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[[Markets in Financial Instruments Directive]] {{eudirective|2004|39|EC}} (known as "[[MiFID]]"). See also {{eudirective|2006|73|EC}}, which is fondly known thoughout our glorious continent as the [[MiFID Implementing Directive]]. | ''Looking for '''{{t|MiFID 2}}'''? Don’t forget: As of 2 January 2018, MiFID 2 is where it’s at.'' | ||
[[Markets in Financial Instruments Directive]] {{eudirective|2004|39|EC}} (known as "[[MiFID]]"). See also {{eudirective|2006|73|EC}}, which is fondly known thoughout our glorious continent as the [[MiFID Implementing Directive]]. '''IT HAS NOW BEEN SUPPLANTED BY [[MiFID 2]]'''. | |||
*[http://en.wikipedia.org/wiki/Markets_in_Financial_Instruments_Directive Wikipedia] | *[http://en.wikipedia.org/wiki/Markets_in_Financial_Instruments_Directive Wikipedia] | ||
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(see [http://www.hsbcnet.com/gbm/global-insights/insights/2012/mifid-2-progress-and-post-trade-implications.html HSBC note on the subject]). | (see [http://www.hsbcnet.com/gbm/global-insights/insights/2012/mifid-2-progress-and-post-trade-implications.html HSBC note on the subject]). | ||
====Art 18(1) of the [[MiFID Implementing Directive]]==== | |||
{{box|1. Member States shall require investment firms, on receiving any client funds, promptly to place those funds into one or more accounts opened with any of the following:<br> | |||
(a) a central bank; <br> | |||
(b) a credit institution authorised in accordance with Directive 2000/12/EC; <br> | |||
(c) a bank authorised in a third country; <br>}} | |||
====Under MiFID 2 Custody could become an investment service==== | ====Under MiFID 2 Custody could become an {{eudirprov|investment service|MiFID}}==== | ||
Under MiFID I {{tag|Custody}} – including fund administration and related services such as cash and collateral management – is | Under MiFID I {{tag|Custody}} – including fund administration and related services such as cash and collateral management – is currently on of the listed '''{{eudirprov|ancillary services|MiFID}}'''. It could become oneo the full {{eudirprov|investment services|MiFID}} under MiFID II. The European Parliament currently favours the status quo, but the Council, under the Cyprus presidency, wants it to be a full investment service. Central Securities Depositaries (CSDs), incidentally, will be governed not by MiFID II but by the forthcoming CSD Regulation. | ||
For European custodians belonging to large banking groups the matter of whether they are regarded as providing an investment service may be largely academic since they may have implemented MiFID in 2007 as part of group-wide policy. | For European custodians belonging to large banking groups the matter of whether they are regarded as providing an investment service may be largely academic since they may have implemented MiFID in 2007 as part of group-wide policy. | ||
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===See Also=== | ===See Also=== | ||
*{{tag|Best execution}} | *{{tag|Best execution}} | ||
*{{tag|Trade reporting}} under Article {{eudirprov|28| | *{{tag|Trade reporting}} under Article {{eudirprov|28|MiFID}} of {{tag|MiFID}} | ||
*{{tag|Transaction reporting}} under Article {{eudirprov|25}} of {{tag|MiFID}}. | *{{tag|Transaction reporting}} under Article {{eudirprov|25|MiFID}} of {{tag|MiFID}}. | ||
{{cobsanatomy}} | {{cobsanatomy}} | ||