insurance sector - stronger internal regulation of service providers - more proactive, risk based supervision

June 15, Main effects of MiFID 2. Focused on client - best execution (Elements of best execution (price, speed, type of transaction etc.), best execution policy, monitoring and review, new risk for service providers - client classification (suitability and appropriateness test) - transparency: need for a better financial culture and education

June 15, Main effects of MiFID 3. Need for a new supervisory approach - Close connection (not only through examinations, information sharing) - Guidelines, transparent supervisory work - Examination of outsourced activity - Hungary: MiFID Panel, 6 meetings, consultations, problems, documents on internet, transaction reporting system

June 15, Issues for integrated supervisors 1.Main principles can be used also in banking and insurance sector (best execution, transparency etc.) 2.Need for further harmonization: outsourcing, compliance officer, client classification, agents

June 15, Common elements of MiFID and CRD Requirements for managers Internal governance and risk management Proportionality Supervisory tools Transparency (institutions and supervisors) Co-operation between supervisory authorities Internalization- pricing

June 15, Questions 1.Future role of MTFs and exchanges 2.Internalization (cost-benefit) 3.Single passport (how to collect data on activity) 4.Effect on EU competitiveness (strong regulation vs. higher administrative cost)

June 15, Tasks of the institutions Internal procedures, regulations Compliance function Decision on internalization Decision on MTF IT developments Client categorization Best execution principle Outsourcing

June 15, Tasks of the supervisors Creating legislative background, discussions Guidelines and recommendations Licensing Information sharing with other supervisors List of market instruments List of liquid shares List of systematic internalizers

June 15, Conclusions Preparation is time-consuming Close co-operation between supervisors and market participants Long list of practical questions Common principles in other financial sectors