MiFID v EMIR
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The JC’s Reg and Leg resource™
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The two major pieces of regulation covering the European investment banking and trading worlds are MiFID — the Markets in Financial Instruments Directive and EMIR — the European Market Infrastructure Regulation.
As a super high level, what is the difference between MiFID and EMIR?
Aspect | EMIR | MiFID |
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Regulation Type | Regulation (implemented directly into EU law) | Directive (implemented through national legislation) |
Objective | Mitigating systemic risk in OTC derivatives markets. Therefore this focuses on investment activity, whoever is doing it. | Harmonising EU financial markets regulation. Therefore this focuses on investment firms who are offering services to the public. |
Regulator | European Securities and Markets Authority (ESMA) | National Competent Authorities (NCAs) |
Scope | Regulates how participants transact in OTC derivatives markets, in particular:
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Regulates how financial services businesses provide investment services and activities to customers
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